Westport Asset Management Inc. Invests $1.89 Million in Norfolk Southern Corporation $NSC

Westport Asset Management Inc. bought a new position in shares of Norfolk Southern Corporation (NYSE:NSC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,000 shares of the railroad operator’s stock, valued at approximately $1,888,000.

A number of other hedge funds have also made changes to their positions in the company. Confluence Wealth Services Inc. increased its holdings in Norfolk Southern by 1.1% during the 4th quarter. Confluence Wealth Services Inc. now owns 3,090 shares of the railroad operator’s stock valued at $892,000 after acquiring an additional 35 shares in the last quarter. Exencial Wealth Advisors LLC grew its stake in Norfolk Southern by 1.1% in the 4th quarter. Exencial Wealth Advisors LLC now owns 3,216 shares of the railroad operator’s stock worth $929,000 after acquiring an additional 35 shares during the period. Sovereign Financial Group Inc. increased its stake in Norfolk Southern by 3.3% in the first quarter. Sovereign Financial Group Inc. now owns 1,108 shares of the railroad operator’s stock valued at $318,000 after purchasing an additional 35 shares during the last quarter. Bar Harbor Wealth Management increased its stake in shares of Norfolk Southern by 0.6% during the 1st quarter. Bar Harbor Wealth Management now owns 6,290 shares of the railroad operator’s stock valued at $1,805,000 after acquiring an additional 36 shares during the last quarter. Finally, Apollon Financial LLC increased its position in Norfolk Southern by 4.3% during the first quarter. Apollon Financial LLC now owns 881 shares of the railroad operator’s stock worth $253,000 after purchasing an additional 36 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Stock Up 2.0%

Norfolk Southern stock opened at $345.56 on Thursday. Norfolk Southern Corporation has a 52 week low of $268.23 and a 52 week high of $358.60. The stock has a market cap of $77.62 billion, a price-to-earnings ratio of 29.48, a PEG ratio of 6.00 and a beta of 1.27. The company’s 50-day moving average price is $326.76 and its two-hundred day moving average price is $312.66. 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 (NYSE:NSC) last released its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, topping analysts’ consensus estimates of $3.32 by $0.20. The firm had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.29 earnings per share. On average, analysts expect that Norfolk Southern Corporation will post 12.66 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Friday, August 7th will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, August 7th. Norfolk Southern’s payout ratio is presently 46.08%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Benchmark restated a “hold” rating on shares of Norfolk Southern in a research note on Friday, July 24th. Robert W. Baird lifted 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. Royal Bank Of Canada lifted their price objective on Norfolk Southern from $320.00 to $360.00 and gave the stock a “sector perform” rating in a report on Friday, July 24th. UBS Group restated a “neutral” rating and issued a $363.00 target price on shares of Norfolk Southern in a research note on Friday, July 24th. Finally, TD Cowen upped their price target on Norfolk Southern from $337.00 to $376.00 and gave the company a “buy” rating in a research report on Friday, July 24th. 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $348.00.

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.