The Manufacturers Life Insurance Company Sells 9,611 Shares of Norfolk Southern Corporation $NSC

The Manufacturers Life Insurance Company trimmed its position in shares of Norfolk Southern Corporation (NYSE:NSC) by 5.9% during the first quarter, HoldingsChannel reports. The firm owned 153,138 shares of the railroad operator’s stock after selling 9,611 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Norfolk Southern were worth $43,951,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in NSC. Louisiana State Employees Retirement System purchased a new stake in Norfolk Southern in the 1st quarter worth approximately $3,272,000. O Shaughnessy Asset Management LLC raised its position in shares of Norfolk Southern by 9.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 43,408 shares of the railroad operator’s stock worth $12,533,000 after acquiring an additional 3,887 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. raised its position in shares of Norfolk Southern by 49.3% in the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 50,620 shares of the railroad operator’s stock worth $14,615,000 after acquiring an additional 16,720 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of Norfolk Southern by 8.6% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 138,194 shares of the railroad operator’s stock worth $39,899,000 after acquiring an additional 10,910 shares in the last quarter. Finally, Gabelli Funds LLC boosted its stake in shares of Norfolk Southern by 54.4% during the 4th quarter. Gabelli Funds LLC now owns 51,112 shares of the railroad operator’s stock worth $14,757,000 after acquiring an additional 18,012 shares in the last quarter. Institutional investors and hedge funds own 75.10% of the company’s stock.

Norfolk Southern Stock Down 0.6%

NSC opened at $333.72 on Friday. Norfolk Southern Corporation has a twelve month low of $268.23 and a twelve month high of $358.60. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.98. The company has a 50-day moving average price of $319.19 and a 200 day moving average price of $307.70. The company has a market cap of $74.96 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 5.98 and a beta of 1.27.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating analysts’ consensus estimates of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the company posted $3.29 EPS. Norfolk Southern’s quarterly revenue was up 12.5% compared to the same quarter last year. Sell-side analysts expect that Norfolk Southern Corporation will post 12.6 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Friday, August 7th will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 7th. Norfolk Southern’s dividend payout ratio (DPR) is 46.08%.

Analysts Set New Price Targets

Several brokerages recently weighed in on NSC. TD Cowen lifted their price target on Norfolk Southern from $337.00 to $376.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Royal Bank Of Canada raised their price objective on Norfolk Southern from $320.00 to $360.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. Barclays boosted their price objective on Norfolk Southern from $360.00 to $400.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Stephens raised Norfolk Southern to a “hold” rating in a research note on Wednesday, July 8th. Finally, Citigroup increased their target price on Norfolk Southern from $351.00 to $376.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Seven analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average 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.