Magellan Asset Management Ltd Sells 23,604 Shares of Norfolk Southern Corporation $NSC

Magellan Asset Management Ltd reduced its position in shares of Norfolk Southern Corporation (NYSE:NSC) by 9.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 229,244 shares of the railroad operator’s stock after selling 23,604 shares during the period. Magellan Asset Management Ltd owned about 0.10% of Norfolk Southern worth $66,187,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NSC. JPL Wealth Management LLC bought a new stake in Norfolk Southern in the third quarter valued at approximately $25,000. Westside Investment Management Inc. boosted its holdings in Norfolk Southern by 207.1% in the third quarter. Westside Investment Management Inc. now owns 86 shares of the railroad operator’s stock valued at $26,000 after acquiring an additional 58 shares during the last quarter. BNP Paribas bought a new stake in Norfolk Southern in the second quarter valued at approximately $26,000. GoalVest Advisory LLC boosted its holdings in Norfolk Southern by 933.3% in the fourth quarter. GoalVest Advisory LLC now owns 93 shares of the railroad operator’s stock valued at $27,000 after acquiring an additional 84 shares during the last quarter. Finally, MMA Asset Management LLC bought a new stake in Norfolk Southern in the third quarter valued at approximately $28,000. 75.10% of the stock is currently owned by institutional investors.

Norfolk Southern Price Performance

NSC stock opened at $307.22 on Friday. The stock has a market capitalization of $69.00 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 5.64 and a beta of 1.27. The company’s 50-day moving average is $305.08 and its 200-day moving average is $298.97. 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 1 year low of $245.19 and a 1 year high of $326.00.

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

Norfolk Southern Dividend Announcement

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

Analyst Ratings Changes

NSC has been the topic of several analyst reports. Robert W. Baird upped their target price on Norfolk Southern from $315.00 to $330.00 and gave the company a “neutral” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. cut their price target on shares of Norfolk Southern from $296.00 to $292.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Weiss Ratings cut shares of Norfolk Southern from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, April 27th. Zacks Research raised shares of Norfolk Southern from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Argus raised shares of Norfolk Southern to a “hold” rating in a research report on Wednesday, February 25th. Six equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $322.29.

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.