65,676 Norfolk Southern Corporation $NSC Shares Acquired by Fisher Asset Management LLC

Key Points

• Fisher Asset Management increased its Norfolk Southern stake by 5.5%, adding 65,676 shares and bringing its holdings to 1,266,125 shares, valued at about $391.2 million.
• Norfolk Southern beat quarterly earnings and revenue estimates, reporting EPS of $3.62 and revenue of $3.53 billion; revenue rose 13.6% year over year.
• The company declared a quarterly dividend of $1.35 per share, equivalent to $5.40 annually and a 1.6% yield. Analysts’ consensus rating was “Hold,” with an average price target of $348.81.

Fisher Asset Management LLC increased its position in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 5.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,266,125 shares of the railroad operator's stock after buying an additional 65,676 shares during the period. Fisher Asset Management LLC owned about 0.56% of Norfolk Southern worth $391,233,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Norfolk Southern during the 2nd quarter worth about $5,033,549,000. Bank of America Corp DE purchased a new position in Norfolk Southern during the 2nd quarter valued at about $978,977,000. Dimensional Fund Advisors LP increased its position in Norfolk Southern by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,259,558 shares of the railroad operator's stock valued at $648,429,000 after purchasing an additional 46,127 shares during the period. Amundi raised its holdings in shares of Norfolk Southern by 24.2% in the 1st quarter. Amundi now owns 2,226,885 shares of the railroad operator's stock valued at $639,116,000 after purchasing an additional 434,074 shares in the last quarter. Finally, HBK Investments L P raised its holdings in shares of Norfolk Southern by 0.8% in the 2nd quarter. HBK Investments L P now owns 1,750,000 shares of the railroad operator's stock valued at $550,532,000 after purchasing an additional 13,644 shares in the last quarter. 75.10% of the stock is currently owned by institutional investors.

Norfolk Southern Stock Up 0.8%

Shares of Norfolk Southern stock opened at $333.12 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.90 and a debt-to-equity ratio of 0.95. The company has a market cap of $74.83 billion, a P/E ratio of 27.92, a PEG ratio of 4.90 and a beta of 1.20. The firm's 50 day moving average price is $324.11 and its 200-day moving average price is $316.92. Norfolk Southern Corporation has a 52-week low of $277.80 and a 52-week high of $358.60.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its earnings results on Thursday, October 22nd. The railroad operator reported $3.62 EPS for the quarter, beating analysts' consensus estimates of $3.46 by $0.16. Norfolk Southern had a net margin of 20.70% and a return on equity of 18.22%. The company had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.48 billion. During the same quarter in the prior year, the company posted $3.30 earnings per share. Norfolk Southern's revenue for the quarter was up 13.6% compared to the same quarter last year. On average, sell-side analysts predict that Norfolk Southern Corporation will post 12.90 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.6%. Norfolk Southern's dividend payout ratio is presently 45.26%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NSC shares. TD Cowen upped their price target on shares of Norfolk Southern from $376.00 to $379.00 and gave the stock a "buy" rating in a research report on Friday, October 23rd. Barclays lifted their price objective on shares of Norfolk Southern from $360.00 to $400.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Citigroup boosted their price objective on shares of Norfolk Southern from $347.00 to $349.00 and gave the stock a "neutral" rating in a research note on Friday, October 23rd. Susquehanna lowered their target price on Norfolk Southern from $386.00 to $350.00 and set a "neutral" rating for the company in a report on Friday, October 2nd. Finally, Evercore upped their target price on Norfolk Southern from $358.00 to $360.00 in a report on Wednesday, September 30th. Seven analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, Norfolk Southern has a consensus rating of "Hold" and an average price target of $348.81.

Norfolk Southern Company Profile

Norfolk Southern Corporation is a freight transportation company that operates a major railroad network across the eastern United States. Its rail services connect businesses, ports and communities, and link with other railroads to move goods across North America. The company transports a broad range of products, including coal, chemicals, agricultural goods, automotive vehicles and parts, metals, construction materials and consumer products. Its services include intermodal transportation, which combines rail with truck or container shipping, as well as rail freight and logistics solutions.

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