Edgestream Partners L.P. Acquires Shares of 11,129 Norfolk Southern Corporation (NYSE:NSC)

Edgestream Partners L.P. bought a new position in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 11,129 shares of the railroad operator's stock, valued at approximately $2,636,000.

A number of other institutional investors also recently bought and sold shares of NSC. Norges Bank purchased a new stake in Norfolk Southern during the fourth quarter worth $547,575,000. GAMMA Investing LLC raised its holdings in shares of Norfolk Southern by 25,555.7% in the first quarter. GAMMA Investing LLC now owns 989,796 shares of the railroad operator's stock worth $234,433,000 after acquiring an additional 985,938 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Norfolk Southern by 11.9% in the fourth 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 last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Norfolk Southern by 293.7% in the fourth 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 last quarter. Finally, FMR LLC raised its holdings in shares of Norfolk Southern by 13.8% in the fourth quarter. FMR LLC now owns 3,073,933 shares of the railroad operator's stock worth $721,452,000 after acquiring an additional 371,589 shares during the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Baird R W raised Norfolk Southern to a "hold" rating in a report on Tuesday, July 1st. Wells Fargo & Company dropped their target price on Norfolk Southern from $300.00 to $290.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Sanford C. Bernstein upped their target price on Norfolk Southern from $258.00 to $295.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Robert W. Baird began coverage on Norfolk Southern in a research note on Tuesday, July 1st. They issued a "neutral" rating and a $255.00 target price for the company. Finally, JPMorgan Chase & Co. upped their target price on Norfolk Southern from $272.00 to $282.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $274.55.

Norfolk Southern Stock Up 2.7%

Shares of NYSE NSC traded up $7.19 on Friday, hitting $277.00. The company had a trading volume of 6,134,047 shares, compared to its average volume of 1,268,323. Norfolk Southern Corporation has a 12-month low of $201.63 and a 12-month high of $283.28. The business has a 50 day moving average of $251.33 and a two-hundred day moving average of $241.42. The company has a quick ratio of 0.70, a current ratio of 0.78 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $62.45 billion, a P/E ratio of 18.92, a PEG ratio of 2.13 and a beta of 1.31.

Norfolk Southern (NYSE:NSC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The railroad operator reported $2.69 EPS for the quarter, missing analysts' consensus estimates of $2.72 by ($0.03). The business had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $3.01 billion. Norfolk Southern had a net margin of 27.40% and a return on equity of 19.65%. The company's revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the company posted $2.49 EPS. As a group, equities research analysts forecast that Norfolk Southern Corporation will post 13 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 20th. Investors of record on Friday, May 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date was Friday, May 2nd. Norfolk Southern's dividend payout ratio is currently 36.89%.

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.