K2 Principal Fund L.P. Takes $4.72 Million Position in Norfolk Southern Corporation $NSC

K2 Principal Fund L.P. acquired a new position in Norfolk Southern Corporation (NYSE:NSC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 14,991 shares of the railroad operator’s stock, valued at approximately $4,716,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPL Wealth Management LLC purchased a new stake in shares of Norfolk Southern during the third quarter worth about $25,000. Meeder Asset Management Inc. acquired a new position in shares of Norfolk Southern during the second quarter valued at about $27,000. BNP Paribas purchased a new position in shares of Norfolk Southern in the 2nd quarter valued at approximately $26,000. Financial Life Planners acquired a new stake in Norfolk Southern in the 1st quarter worth approximately $33,000. Finally, Bayban acquired a new stake in Norfolk Southern in the 4th quarter worth approximately $34,000. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Royal Bank Of Canada upped their price target on shares of Norfolk Southern from $320.00 to $360.00 and gave the company a “sector perform” rating in a research note on Friday, July 24th. Stephens upgraded shares of Norfolk Southern to a “hold” rating in a research note on Wednesday, July 8th. Evercore set a $358.00 price objective on shares of Norfolk Southern in a report on Thursday, July 23rd. Citigroup upped their target price on Norfolk Southern from $351.00 to $376.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Finally, Barclays lifted their price target on Norfolk Southern from $360.00 to $400.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Seven analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $348.00.

Norfolk Southern Price Performance

NYSE:NSC opened at $339.44 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.83 and a quick ratio of 0.73. The company has a 50 day moving average price of $326.03 and a 200-day moving average price of $312.27. Norfolk Southern Corporation has a 1-year low of $268.23 and a 1-year high of $358.60. The firm has a market cap of $76.24 billion, a price-to-earnings ratio of 28.96, a price-to-earnings-growth ratio of 5.92 and a beta of 1.27.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the firm posted $3.29 earnings per share. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities research analysts forecast that Norfolk Southern Corporation will post 12.66 EPS for the current year.

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Friday, August 7th will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 7th. Norfolk Southern’s dividend payout ratio is presently 46.08%.

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.