Pinnacle West Asset Management Inc. Makes New $1.18 Million Investment in Norfolk Southern Corporation $NSC

Pinnacle West Asset Management Inc. acquired a new stake in Norfolk Southern Corporation (NYSE:NSC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,750 shares of the railroad operator’s stock, valued at approximately $1,180,000.

A number of other institutional investors also recently modified their holdings of the company. Brighton Jones LLC lifted 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 in the last quarter. Intech Investment Management LLC raised its holdings in Norfolk Southern by 40.4% during the first quarter. Intech Investment Management LLC now owns 6,447 shares of the railroad operator’s stock worth $1,527,000 after buying an additional 1,855 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Norfolk Southern during the second quarter worth $327,000. Schnieders Capital Management LLC. lifted its stake in shares of 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 in the last quarter. Finally, Jump Financial LLC grew its holdings in shares of 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 during the last quarter. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Trading Up 1.2%

Shares of NSC stock opened at $350.77 on Friday. Norfolk Southern Corporation has a 52-week low of $268.23 and a 52-week high of $358.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. The company has a 50-day simple moving average of $328.23 and a two-hundred day simple moving average of $313.31. The company has a market capitalization of $78.79 billion, a price-to-earnings ratio of 29.93, a PEG ratio of 6.14 and a beta of 1.27.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, topping the consensus estimate of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the firm earned $3.29 EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Research analysts anticipate that Norfolk Southern Corporation will post 12.66 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Norfolk Southern from $316.00 to $338.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Weiss Ratings raised shares of Norfolk Southern from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 24th. UBS Group reissued a “neutral” rating and set a $363.00 price objective on shares of Norfolk Southern in a report on Friday, July 24th. Citigroup increased their price objective on Norfolk Southern from $351.00 to $376.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Finally, Wall Street Zen upgraded Norfolk Southern from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $348.00.

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.