Magellan Asset Management Ltd Buys Shares of 201,346 Norfolk Southern Corporation $NSC

Magellan Asset Management Ltd purchased a new position in Norfolk Southern Corporation (NYSE:NSC) during the 2nd quarter, HoldingsChannel reports. The firm purchased 201,346 shares of the railroad operator’s stock, valued at approximately $63,341,000. Norfolk Southern accounts for about 1.4% of Magellan Asset Management Ltd’s portfolio, making the stock its 21st largest holding.

Several other large investors have also recently added to or reduced their stakes in NSC. JPL Wealth Management LLC acquired a new position in Norfolk Southern during the 3rd quarter valued at about $25,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Norfolk Southern during the 2nd quarter worth $26,000. BNP Paribas purchased a new position in Norfolk Southern in the 2nd quarter worth about $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Norfolk Southern during the second quarter valued at approximately $27,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Norfolk Southern in the second quarter valued at $31,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NSC. Susquehanna increased their target price on shares of Norfolk Southern from $337.00 to $360.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Barclays upped their price target on shares of Norfolk Southern from $360.00 to $400.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. UBS Group reaffirmed a “neutral” rating and set a $363.00 price target on shares of Norfolk Southern in a research note on Friday, July 24th. Wall Street Zen upgraded Norfolk Southern from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Stephens upgraded Norfolk Southern to a “hold” rating in a report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $348.00.

Norfolk Southern Trading Up 0.0%

Shares of NSC stock opened at $350.77 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $78.79 billion, a P/E ratio of 29.93, a price-to-earnings-growth ratio of 6.21 and a beta of 1.27. The firm’s fifty day simple moving average is $328.23 and its 200 day simple moving average is $313.47. Norfolk Southern Corporation has a 1 year low of $268.23 and a 1 year high of $358.60.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (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 company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the firm posted $3.29 EPS. The business’s revenue was up 12.5% compared to the same quarter last year. As a group, sell-side analysts predict that Norfolk Southern Corporation will post 12.66 EPS for the current year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Friday, August 7th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend 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%.

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.