Renaissance Technologies LLC Boosts Stake in Norfolk Southern Co. (NYSE:NSC)

Renaissance Technologies LLC increased its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 168.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 128,000 shares of the railroad operator’s stock after acquiring an additional 80,300 shares during the quarter. Renaissance Technologies LLC’s holdings in Norfolk Southern were worth $30,042,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Norfolk Southern during the 4th quarter worth approximately $547,575,000. Boston Partners boosted its stake in Norfolk Southern by 16.9% during the fourth quarter. Boston Partners now owns 4,020,392 shares of the railroad operator’s stock worth $945,385,000 after buying an additional 580,293 shares during the last quarter. Amundi grew its holdings in Norfolk Southern by 56.4% in the 4th quarter. Amundi now owns 1,302,635 shares of the railroad operator’s stock valued at $308,607,000 after buying an additional 469,558 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Norfolk Southern during the 4th quarter worth $105,225,000. Finally, FMR LLC boosted its position in shares of Norfolk Southern by 13.8% during the 4th quarter. FMR LLC now owns 3,073,933 shares of the railroad operator’s stock valued at $721,452,000 after acquiring an additional 371,589 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on NSC shares. Loop Capital cut shares of Norfolk Southern from a “buy” rating to a “hold” rating and cut their price objective for the stock from $289.00 to $256.00 in a research report on Monday, February 3rd. JPMorgan Chase & Co. lifted their price target on shares of Norfolk Southern from $284.00 to $286.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft started coverage on Norfolk Southern in a research report on Friday, March 7th. They issued a “buy” rating and a $293.00 price objective for the company. Robert W. Baird lifted their target price on Norfolk Southern from $260.00 to $270.00 and gave the company a “neutral” rating in a research report on Thursday, January 30th. Finally, Bank of America reduced their price objective on shares of Norfolk Southern from $292.00 to $272.00 and set a “buy” rating on the stock in a report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Norfolk Southern presently has an average rating of “Moderate Buy” and an average target price of $268.68.

Insiders Place Their Bets

In other news, Director Gilbert H. Lamphere bought 607 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was purchased at an average price of $259.86 per share, for a total transaction of $157,735.02. Following the completion of the purchase, the director now owns 2,487 shares in the company, valued at approximately $646,271.82. This trade represents a 32.29 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.19% of the stock is currently owned by company insiders.

Norfolk Southern Stock Up 1.1 %

Norfolk Southern stock opened at $217.94 on Friday. The firm has a market capitalization of $53.73 billion, a P/E ratio of 18.85, a P/E/G ratio of 2.31 and a beta of 1.30. The stock’s fifty day simple moving average is $237.20 and its 200-day simple moving average is $246.72. Norfolk Southern Co. has a twelve month low of $201.63 and a twelve month high of $277.60. The company has a current ratio of 0.90, a quick ratio of 0.82 and a debt-to-equity ratio of 1.16.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Wednesday, January 29th. The railroad operator reported $3.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.97 by $0.07. Norfolk Southern had a return on equity of 20.04% and a net margin of 21.63%. As a group, equities analysts expect that Norfolk Southern Co. will post 13 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Friday, February 7th were paid a $1.35 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $5.40 dividend on an annualized basis and a yield of 2.48%. Norfolk Southern’s dividend payout ratio is currently 46.71%.

About Norfolk Southern

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.