Alberta Investment Management Corp Acquires New Stake in Norfolk Southern Corporation $NSC

Key Points

• Alberta Investment Management Corp. acquired 93,000 shares of Norfolk Southern in the second quarter, valued at approximately $29.3 million. Institutional investors collectively own 75.1% of the railroad operator.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 in EPS and $3.46 billion in revenue, with revenue up 12.5% year over year.
• The company declared a quarterly dividend of $1.35 per share, or $5.40 annualized, representing a 1.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $348.

Alberta Investment Management Corp bought a new position in Norfolk Southern Corporation (NYSE:NSC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 93,000 shares of the railroad operator's stock, valued at approximately $29,257,000.

A number of other large investors have also recently added to or reduced their stakes in NSC. Moss Adams Wealth Advisors LLC raised its stake in shares of Norfolk Southern by 4.6% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 791 shares of the railroad operator's stock valued at $228,000 after purchasing an additional 35 shares during the period. Confluence Wealth Services Inc. boosted its position in Norfolk Southern by 1.1% during the 4th quarter. Confluence Wealth Services Inc. now owns 3,090 shares of the railroad operator's stock worth $892,000 after acquiring an additional 35 shares during the last quarter. Exencial Wealth Advisors LLC grew its stake in shares of Norfolk Southern by 1.1% during the 4th quarter. Exencial Wealth Advisors LLC now owns 3,216 shares of the railroad operator's stock worth $929,000 after acquiring an additional 35 shares in the last quarter. Sovereign Financial Group Inc. raised its holdings in shares of Norfolk Southern by 3.3% in the first quarter. Sovereign Financial Group Inc. now owns 1,108 shares of the railroad operator's stock valued at $318,000 after purchasing an additional 35 shares during the last quarter. Finally, Bar Harbor Wealth Management raised its holdings in shares of Norfolk Southern by 0.6% in the first quarter. Bar Harbor Wealth Management now owns 6,290 shares of the railroad operator's stock valued at $1,805,000 after purchasing an additional 36 shares during the last quarter. Institutional investors own 75.10% of the company's stock.

Norfolk Southern Trading Up 0.1%

NYSE NSC opened at $334.69 on Monday. Norfolk Southern Corporation has a 12 month low of $268.23 and a 12 month high of $358.60. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.98. The stock has a 50 day moving average of $324.87 and a 200-day moving average of $311.52. The company has a market cap of $75.17 billion, a PE ratio of 28.56, a PEG ratio of 5.92 and a beta of 1.27.

Norfolk Southern (NYSE:NSC - Get Free Report) last issued its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share 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 business had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the company earned $3.29 earnings per share. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities research analysts anticipate that Norfolk Southern Corporation will post 12.66 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Friday, August 7th will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 7th. Norfolk Southern's dividend payout ratio (DPR) is 46.08%.

Wall Street Analyst Weigh In

Several research analysts recently commented on NSC shares. TD Cowen increased their target price on shares of Norfolk Southern from $337.00 to $376.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Evercore set a $358.00 price target on shares of Norfolk Southern in a research note on Thursday, July 23rd. Wall Street Zen raised shares of Norfolk Southern from a "sell" rating to a "hold" rating in a research report on Saturday, May 2nd. Royal Bank Of Canada boosted their price target on shares of Norfolk Southern from $320.00 to $360.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Norfolk Southern from $316.00 to $338.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat, the stock 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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