Norfolk Southern Corporation $NSC Shares Acquired by Saudi Central Bank

Saudi Central Bank increased its holdings in shares of Norfolk Southern Corporation (NYSE:NSC) by 89.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,715 shares of the railroad operator’s stock after purchasing an additional 7,433 shares during the period. Saudi Central Bank’s holdings in Norfolk Southern were worth $4,944,000 as of its most recent SEC filing.

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

Norfolk Southern Stock Performance

Shares of NSC stock opened at $329.07 on Monday. 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 stock has a 50 day simple moving average of $335.43 and a 200-day simple moving average of $315.67. The company has a market cap of $73.91 billion, a price-to-earnings ratio of 28.08, a price-to-earnings-growth ratio of 4.89 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 firm had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.29 earnings per share. On average, equities analysts forecast that Norfolk Southern Corporation will post 12.87 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 issued 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 was Friday, August 7th. Norfolk Southern’s dividend payout ratio (DPR) is currently 46.08%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Royal Bank Of Canada lifted their target price 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. TD Cowen upped their price target on Norfolk Southern from $337.00 to $376.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Benchmark reaffirmed a “hold” rating on shares of Norfolk Southern in a report on Friday, July 24th. Citigroup lifted their price objective on shares of Norfolk Southern from $351.00 to $376.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Finally, Wells Fargo & Company boosted their price objective on shares of Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. Seven analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average 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.