1,032,910 Shares in Norfolk Southern Corporation $NSC Purchased by Primecap Management Co. CA

Key Points

• Primecap Management purchased 1,032,910 Norfolk Southern shares in the second quarter, valued at approximately $324.9 million and representing about 0.46% of the company. Institutional investors collectively own 75.10% of NSC.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 in earnings per share and $3.46 billion in revenue, with revenue rising 12.5% year over year.
• Shares opened at $351.73, near their 12-month high of $358.60. Analysts maintain a consensus “Hold” rating with an average price target of $348, while the company pays a $1.35 quarterly dividend, yielding about 1.5% annually.

Primecap Management Co. CA bought a new position in Norfolk Southern Corporation (NYSE:NSC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,032,910 shares of the railroad operator's stock, valued at approximately $324,943,000. Primecap Management Co. CA owned about 0.46% of Norfolk Southern at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. JPL Wealth Management LLC bought a new stake in shares of Norfolk Southern in the third quarter valued at approximately $25,000. Edmond DE Rothschild Holding S.A. bought a new position in Norfolk Southern in the 2nd quarter worth approximately $26,000. BNP Paribas bought a new position in Norfolk Southern in the 2nd quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new position in Norfolk Southern in the 2nd quarter valued at approximately $27,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new position in Norfolk Southern in the 2nd quarter valued at approximately $31,000. 75.10% of the stock is currently owned by institutional investors.

Norfolk Southern Stock Performance

Shares of NYSE:NSC opened at $351.73 on Wednesday. The company has a market cap of $79.00 billion, a price-to-earnings ratio of 30.01, a price-to-earnings-growth ratio of 6.25 and a beta of 1.27. The company has a 50-day moving average price of $329.90 and a 200-day moving average price of $314.17. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. Norfolk Southern Corporation has a 12 month low of $268.23 and a 12 month high of $358.60.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating the consensus estimate of $3.32 by $0.20. The business had revenue of $3.46 billion for the quarter, compared to analysts' expectations of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The business's revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted $3.29 EPS. As a group, equities analysts anticipate that Norfolk Southern Corporation will post 12.66 EPS for the current year.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Friday, August 7th were issued a $1.35 dividend. The ex-dividend date was Friday, August 7th. This represents a $5.40 annualized dividend and a yield of 1.5%. Norfolk Southern's dividend payout ratio (DPR) is currently 46.08%.

Analyst Upgrades and Downgrades

Several research analysts have commented on NSC shares. UBS Group restated a "neutral" rating and issued a $363.00 target price on shares of Norfolk Southern in a research note on Friday, July 24th. Susquehanna upped their price target on Norfolk Southern from $337.00 to $360.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Barclays increased their price target on shares of Norfolk Southern from $360.00 to $400.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Robert W. Baird boosted their price objective on shares of Norfolk Southern from $360.00 to $377.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Finally, Benchmark reaffirmed a "hold" rating on shares of Norfolk Southern in a report on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $348.00.

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.

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