Amundi Reduces Position in Norfolk Southern Corporation $NSC

Key Points

• Amundi cut its Norfolk Southern stake by 30.8% in the second quarter, selling 686,280 shares and retaining 1.54 million shares worth approximately $484.7 million, or 0.69% of the company.
• Norfolk Southern reported quarterly EPS of $3.52, exceeding estimates of $3.32, while revenue rose 12.5% year over year to $3.46 billion.
• The company paid a quarterly dividend of $1.35 per share, equivalent to $5.40 annually and a 1.6% yield. Analysts maintain an average “Hold” rating with a $348 price target.

Amundi trimmed its position in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 30.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,540,605 shares of the railroad operator's stock after selling 686,280 shares during the period. Amundi owned 0.69% of Norfolk Southern worth $484,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Norfolk Southern during the 2nd quarter valued at about $26,000. JPL Wealth Management LLC acquired a new stake in Norfolk Southern during the third quarter valued at $25,000. Meeder Asset Management Inc. acquired a new stake in Norfolk Southern during the second quarter valued at $27,000. Comprehensive Financial Planning Inc. PA purchased a new position in Norfolk Southern in the second quarter valued at $31,000. Finally, Kimelman & Baird LLC purchased a new position in Norfolk Southern in the second quarter valued at $31,000. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Stock Performance

NYSE NSC opened at $329.07 on Tuesday. The company has a market cap of $73.91 billion, a PE ratio of 28.08, a price-to-earnings-growth ratio of 4.89 and a beta of 1.27. The stock's 50 day simple moving average is $335.69 and its 200-day simple moving average is $315.76. Norfolk Southern Corporation has a 1-year low of $268.23 and a 1-year high of $358.60. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.83 and a quick ratio of 0.73.

Norfolk Southern (NYSE:NSC - Get Free Report) last announced its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.32 by $0.20. The company had revenue of $3.46 billion for the quarter, compared to analysts' expectations of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.29 EPS. As a group, equities research analysts anticipate that Norfolk Southern Corporation will post 12.87 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Friday, August 7th were given a dividend of $1.35 per share. The ex-dividend date was Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.6%. Norfolk Southern's dividend payout ratio (DPR) is presently 46.08%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their target price 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. Benchmark restated a "hold" rating on shares of Norfolk Southern in a research note on Friday, July 24th. Weiss Ratings raised Norfolk Southern from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 24th. Stephens upgraded Norfolk Southern to a "hold" rating in a research report on Wednesday, July 8th. Finally, UBS Group reissued a "neutral" rating and issued a $363.00 price objective on shares of Norfolk Southern in a report on Friday, July 24th. Seven research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $348.00.

Norfolk Southern Company Profile

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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