Mirae Asset Global Investments Co. Ltd. Grows Stake in Norfolk Southern Co. (NYSE:NSC)

Mirae Asset Global Investments Co. Ltd. grew its holdings in Norfolk Southern Co. (NYSE:NSC) by 20.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 14,428 shares of the railroad operator’s stock after buying an additional 2,453 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Norfolk Southern were worth $3,556,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of NSC. Cedar Wealth Management LLC purchased a new stake in Norfolk Southern in the 1st quarter worth approximately $27,000. 1620 Investment Advisors Inc. purchased a new stake in Norfolk Southern in the 2nd quarter worth approximately $27,000. Financial Connections Group Inc. purchased a new stake in Norfolk Southern in the 2nd quarter worth approximately $31,000. HWG Holdings LP purchased a new position in shares of Norfolk Southern in the 2nd quarter valued at approximately $31,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Norfolk Southern in the 2nd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on NSC shares. Stephens restated an “equal weight” rating and issued a $263.00 target price on shares of Norfolk Southern in a research note on Wednesday, October 23rd. Bank of America raised their target price on Norfolk Southern from $276.00 to $291.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group raised their target price on Norfolk Southern from $275.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Citigroup raised their target price on Norfolk Southern from $294.00 to $302.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Barclays raised their target price on Norfolk Southern from $275.00 to $290.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $274.16.

Norfolk Southern Stock Down 0.5 %

Norfolk Southern stock opened at $252.41 on Wednesday. The firm has a market cap of $57.11 billion, a price-to-earnings ratio of 23.70, a PEG ratio of 2.38 and a beta of 1.31. The stock has a fifty day simple moving average of $249.70 and a two-hundred day simple moving average of $236.87. Norfolk Southern Co. has a 12 month low of $184.62 and a 12 month high of $263.66. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $3.11 by $0.14. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The business had revenue of $3.10 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter last year, the company earned $2.65 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities analysts predict that Norfolk Southern Co. will post 11.82 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Friday, November 1st will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Friday, November 1st. Norfolk Southern’s payout ratio is currently 50.70%.

Insider Buying and Selling

In other news, Director Sameh Fahmy acquired 700 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was bought at an average price of $245.15 per share, with a total value of $171,605.00. Following the completion of the acquisition, the director now directly owns 7,700 shares of the company’s stock, valued at approximately $1,887,655. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Alan H. Shaw sold 51,325 shares of Norfolk Southern stock in a transaction on Friday, September 13th. The stock was sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the transaction, the chief executive officer now directly owns 35,045 shares in the company, valued at approximately $8,970,819.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sameh Fahmy bought 700 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average price of $245.15 per share, for a total transaction of $171,605.00. Following the completion of the transaction, the director now directly owns 7,700 shares of the company’s stock, valued at $1,887,655. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.19% of the stock is currently owned by corporate insiders.

Norfolk Southern Company Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.