Cibc World Market Inc. Takes $4.19 Million Position in Norfolk Southern Corporation $NSC

Cibc World Market Inc. acquired a new position in Norfolk Southern Corporation (NYSE:NSC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 13,308 shares of the railroad operator’s stock, valued at approximately $4,187,000.

Other hedge funds have also recently added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp acquired a new stake in Norfolk Southern in the 2nd quarter valued at approximately $52,807,000. Leigh Baldwin & CO. LLC bought a new position in Norfolk Southern in the 2nd quarter worth approximately $254,000. Sanctuary Advisors LLC acquired a new position in shares of Norfolk Southern during the second quarter worth approximately $11,691,000. Barbara Oil Co. bought a new stake in shares of Norfolk Southern in the second quarter valued at approximately $3,932,000. Finally, Athos Capital Ltd bought a new stake in shares of Norfolk Southern in the second quarter valued at approximately $23,758,000. Institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Down 0.4%

Shares of NSC stock opened at $351.73 on Wednesday. The firm has a fifty day moving average of $329.90 and a 200-day moving average of $314.17. The stock has a market cap of $79.00 billion, a price-to-earnings ratio of 30.01, a P/E/G ratio of 6.25 and a beta of 1.27. 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.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating the consensus estimate of $3.32 by $0.20. The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the business earned $3.29 EPS. On average, equities research analysts forecast that Norfolk Southern Corporation will post 12.66 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently issued reports on NSC. TD Cowen boosted their price objective on shares of Norfolk Southern from $337.00 to $376.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Susquehanna lifted their target price on Norfolk Southern from $337.00 to $360.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Benchmark restated a “hold” rating on shares of Norfolk Southern in a research note on Friday, July 24th. Royal Bank Of Canada upped their price target on Norfolk Southern from $320.00 to $360.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. Finally, Evercore set a $358.00 price objective on Norfolk Southern in a research report on Thursday, July 23rd. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $348.00.

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.