Magellan Asset Management Ltd Sells 145,419 Shares of Norfolk Southern Corporation $NSC

Magellan Asset Management Ltd decreased its position in shares of Norfolk Southern Corporation (NYSE:NSC) by 36.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 252,848 shares of the railroad operator’s stock after selling 145,419 shares during the quarter. Magellan Asset Management Ltd’s holdings in Norfolk Southern were worth $75,958,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of NSC. Norges Bank bought a new position in Norfolk Southern during the 2nd quarter valued at about $613,255,000. Holocene Advisors LP lifted its stake in shares of Norfolk Southern by 550.6% in the 2nd quarter. Holocene Advisors LP now owns 983,366 shares of the railroad operator’s stock worth $251,712,000 after purchasing an additional 832,210 shares during the period. TOMS Capital Investment Management LP purchased a new position in shares of Norfolk Southern in the second quarter worth approximately $181,995,000. Alpine Associates Management Inc. bought a new stake in Norfolk Southern during the third quarter valued at approximately $150,989,000. Finally, Assenagon Asset Management S.A. increased its holdings in Norfolk Southern by 93.1% during the third quarter. Assenagon Asset Management S.A. now owns 952,544 shares of the railroad operator’s stock valued at $286,154,000 after buying an additional 459,166 shares during the last quarter. Institutional investors own 75.10% of the company’s stock.

Insiders Place Their Bets

In related news, Director William Jr. Clyburn bought 204 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was bought at an average cost of $294.79 per share, with a total value of $60,137.16. Following the completion of the purchase, the director owned 405 shares of the company’s stock, valued at approximately $119,389.95. The trade was a 101.49% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.06% of the company’s stock.

Norfolk Southern Stock Performance

NYSE NSC opened at $315.57 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.85 and a debt-to-equity ratio of 1.06. Norfolk Southern Corporation has a twelve month low of $201.63 and a twelve month high of $319.94. The business has a 50-day moving average price of $296.73 and a 200-day moving average price of $289.86. The firm has a market cap of $70.87 billion, a price-to-earnings ratio of 24.75, a price-to-earnings-growth ratio of 5.68 and a beta of 1.34.

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

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were given a dividend of $1.35 per share. The ex-dividend date was Friday, February 6th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.7%. Norfolk Southern’s dividend payout ratio is currently 42.35%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NSC. JPMorgan Chase & Co. cut their price objective on shares of Norfolk Southern from $301.00 to $296.00 and set a “neutral” rating for the company in a research report on Friday, January 30th. Zacks Research downgraded Norfolk Southern from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 19th. Morgan Stanley raised Norfolk Southern from an “equal weight” rating to a “buy” rating in a report on Thursday, December 18th. Sanford C. Bernstein decreased their price objective on Norfolk Southern from $347.00 to $333.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 11th. Finally, UBS Group cut Norfolk Southern from a “buy” rating to a “neutral” rating and set a $342.00 price objective on the stock. in a research report on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $304.47.

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.