Norfolk Southern Corporation $NSC Position Reduced by Magellan Asset Management Ltd

Magellan Asset Management Ltd trimmed its position in Norfolk Southern Corporation (NYSE:NSC) by 10.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 206,026 shares of the railroad operator’s stock after selling 23,218 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.09% of Norfolk Southern worth $59,129,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. XY Capital Ltd purchased a new stake in shares of Norfolk Southern in the 1st quarter valued at approximately $2,296,000. ABN Amro Investment Solutions grew its position in Norfolk Southern by 11.8% during the 1st quarter. ABN Amro Investment Solutions now owns 11,819 shares of the railroad operator’s stock worth $3,392,000 after purchasing an additional 1,248 shares in the last quarter. Oslo Pensjonsforsikring AS purchased a new position in Norfolk Southern during the 1st quarter worth approximately $270,000. HORAN Wealth LLC raised its stake in Norfolk Southern by 100.0% during the 1st quarter. HORAN Wealth LLC now owns 7,606 shares of the railroad operator’s stock valued at $2,189,000 after purchasing an additional 3,803 shares during the period. Finally, Andra AP fonden raised its stake in Norfolk Southern by 253.9% during the 1st quarter. Andra AP fonden now owns 61,013 shares of the railroad operator’s stock valued at $17,511,000 after purchasing an additional 43,773 shares during the period. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Stock Down 0.9%

NSC stock opened at $331.81 on Wednesday. The company has a 50 day moving average of $315.65 and a two-hundred day moving average of $305.12. The company has a market cap of $74.52 billion, a price-to-earnings ratio of 27.95, a PEG ratio of 6.12 and a beta of 1.27. Norfolk Southern Corporation has a 12-month low of $268.23 and a 12-month high of $342.53. The company has a quick ratio of 0.81, a current ratio of 0.91 and a debt-to-equity ratio of 1.04.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Friday, April 24th. The railroad operator reported $2.65 EPS for the quarter, beating the consensus estimate of $2.49 by $0.16. Norfolk Southern had a net margin of 21.91% and a return on equity of 18.30%. The business had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the company posted $2.69 EPS. Norfolk Southern’s revenue was up .2% on a year-over-year basis. On average, equities analysts anticipate that Norfolk Southern Corporation will post 12.24 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Friday, August 7th will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.6%. Norfolk Southern’s dividend payout ratio (DPR) is presently 45.49%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NSC. Weiss Ratings cut Norfolk Southern from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. dropped their price target on Norfolk Southern from $331.00 to $316.00 and set a “neutral” rating on the stock in a research report on Friday, July 10th. Evercore set a $325.00 price objective on Norfolk Southern in a research note on Friday, April 24th. Wolfe Research raised their price objective on Norfolk Southern from $350.00 to $355.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 7th. Finally, Royal Bank Of Canada lowered their target price on Norfolk Southern from $360.00 to $320.00 and set a “sector perform” rating on the stock in a research note on Wednesday, June 24th. Six equities research analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $329.35.

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.