CIBC Bancorp USA Inc. Makes New Investment in Norfolk Southern Corporation $NSC

CIBC Bancorp USA Inc. purchased a new position in shares of Norfolk Southern Corporation (NYSE:NSC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 205,991 shares of the railroad operator’s stock, valued at approximately $61,882,000. CIBC Bancorp USA Inc. owned approximately 0.09% of Norfolk Southern as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pentwater Capital Management LP bought a new position in Norfolk Southern during the third quarter worth about $826,128,000. Norges Bank bought a new stake in shares of Norfolk Southern in the second quarter worth about $613,255,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Norfolk Southern by 545.2% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,306,203 shares of the railroad operator’s stock worth $392,396,000 after purchasing an additional 1,103,748 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Norfolk Southern during the third quarter worth about $329,629,000. Finally, Holocene Advisors LP lifted its holdings in shares of Norfolk Southern by 550.6% during the 2nd quarter. Holocene Advisors LP now owns 983,366 shares of the railroad operator’s stock valued at $251,712,000 after purchasing an additional 832,210 shares in the last quarter. Institutional investors and hedge funds own 75.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Zacks Research raised Norfolk Southern from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Citigroup cut their price target on shares of Norfolk Southern from $317.00 to $300.00 and set a “neutral” rating on the stock in a research note on Friday, January 30th. Barclays reduced their price target on shares of Norfolk Southern from $340.00 to $320.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Weiss Ratings raised shares of Norfolk Southern from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. Finally, Rothschild & Co Redburn raised their price objective on shares of Norfolk Southern from $299.00 to $317.00 and gave the stock a “neutral” rating in a report on Wednesday, March 4th. Eight analysts have rated the stock with a Buy rating and seventeen have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $308.95.

Norfolk Southern Stock Performance

Shares of NSC stock opened at $291.41 on Wednesday. The company’s fifty day simple moving average is $300.80 and its 200-day simple moving average is $292.41. The company has a quick ratio of 0.78, a current ratio of 0.85 and a debt-to-equity ratio of 1.06. The firm has a market cap of $65.44 billion, a PE ratio of 22.86, a P/E/G ratio of 5.25 and a beta of 1.31. Norfolk Southern Corporation has a 12 month low of $201.63 and a 12 month high of $319.94.

Norfolk Southern (NYSE:NSC) last released its earnings results on Thursday, January 29th. The railroad operator reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.46. Norfolk Southern had a net margin of 23.59% and a return on equity of 18.78%. The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.03 billion. During the same quarter last year, the firm earned $3.04 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities research analysts expect that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were issued a $1.35 dividend. The ex-dividend date was Friday, February 6th. This represents a $5.40 annualized dividend and a dividend yield of 1.9%. Norfolk Southern’s dividend payout ratio (DPR) is presently 42.35%.

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.