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

Magellan Asset Management Ltd decreased its holdings in Norfolk Southern Corporation (NYSE:NSC) by 9.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 229,244 shares of the railroad operator’s stock after selling 23,604 shares during the quarter. Magellan Asset Management Ltd’s holdings in Norfolk Southern were worth $66,187,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Norfolk Southern in the fourth quarter valued at about $1,084,701,000. Pentwater Capital Management LP bought a new position in shares of Norfolk Southern during the 3rd quarter worth approximately $826,128,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Norfolk Southern by 545.2% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,306,203 shares of the railroad operator’s stock worth $392,396,000 after buying an additional 1,103,748 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Norfolk Southern during the 3rd quarter worth approximately $329,629,000. Finally, TOMS Capital Investment Management LP bought a new position in shares of Norfolk Southern during the 2nd quarter worth approximately $181,995,000. Institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Up 0.7%

NYSE:NSC opened at $307.22 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04. 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 firm’s 50 day moving average is $305.08 and its 200 day moving average is $298.97. Norfolk Southern Corporation has a 12 month low of $245.19 and a 12 month high of $326.00.

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

Norfolk Southern Dividend Announcement

The business also recently declared 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 of this dividend was Friday, May 8th. Norfolk Southern’s payout ratio is 45.49%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NSC shares. BMO Capital Markets lifted their target price on shares of Norfolk Southern from $305.00 to $310.00 and gave the stock a “market perform” 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. 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. Argus raised shares of Norfolk Southern to a “hold” rating in a research report on Wednesday, February 25th. Finally, Citigroup reissued a “neutral” rating on shares of Norfolk Southern in a research report on Friday, April 24th. Six investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $322.29.

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.