Westport Asset Management Inc. Acquires Shares of 6,000 Norfolk Southern Corporation $NSC

Westport Asset Management Inc. bought a new stake in shares of Norfolk Southern Corporation (NYSE:NSC) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,000 shares of the railroad operator’s stock, valued at approximately $1,888,000.

Other hedge funds have also bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new position in Norfolk Southern during the first quarter worth approximately $3,272,000. O Shaughnessy Asset Management LLC lifted its holdings in Norfolk Southern by 9.8% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 43,408 shares of the railroad operator’s stock valued at $12,533,000 after purchasing an additional 3,887 shares in the last quarter. SCS Capital Management LLC acquired a new position in Norfolk Southern during the second quarter worth about $13,837,000. Focus Partners Advisor Solutions LLC acquired a new position in shares of Norfolk Southern during the 2nd quarter worth approximately $1,376,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. boosted its stake in Norfolk Southern by 49.3% during the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 50,620 shares of the railroad operator’s stock worth $14,615,000 after buying an additional 16,720 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NSC. Stephens raised shares of Norfolk Southern to a “hold” rating in a research note on Wednesday, July 8th. Evercore set a $358.00 target price on Norfolk Southern in a report on Thursday, July 23rd. Robert W. Baird boosted their price target on shares of Norfolk Southern from $360.00 to $377.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Rothschild & Co Redburn boosted their price objective on Norfolk Southern from $308.00 to $315.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Finally, Susquehanna boosted their target price on shares of Norfolk Southern from $337.00 to $360.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Seven investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $348.00.

Norfolk Southern Stock Performance

Shares of NSC opened at $345.56 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. The firm has a market cap of $77.62 billion, a PE ratio of 29.48, a price-to-earnings-growth ratio of 6.00 and a beta of 1.27. Norfolk Southern Corporation has a 12-month low of $268.23 and a 12-month high of $358.60. The company’s 50 day simple moving average is $326.76 and its 200-day simple moving average is $312.66.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, beating analysts’ consensus estimates of $3.32 by $0.20. The business had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $3.29 earnings per share. As a group, equities analysts predict that Norfolk Southern Corporation will post 12.66 EPS for the current year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Friday, August 7th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 7th. Norfolk Southern’s payout ratio is currently 46.08%.

Norfolk Southern Profile

Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.

The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.