Gabelli Funds LLC Purchases 18,012 Shares of Norfolk Southern Corporation $NSC

Key Points

• Gabelli Funds LLC increased its Norfolk Southern stake by 54.4% in the fourth quarter, buying an additional 18,012 shares and lifting its holdings to 51,112 shares valued at about $14.8 million.
• Norfolk Southern reported better-than-expected quarterly earnings of $2.65 per share, beating analyst estimates, though revenue came in below expectations at $3 billion.
• The company recently declared a quarterly dividend of $1.35 per share, equal to an annualized dividend of $5.40 and a yield of 1.7%.

Gabelli Funds LLC boosted its position in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 54.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 51,112 shares of the railroad operator's stock after purchasing an additional 18,012 shares during the period. Gabelli Funds LLC's holdings in Norfolk Southern were worth $14,757,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Norfolk Southern by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 20,825,837 shares of the railroad operator's stock valued at $6,012,836,000 after acquiring an additional 272,651 shares during the period. Pentwater Capital Management LP bought a new position in shares of Norfolk Southern during the 3rd quarter valued at approximately $826,128,000. Dimensional Fund Advisors LP grew its position in shares of Norfolk Southern by 5.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,179,610 shares of the railroad operator's stock valued at $654,757,000 after acquiring an additional 118,697 shares during the period. Legal & General Group Plc grew its position in shares of Norfolk Southern by 4.6% during the 3rd quarter. Legal & General Group Plc now owns 1,744,074 shares of the railroad operator's stock valued at $523,937,000 after acquiring an additional 76,751 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Norfolk Southern by 545.2% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,306,203 shares of the railroad operator's stock valued at $392,396,000 after acquiring an additional 1,103,748 shares during the period. 75.10% of the stock is owned by institutional investors.

Norfolk Southern Stock Performance

NYSE NSC opened at $318.20 on Wednesday. Norfolk Southern Corporation has a 1 year low of $236.37 and a 1 year high of $323.37. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.91 and a quick ratio of 0.81. The stock has a market capitalization of $71.46 billion, a PE ratio of 26.81, a P/E/G ratio of 5.91 and a beta of 1.30. The company's 50 day simple moving average is $299.86 and its two-hundred day simple moving average is $296.66.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its earnings results on Friday, April 24th. The railroad operator reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.16. Norfolk Southern had a net margin of 21.91% and a return on equity of 18.30%. The business had revenue of $3 billion for the quarter, compared to analysts' expectations of $3.13 billion. During the same period in the prior year, the company posted $2.69 EPS. The business's revenue for the quarter was up .2% compared to the same quarter last year. Analysts predict that Norfolk Southern Corporation will post 12.11 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th will be paid a $1.35 dividend. The ex-dividend date is Friday, May 8th. This represents a $5.40 annualized dividend and a yield of 1.7%. Norfolk Southern's dividend payout ratio is currently 45.49%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NSC. Argus raised shares of Norfolk Southern to a "hold" rating in a research report on Wednesday, February 25th. Zacks Research raised shares of Norfolk Southern from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Robert W. Baird increased their target price on shares of Norfolk Southern from $315.00 to $330.00 and gave the company a "neutral" rating in a research report on Tuesday, April 28th. Citigroup reissued a "neutral" rating on shares of Norfolk Southern in a research report on Friday, April 24th. Finally, BMO Capital Markets upped their price target on shares of Norfolk Southern from $305.00 to $310.00 and gave the company a "market perform" rating in a research note on Monday, April 27th. Six investment analysts have rated the stock with a Buy rating and seventeen have issued a Hold rating to the stock. Based on data from MarketBeat.com, Norfolk Southern currently has a consensus rating of "Hold" and a consensus price target of $319.83.

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.

Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Southern Corporation (NYSE:NSC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.