Westpac Banking Corp Has $679,000 Holdings in Norfolk Southern Corporation $NSC

Westpac Banking Corp decreased its position in Norfolk Southern Corporation (NYSE:NSC) by 41.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,260 shares of the railroad operator’s stock after selling 1,621 shares during the quarter. Westpac Banking Corp’s holdings in Norfolk Southern were worth $679,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Norfolk Southern during the 2nd quarter valued at $613,255,000. Holocene Advisors LP grew its position in shares of Norfolk Southern by 550.6% during the 2nd quarter. Holocene Advisors LP now owns 983,366 shares of the railroad operator’s stock valued at $251,712,000 after purchasing an additional 832,210 shares in the last quarter. TOMS Capital Investment Management LP bought a new stake in Norfolk Southern during the second quarter valued at $181,995,000. Alpine Associates Management Inc. purchased a new position in Norfolk Southern in the 3rd quarter worth approximately $150,989,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Norfolk Southern by 93.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 952,544 shares of the railroad operator’s stock worth $286,154,000 after buying an additional 459,166 shares during the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Trading Up 0.4%

NSC opened at $313.10 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.78 and a debt-to-equity ratio of 1.06. The firm has a market cap of $70.31 billion, a price-to-earnings ratio of 24.56, a PEG ratio of 5.62 and a beta of 1.34. Norfolk Southern Corporation has a 12 month low of $201.63 and a 12 month high of $319.94. The stock has a fifty day moving average price of $297.50 and a 200-day moving average price of $290.17.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Thursday, January 29th. The railroad operator reported $3.22 EPS for the quarter, topping the consensus estimate of $2.76 by $0.46. The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $3.03 billion. Norfolk Southern had a return on equity of 18.78% and a net margin of 23.59%.Norfolk Southern’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $3.04 earnings per share. As a group, equities research analysts anticipate that Norfolk Southern Corporation will post 13 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were issued a $1.35 dividend. The ex-dividend date was Friday, February 6th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.7%. Norfolk Southern’s dividend payout ratio is presently 42.35%.

Analysts Set New Price Targets

NSC has been the subject of a number of recent research reports. Benchmark restated a “hold” rating on shares of Norfolk Southern in a report on Friday, January 30th. Sanford C. Bernstein decreased their price objective on shares of Norfolk Southern from $347.00 to $333.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 11th. Zacks Research lowered shares of Norfolk Southern from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 19th. Robert W. Baird reduced their price objective on shares of Norfolk Southern from $293.00 to $288.00 and set a “neutral” rating on the stock in a research report on Friday, January 30th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Norfolk Southern in a research report on Thursday, January 22nd. Seven investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $304.47.

Insider Buying and Selling at Norfolk Southern

In other news, Director William Jr. Clyburn acquired 204 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was acquired at an average cost of $294.79 per share, with a total value of $60,137.16. Following the completion of the acquisition, the director owned 405 shares of the company’s stock, valued at $119,389.95. The trade was a 101.49% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

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.