Norges Bank Buys Shares of 3,756,930 Norfolk Southern Corporation $NSC

Norges Bank bought a new stake in shares of Norfolk Southern Corporation (NYSE:NSC) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,756,930 shares of the railroad operator’s stock, valued at approximately $1,084,701,000. Norges Bank owned 1.67% of Norfolk Southern as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cullen Capital Management LLC lifted its stake in shares of Norfolk Southern by 31.8% in the 3rd quarter. Cullen Capital Management LLC now owns 121,351 shares of the railroad operator’s stock worth $36,455,000 after acquiring an additional 29,264 shares during the period. Picton Mahoney Asset Management acquired a new stake in shares of Norfolk Southern in the 3rd quarter worth approximately $24,033,000. AlphaQuest LLC acquired a new stake in shares of Norfolk Southern in the 3rd quarter worth approximately $2,165,000. Principal Financial Group Inc. lifted its stake in shares of Norfolk Southern by 0.8% in the 3rd quarter. Principal Financial Group Inc. now owns 250,186 shares of the railroad operator’s stock worth $75,158,000 after acquiring an additional 2,049 shares during the period. Finally, Primecap Management Co. CA lifted its stake in shares of Norfolk Southern by 7.9% in the 3rd quarter. Primecap Management Co. CA now owns 1,132,583 shares of the railroad operator’s stock worth $340,239,000 after acquiring an additional 82,500 shares during the period. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Stock Down 0.9%

NSC stock opened at $304.99 on Friday. Norfolk Southern Corporation has a 12-month low of $241.82 and a 12-month high of $326.00. The company has a quick ratio of 0.81, a current ratio of 0.91 and a debt-to-equity ratio of 1.04. The company has a market cap of $68.50 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 5.63 and a beta of 1.30. The company has a 50 day moving average of $303.14 and a two-hundred day moving average of $298.30.

Norfolk Southern (NYSE:NSC) last released its earnings results on Friday, April 24th. The railroad operator reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.49 by $0.16. Norfolk Southern had a net margin of 21.91% and a return on equity of 18.30%. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the firm earned $2.69 EPS. The company’s revenue was up .2% compared to the same quarter last year. On average, equities analysts anticipate that Norfolk Southern Corporation will post 12.11 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were given a $1.35 dividend. The ex-dividend date was Friday, May 8th. This represents a $5.40 dividend on an annualized basis and a yield of 1.8%. Norfolk Southern’s dividend payout ratio is presently 45.49%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NSC. Rothschild & Co Redburn upped their price target on shares of Norfolk Southern from $308.00 to $315.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Argus upgraded shares of Norfolk Southern to a “hold” rating in a report on Wednesday, February 25th. JPMorgan Chase & Co. dropped their target price on shares of Norfolk Southern from $296.00 to $292.00 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. BMO Capital Markets boosted their target price on shares of Norfolk Southern from $305.00 to $310.00 and gave the stock a “market perform” rating in a report on Monday, April 27th. Finally, Wall Street Zen upgraded shares of Norfolk Southern from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Six analysts have rated the stock with a Buy rating and seventeen have issued a Hold rating to the stock. According to data from MarketBeat.com, Norfolk Southern presently has an average rating of “Hold” and an average price target of $319.83.

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.