Connor Clark & Lunn Investment Management Ltd. Buys Shares of 38,876 Norfolk Southern Corporation $NSC

Key Points

• Connor Clark & Lunn Investment Management purchased 38,876 Norfolk Southern shares in the second quarter, valued at approximately $12.23 million. Institutional investors collectively own 75.1% of the company.
• Norfolk Southern reported quarterly EPS of $3.52, beating estimates by $0.20, while revenue rose 12.5% year over year to $3.46 billion.
• The company pays a quarterly dividend of $1.35 per share, representing a $5.40 annualized payout and a 1.5% yield. Analysts maintain a consensus “Hold” rating with a $348 price target.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 38,876 shares of the railroad operator's stock, valued at approximately $12,230,000.

Other large investors have also added to or reduced their stakes in the company. Exencial Wealth Advisors LLC increased its holdings in shares of Norfolk Southern by 1.1% during the fourth quarter. Exencial Wealth Advisors LLC now owns 3,216 shares of the railroad operator's stock valued at $929,000 after acquiring an additional 35 shares in the last quarter. Sovereign Financial Group Inc. increased its stake in Norfolk Southern by 3.3% during the 1st 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 in the last quarter. Bar Harbor Wealth Management raised its holdings in Norfolk Southern by 0.6% in the first quarter. Bar Harbor Wealth Management now owns 6,290 shares of the railroad operator's stock worth $1,805,000 after buying an additional 36 shares during the last quarter. Apollon Financial LLC raised its holdings in Norfolk Southern by 4.3% in the first quarter. Apollon Financial LLC now owns 881 shares of the railroad operator's stock worth $253,000 after buying an additional 36 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC lifted its stake in shares of Norfolk Southern by 4.6% in the first quarter. Moss Adams Wealth Advisors LLC now owns 827 shares of the railroad operator's stock worth $237,000 after buying an additional 36 shares in the last quarter. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Trading Down 0.4%

Shares of NYSE:NSC opened at $351.73 on Wednesday. The stock has a market capitalization of $79.00 billion, a price-to-earnings ratio of 30.01, a PEG ratio of 6.25 and a beta of 1.27. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. The stock's 50-day simple moving average is $329.90 and its two-hundred day simple moving average is $314.17. Norfolk Southern Corporation has a 52-week low of $268.23 and a 52-week high of $358.60.

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

Norfolk Southern Announces Dividend

The firm also recently announced 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. This represents a $5.40 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, August 7th. Norfolk Southern's payout ratio is 46.08%.

Wall Street Analyst Weigh In

NSC has been the topic of a number of recent analyst reports. Royal Bank Of Canada increased their price target on shares of Norfolk Southern from $320.00 to $360.00 and gave the company a "sector perform" rating in a report on Friday, July 24th. Stephens raised Norfolk Southern to a "hold" rating in a research report on Wednesday, July 8th. Wall Street Zen upgraded Norfolk Southern from a "sell" rating to a "hold" rating in a research note on Saturday, May 2nd. Benchmark reiterated a "hold" rating on shares of Norfolk Southern in a research note on Friday, July 24th. Finally, Wells Fargo & Company lifted their target price on Norfolk Southern from $365.00 to $385.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to MarketBeat, Norfolk Southern has a consensus rating of "Hold" and a consensus 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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