Norges Bank Makes New Investment in Norfolk Southern Corporation $NSC

Norges Bank bought a new position in Norfolk Southern Corporation (NYSE:NSC) in the fourth quarter, HoldingsChannel reports. The fund bought 3,756,930 shares of the railroad operator’s stock, valued at approximately $1,084,701,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Norfolk Southern by 4.9% during the 4th quarter. Brighton Jones LLC now owns 1,706 shares of the railroad operator’s stock worth $400,000 after purchasing an additional 79 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of Norfolk Southern by 40.4% during the 1st quarter. Intech Investment Management LLC now owns 6,447 shares of the railroad operator’s stock worth $1,527,000 after purchasing an additional 1,855 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Norfolk Southern during the 2nd quarter worth $327,000. Schnieders Capital Management LLC. increased its stake in shares of Norfolk Southern by 64.1% during the 2nd quarter. Schnieders Capital Management LLC. now owns 4,275 shares of the railroad operator’s stock worth $1,094,000 after purchasing an additional 1,670 shares during the last quarter. Finally, Jump Financial LLC increased its stake in shares of Norfolk Southern by 185.1% during the 2nd quarter. Jump Financial LLC now owns 4,588 shares of the railroad operator’s stock worth $1,174,000 after purchasing an additional 2,979 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Price Performance

Shares of Norfolk Southern stock opened at $304.99 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.91 and a quick ratio of 0.81. Norfolk Southern Corporation has a fifty-two week low of $241.82 and a fifty-two week high of $326.00. The firm has a fifty day moving average price of $303.14 and a two-hundred day moving average price of $298.30. The company has a market cap of $68.50 billion, a PE ratio of 25.69, a price-to-earnings-growth ratio of 5.63 and a beta of 1.30.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings results on Friday, April 24th. The railroad operator reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.16. Norfolk Southern had a net margin of 21.91% and a return on equity of 18.30%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the firm earned $2.69 EPS. The business’s revenue was up .2% on a year-over-year basis. Analysts expect that Norfolk Southern Corporation will post 12.11 EPS for the current year.

Norfolk Southern Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were issued a $1.35 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $5.40 dividend on an annualized basis and a yield of 1.8%. Norfolk Southern’s dividend payout ratio is 45.49%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Rothschild & Co Redburn increased their price target on shares of Norfolk Southern from $308.00 to $315.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Argus upgraded shares of Norfolk Southern to a “hold” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada increased their price target on shares of Norfolk Southern from $310.00 to $360.00 and gave the stock a “sector perform” rating in a research note on Friday, April 24th. Citigroup restated a “neutral” rating on shares of Norfolk Southern in a research note on Friday, April 24th. Finally, Evercore set a $325.00 price target on shares of Norfolk Southern in a research note on Friday, April 24th. Six 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 has an average rating of “Hold” and a consensus target price of $319.83.

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.