Van ECK Associates Corp Increases Position in Norfolk Southern Corporation $NSC

Van ECK Associates Corp raised its position in shares of Norfolk Southern Corporation (NYSE:NSC) by 18.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 88,691 shares of the railroad operator’s stock after buying an additional 13,603 shares during the period. Van ECK Associates Corp’s holdings in Norfolk Southern were worth $27,901,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of NSC. BlackRock Inc. acquired a new position in Norfolk Southern during the 2nd quarter worth about $5,033,549,000. State Street Corp lifted its position in shares of Norfolk Southern by 4.1% during the fourth quarter. State Street Corp now owns 9,710,549 shares of the railroad operator’s stock worth $2,803,630,000 after purchasing an additional 379,819 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Norfolk Southern by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 4,878,029 shares of the railroad operator’s stock valued at $1,401,797,000 after purchasing an additional 36,205 shares during the period. Norges Bank acquired a new position in shares of Norfolk Southern in the fourth quarter valued at approximately $1,084,701,000. Finally, Bank of America Corp DE purchased a new stake in Norfolk Southern during the 2nd quarter worth approximately $978,977,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Stock Down 0.0%

NSC stock opened at $348.67 on Monday. The stock has a market cap of $78.31 billion, a P/E ratio of 29.75, a PEG ratio of 5.23 and a beta of 1.27. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. Norfolk Southern Corporation has a twelve month low of $268.23 and a twelve month high of $358.60. The company’s 50 day moving average is $332.87 and its two-hundred day moving average is $315.08.

Norfolk Southern (NYSE:NSC) last posted 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 firm had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The company’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the firm posted $3.29 EPS. Research analysts expect that Norfolk Southern Corporation will post 12.74 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have commented on NSC shares. Benchmark restated a “hold” rating on shares of Norfolk Southern in a research note on Friday, July 24th. Barclays upped their price target on Norfolk Southern from $360.00 to $400.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Stephens upgraded Norfolk Southern to a “hold” rating in a research note on Wednesday, July 8th. Robert W. Baird upped their target price 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. Finally, Wells Fargo & Company lifted their price target on shares of Norfolk Southern from $365.00 to $385.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Seven analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $348.00.

Norfolk Southern Company 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.