201,346 Shares in Norfolk Southern Corporation $NSC Acquired by Magellan Asset Management Ltd

Magellan Asset Management Ltd purchased a new position in shares of Norfolk Southern Corporation (NYSE:NSC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 201,346 shares of the railroad operator’s stock, valued at approximately $63,341,000. Norfolk Southern accounts for about 1.4% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 21st largest position. Magellan Asset Management Ltd owned approximately 0.09% of Norfolk Southern at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Norfolk Southern by 4.9% in the 4th quarter. Brighton Jones LLC now owns 1,706 shares of the railroad operator’s stock worth $400,000 after purchasing an additional 79 shares during the period. Intech Investment Management LLC grew its holdings in shares of Norfolk Southern by 40.4% during the 1st quarter. Intech Investment Management LLC now owns 6,447 shares of the railroad operator’s stock worth $1,527,000 after purchasing an additional 1,855 shares during the period. Sivia Capital Partners LLC acquired a new stake in Norfolk Southern during the 2nd quarter worth approximately $327,000. Schnieders Capital Management LLC. raised its holdings in Norfolk Southern by 64.1% in the second quarter. Schnieders Capital Management LLC. now owns 4,275 shares of the railroad operator’s stock valued at $1,094,000 after buying an additional 1,670 shares during the period. Finally, Jump Financial LLC lifted its position in Norfolk Southern by 185.1% during the second quarter. Jump Financial LLC now owns 4,588 shares of the railroad operator’s stock valued at $1,174,000 after buying an additional 2,979 shares in the last quarter. Institutional investors and hedge funds own 75.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on NSC shares. Stephens raised shares of Norfolk Southern to a “hold” rating in a research note on Wednesday, July 8th. TD Cowen increased their price target on Norfolk Southern from $337.00 to $376.00 and gave the company a “buy” rating in a report on Friday, July 24th. Benchmark restated a “hold” rating on shares of Norfolk Southern in a research note on Friday, July 24th. UBS Group reiterated a “neutral” rating and set a $363.00 target price on shares of Norfolk Southern in a report on Friday, July 24th. Finally, Robert W. Baird increased their price objective on shares of Norfolk Southern from $360.00 to $377.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $348.00.

Norfolk Southern Trading Up 0.0%

NYSE:NSC opened at $350.77 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. Norfolk Southern Corporation has a one year low of $268.23 and a one year high of $358.60. The business’s 50-day simple moving average is $328.23 and its 200 day simple moving average is $313.47. The stock has a market cap of $78.79 billion, a price-to-earnings ratio of 29.93, a price-to-earnings-growth ratio of 6.21 and a beta of 1.27.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating analysts’ consensus estimates of $3.32 by $0.20. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The firm had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter last year, the firm earned $3.29 EPS. Norfolk Southern’s quarterly revenue was up 12.5% on a year-over-year basis. As a group, sell-side analysts predict that Norfolk Southern Corporation will post 12.66 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Friday, August 7th were given a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $5.40 annualized dividend and a dividend yield of 1.5%. Norfolk Southern’s payout ratio is presently 46.08%.

About Norfolk Southern

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.