Magellan Asset Management Ltd Decreases Position in Norfolk Southern Corporation (NYSE:NSC)

Magellan Asset Management Ltd decreased its position in Norfolk Southern Corporation (NYSE:NSC) by 39.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 458,320 shares of the railroad operator’s stock after selling 303,325 shares during the quarter. Norfolk Southern makes up 1.3% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 28th largest position. Magellan Asset Management Ltd’s holdings in Norfolk Southern were worth $108,553,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Norfolk Southern by 4.9% during the fourth quarter. Brighton Jones LLC now owns 1,706 shares of the railroad operator’s stock valued at $400,000 after buying an additional 79 shares during the period. Renaissance Technologies LLC boosted its stake in Norfolk Southern by 168.3% during the fourth quarter. Renaissance Technologies LLC now owns 128,000 shares of the railroad operator’s stock worth $30,042,000 after acquiring an additional 80,300 shares in the last quarter. Bessemer Group Inc. boosted its stake in Norfolk Southern by 1.6% during the fourth quarter. Bessemer Group Inc. now owns 15,897 shares of the railroad operator’s stock worth $3,732,000 after acquiring an additional 255 shares in the last quarter. Scotia Capital Inc. boosted its stake in Norfolk Southern by 2.4% during the fourth quarter. Scotia Capital Inc. now owns 18,471 shares of the railroad operator’s stock worth $4,336,000 after acquiring an additional 426 shares in the last quarter. Finally, Heritage Trust Co bought a new stake in Norfolk Southern during the fourth quarter worth about $1,125,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Down 0.2%

NYSE:NSC opened at $279.82 on Friday. Norfolk Southern Corporation has a 52 week low of $201.63 and a 52 week high of $288.11. The firm has a 50 day moving average of $263.58 and a 200 day moving average of $245.83. The company has a quick ratio of 0.71, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $62.85 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 2.48 and a beta of 1.31.

Norfolk Southern (NYSE:NSC) last released its earnings results on Tuesday, July 29th. The railroad operator reported $3.29 earnings per share for the quarter, topping the consensus estimate of $3.24 by $0.05. The company had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.10 billion. Norfolk Southern had a net margin of 27.51% and a return on equity of 19.35%. As a group, sell-side analysts anticipate that Norfolk Southern Corporation will post 13 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Friday, August 1st will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, August 1st. Norfolk Southern’s payout ratio is presently 36.49%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NSC. Jefferies Financial Group reiterated a “hold” rating and issued a $300.00 target price on shares of Norfolk Southern in a research note on Friday, July 25th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $278.00 target price on shares of Norfolk Southern in a report on Monday, June 2nd. Citigroup increased their price objective on shares of Norfolk Southern from $288.00 to $305.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 30th. Stifel Nicolaus cut their target price on shares of Norfolk Southern from $265.00 to $247.00 and set a “hold” rating for the company in a research note on Monday, April 14th. Finally, UBS Group increased their price objective on shares of Norfolk Southern from $275.00 to $279.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Fourteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Norfolk Southern currently has a consensus rating of “Hold” and a consensus target price of $285.15.

Norfolk Southern 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.