The Manufacturers Life Insurance Company Acquires Shares of 149,918 Norfolk Southern Corporation $NSC

The Manufacturers Life Insurance Company acquired a new stake in shares of Norfolk Southern Corporation (NYSE:NSC) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 149,918 shares of the railroad operator’s stock, valued at approximately $47,163,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. JPL Wealth Management LLC acquired a new stake in shares of Norfolk Southern in the 3rd quarter worth about $25,000. Edmond DE Rothschild Holding S.A. acquired a new position in Norfolk Southern during the 2nd quarter valued at about $26,000. BNP Paribas bought a new stake in Norfolk Southern during the 2nd quarter worth approximately $26,000. Meeder Asset Management Inc. bought a new stake in Norfolk Southern during the 2nd quarter worth approximately $27,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Norfolk Southern in the second quarter worth approximately $31,000. 75.10% of the stock is owned by institutional investors.

Norfolk Southern Price Performance

NSC opened at $352.60 on Thursday. Norfolk Southern Corporation has a fifty-two week low of $268.23 and a fifty-two week high of $358.60. The firm has a 50-day moving average of $330.95 and a 200 day moving average of $314.49. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. The firm has a market cap of $79.20 billion, a P/E ratio of 30.09, a PEG ratio of 6.18 and a beta of 1.27.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, topping the consensus estimate of $3.32 by $0.20. The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.29 earnings per share. On average, research analysts expect that Norfolk Southern Corporation will post 12.74 EPS for the current year.

Norfolk Southern Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Friday, August 7th were paid a dividend of $1.35 per share. The ex-dividend date was Friday, August 7th. This represents a $5.40 annualized dividend and a dividend yield of 1.5%. Norfolk Southern’s dividend payout ratio (DPR) is presently 46.08%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on NSC shares. Evercore set a $358.00 target price on Norfolk Southern in a report on Thursday, July 23rd. Weiss Ratings upgraded Norfolk Southern from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 24th. Susquehanna increased their price target on Norfolk Southern from $337.00 to $360.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Rothschild & Co Redburn raised their price objective on Norfolk Southern from $308.00 to $315.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Finally, BMO Capital Markets lifted their price objective on shares of Norfolk Southern from $310.00 to $355.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Seven analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to data from MarketBeat, Norfolk Southern presently has a consensus rating of “Hold” and an average price target of $348.00.

About Norfolk Southern

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.