CCM Investment Group LLC Invests $2.91 Million in Norfolk Southern Corporation (NYSE:NSC)

Key Points

• CCM Investment Group LLC acquired a stake in Norfolk Southern Corporation, purchasing 12,638 shares valued at approximately $2.9 million during the first quarter, according to their recent SEC filing.
• Norfolk Southern's recent quarterly earnings surpassed analyst expectations, reporting an EPS of $3.29 and revenues of $3.11 billion.
• The company announced a quarterly dividend of $1.35, set to be paid on August 20th, representing an annualized yield of 1.9%.

CCM Investment Group LLC purchased a new position in Norfolk Southern Corporation (NYSE:NSC - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 12,638 shares of the railroad operator's stock, valued at approximately $2,914,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of NSC. GAMMA Investing LLC grew its position in Norfolk Southern by 25,555.7% in the 1st quarter. GAMMA Investing LLC now owns 989,796 shares of the railroad operator's stock worth $234,433,000 after purchasing an additional 985,938 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Norfolk Southern by 11.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,608,080 shares of the railroad operator's stock worth $2,020,318,000 after acquiring an additional 918,559 shares during the period. Nuveen LLC bought a new position in shares of Norfolk Southern during the 1st quarter worth about $122,256,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Norfolk Southern by 293.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 671,680 shares of the railroad operator's stock worth $157,643,000 after acquiring an additional 501,053 shares during the period. Finally, Phoenix Financial Ltd. bought a new position in shares of Norfolk Southern during the 1st quarter worth about $110,209,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Norfolk Southern Price Performance

NSC traded down $0.35 during midday trading on Tuesday, hitting $277.97. The company had a trading volume of 1,650,880 shares, compared to its average volume of 3,225,570. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.71 and a current ratio of 0.79. The company has a market capitalization of $62.44 billion, a PE ratio of 18.78, a P/E/G ratio of 2.47 and a beta of 1.31. Norfolk Southern Corporation has a twelve month low of $201.63 and a twelve month high of $288.11. The firm's 50-day simple moving average is $264.83 and its 200-day simple moving average is $246.15.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The railroad operator reported $3.29 earnings per share for the quarter, beating the consensus estimate of $3.24 by $0.05. Norfolk Southern had a net margin of 27.51% and a return on equity of 19.35%. The firm had revenue of $3.11 billion during the quarter, compared to analysts' expectations of $3.10 billion. Equities research analysts predict that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Friday, August 1st will be given a dividend of $1.35 per share. The ex-dividend date is Friday, August 1st. This represents a $5.40 annualized dividend and a dividend yield of 1.9%. Norfolk Southern's payout ratio is currently 36.49%.

Analyst Ratings Changes

A number of equities analysts have recently commented on NSC shares. Baird R W raised shares of Norfolk Southern to a "hold" rating in a report on Tuesday, July 1st. Evercore ISI reaffirmed an "in-line" rating and set a $289.00 price objective (up from $279.00) on shares of Norfolk Southern in a report on Wednesday, July 30th. Citigroup raised their price objective on shares of Norfolk Southern from $288.00 to $305.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Royal Bank Of Canada downgraded shares of Norfolk Southern from a "moderate buy" rating to a "hold" rating in a report on Tuesday, July 29th. Finally, Robert W. Baird raised their price objective on shares of Norfolk Southern from $255.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Fourteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $285.15.

Norfolk Southern Company Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.