2,957 Shares in Norfolk Southern Corporation $NSC Acquired by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. bought a new position in shares of Norfolk Southern Corporation (NYSE:NSC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,957 shares of the railroad operator’s stock, valued at approximately $930,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NSC. Korea Investment CORP acquired a new position in shares of Norfolk Southern in the second quarter worth $29,710,000. EP Wealth Advisors LLC purchased a new stake in shares of Norfolk Southern during the second quarter worth $3,854,000. Pinnacle West Asset Management Inc. acquired a new stake in shares of Norfolk Southern in the second quarter valued at $1,180,000. Ieq Capital LLC acquired a new stake in shares of Norfolk Southern in the second quarter valued at $6,250,000. Finally, Callan Family Office LLC purchased a new position in Norfolk Southern in the second quarter valued at $7,981,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Analysts Set New Price Targets

NSC has been the subject of several analyst reports. Stephens raised Norfolk Southern to a “hold” rating in a research note on Wednesday, July 8th. Wall Street Zen raised Norfolk Southern from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Royal Bank Of Canada lifted their price objective on Norfolk Southern from $320.00 to $360.00 and gave the company a “sector perform” rating in a research note on Friday, July 24th. Barclays boosted their price objective on Norfolk Southern from $360.00 to $400.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. upped their target price on shares of Norfolk Southern from $316.00 to $338.00 and gave the stock a “neutral” rating in a research note 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 data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $348.00.

Norfolk Southern Stock Performance

Shares of NSC stock opened at $350.77 on Friday. 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 firm has a fifty day moving average price of $328.23 and a 200 day moving average price of $313.31. The company has a market cap of $78.79 billion, a P/E ratio of 29.93, a PEG ratio of 6.21 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 posted 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. The company had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.Norfolk Southern’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period last year, the firm earned $3.29 earnings per share. Sell-side analysts predict that Norfolk Southern Corporation will post 12.66 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Friday, August 7th were issued a $1.35 dividend. The ex-dividend date was Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.5%. Norfolk Southern’s dividend payout ratio is presently 46.08%.

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.