Family Legacy Inc. Invests $1.89 Million in Norfolk Southern Corporation $NSC

Family Legacy Inc. purchased a new stake in Norfolk Southern Corporation (NYSE:NSC) in the second quarter, Holdings Channel reports. The firm purchased 6,019 shares of the railroad operator’s stock, valued at approximately $1,894,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Norfolk Southern during the fourth quarter worth approximately $1,084,701,000. Pentwater Capital Management LP purchased a new stake in Norfolk Southern in the 3rd quarter valued at $826,128,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Norfolk Southern by 545.2% in the 3rd 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 acquiring an additional 1,103,748 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Norfolk Southern in the 3rd quarter worth $329,629,000. Finally, HBK Investments L P raised its holdings in shares of Norfolk Southern by 67.7% during the 4th quarter. HBK Investments L P now owns 2,130,000 shares of the railroad operator’s stock worth $614,974,000 after acquiring an additional 860,000 shares during the period. Institutional investors and hedge funds own 75.10% of the company’s stock.

Norfolk Southern Stock Down 0.9%

Shares of NYSE:NSC opened at $334.69 on Friday. The business has a 50-day moving average price of $324.87 and a 200 day moving average price of $311.36. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $75.17 billion, a price-to-earnings ratio of 28.56, a PEG ratio of 5.92 and a beta of 1.27. Norfolk Southern Corporation has a 12-month low of $268.23 and a 12-month high of $358.60.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the firm earned $3.29 EPS. Norfolk Southern’s revenue was up 12.5% on a year-over-year basis. Sell-side analysts expect that Norfolk Southern Corporation will post 12.66 EPS for the current year.

Norfolk Southern Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Friday, August 7th will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 7th. Norfolk Southern’s payout ratio is 46.08%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. UBS Group reissued a “neutral” rating and set a $363.00 price target on shares of Norfolk Southern in a research report on Friday, July 24th. Barclays lifted their target price on shares of Norfolk Southern from $360.00 to $400.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Susquehanna boosted their target price on shares of Norfolk Southern from $337.00 to $360.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Wall Street Zen raised shares of Norfolk Southern from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Norfolk Southern from $316.00 to $338.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target 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.