3,750 Shares in Norfolk Southern Corporation $NSC Purchased by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. purchased a new stake in shares of Norfolk Southern Corporation (NYSE:NSC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,750 shares of the railroad operator’s stock, valued at approximately $1,180,000.

Other large investors have also added to or reduced their stakes in the company. Ieq Capital LLC purchased a new stake in Norfolk Southern during the second quarter worth about $6,250,000. Callan Family Office LLC purchased a new position in Norfolk Southern in the second quarter valued at about $7,981,000. Keating Financial Advisory Services Inc. purchased a new position in Norfolk Southern in the second quarter valued at about $88,000. OneAscent Financial Services LLC bought a new position in shares of Norfolk Southern during the 2nd quarter valued at approximately $613,000. Finally, Allworth Financial LP bought a new position in shares of Norfolk Southern during the 2nd quarter valued at approximately $3,665,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Analyst Ratings Changes

NSC has been the topic of a number of research reports. Weiss Ratings raised shares of Norfolk Southern from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 24th. Susquehanna increased their price objective on Norfolk Southern from $337.00 to $360.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Royal Bank Of Canada raised their target price on Norfolk Southern from $320.00 to $360.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Wells Fargo & Company boosted their target price on Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating 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 analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $348.00.

Norfolk Southern Stock Performance

NYSE:NSC opened at $350.77 on Friday. 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 52-week low of $268.23 and a 52-week high of $358.60. The firm has a market cap of $78.79 billion, a price-to-earnings ratio of 29.93, a PEG ratio of 6.14 and a beta of 1.27. The business’s fifty day moving average is $328.23 and its 200 day moving average is $313.31.

Norfolk Southern (NYSE:NSC) last issued 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. The business 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 was up 12.5% compared to the same quarter last year. During the same quarter last year, the company earned $3.29 EPS. Research analysts predict that Norfolk Southern Corporation will post 12.66 EPS for the current year.

Norfolk Southern Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Friday, August 7th were issued a $1.35 dividend. 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 is presently 46.08%.

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.