Korea Investment CORP Buys New Position in Norfolk Southern Corporation $NSC

Key Points

• Korea Investment CORP acquired 94,440 Norfolk Southern shares during the second quarter, valued at approximately $29.7 million. Institutional investors and hedge funds collectively own 75.1% of the company.
• Analyst sentiment remains mixed, with seven Buy ratings and 15 Hold ratings; the consensus price target is $348.00, implying an overall “Hold” rating.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 in EPS and $3.46 billion in revenue, while revenue rose 12.5% year over year. The company also maintains a quarterly dividend of $1.35, equivalent to a 1.5% yield.

Korea Investment CORP purchased a new position in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 94,440 shares of the railroad operator's stock, valued at approximately $29,710,000.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Norfolk Southern by 1.3% in 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. BlackRock Inc. acquired a new stake in Norfolk Southern during the 2nd quarter worth $5,033,549,000. State Street Corp grew its position in Norfolk Southern by 4.1% during the 4th quarter. State Street Corp now owns 9,710,549 shares of the railroad operator's stock worth $2,803,630,000 after purchasing an additional 379,819 shares during the last quarter. Geode Capital Management LLC grew its position in Norfolk Southern by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 4,878,029 shares of the railroad operator's stock worth $1,401,797,000 after purchasing an additional 36,205 shares during the last quarter. Finally, Norges Bank acquired a new position in Norfolk Southern in the fourth quarter valued at $1,084,701,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NSC has been the subject of a number of research reports. BMO Capital Markets upped their target price on shares of Norfolk Southern from $310.00 to $355.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Stephens upgraded Norfolk Southern to a "hold" rating in a research note on Wednesday, July 8th. Wells Fargo & Company boosted their target price on Norfolk Southern from $365.00 to $385.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Rothschild & Co Redburn upped their price target on Norfolk Southern from $308.00 to $315.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 29th. Finally, Citigroup increased their price target on Norfolk Southern from $351.00 to $376.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Seven analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $348.00.

Norfolk Southern Price Performance

Shares of NYSE:NSC opened at $350.77 on Friday. Norfolk Southern Corporation has a 52 week low of $268.23 and a 52 week high of $358.60. The company has a 50-day moving average price of $328.23 and a 200 day moving average price of $313.31. The company has a market cap of $78.79 billion, a P/E ratio of 29.93, a PEG ratio of 6.21 and a beta of 1.27. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.98.

Norfolk Southern (NYSE:NSC - Get Free Report) last released 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. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The company had revenue of $3.46 billion for the quarter, compared to analysts' expectations of $3.38 billion. During the same quarter in the previous year, the firm posted $3.29 EPS. The firm's quarterly revenue was up 12.5% on a year-over-year basis. Research analysts predict that Norfolk Southern Corporation will post 12.66 earnings per share for the current 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 paid a $1.35 dividend. The ex-dividend date was Friday, August 7th. This represents a $5.40 annualized dividend and a dividend yield of 1.5%. Norfolk Southern's dividend payout ratio (DPR) is 46.08%.

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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