Norfolk Southern Corporation (NYSE:NSC) Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Norfolk Southern Corporation by 15.5%, owning a total of 22,678 shares valued at approximately $5.37 million.
• Several analysts have raised their target prices for Norfolk Southern, with TD Cowen increasing its target from $263 to $323 and Robert W. Baird boosting it from $255 to $300.
• Norfolk Southern recently announced a quarterly dividend of $1.35 per share, with an annualized yield of 2.0% and a payout ratio of 36.49%.

Mackenzie Financial Corp raised its stake in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 15.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,678 shares of the railroad operator's stock after purchasing an additional 3,048 shares during the quarter. Mackenzie Financial Corp's holdings in Norfolk Southern were worth $5,371,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NSC. Prosperity Consulting Group LLC lifted its holdings in shares of Norfolk Southern by 3.3% during the first quarter. Prosperity Consulting Group LLC now owns 2,093 shares of the railroad operator's stock valued at $496,000 after purchasing an additional 67 shares during the last quarter. Portland Global Advisors LLC grew its position in Norfolk Southern by 0.3% during the 1st quarter. Portland Global Advisors LLC now owns 24,731 shares of the railroad operator's stock valued at $5,858,000 after purchasing an additional 64 shares during the last quarter. Horan Capital Advisors LLC. grew its position in Norfolk Southern by 5.0% during the 1st quarter. Horan Capital Advisors LLC. now owns 2,052 shares of the railroad operator's stock valued at $486,000 after purchasing an additional 97 shares during the last quarter. LPL Financial LLC grew its position in Norfolk Southern by 10.2% during the 1st quarter. LPL Financial LLC now owns 273,940 shares of the railroad operator's stock valued at $64,883,000 after purchasing an additional 25,366 shares during the last quarter. Finally, Texas Yale Capital Corp. grew its position in Norfolk Southern by 5.3% during the 1st quarter. Texas Yale Capital Corp. now owns 12,364 shares of the railroad operator's stock valued at $2,928,000 after purchasing an additional 622 shares during the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Trading Up 1.1%

NYSE NSC traded up $2.94 on Monday, hitting $277.79. 3,123,844 shares of the stock were exchanged, compared to its average volume of 2,988,673. 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 stock has a fifty day moving average price of $259.97 and a two-hundred day moving average price of $244.71. The firm has a market capitalization of $62.40 billion, a P/E ratio of 18.77, a P/E/G ratio of 2.44 and a beta of 1.31. Norfolk Southern Corporation has a 52-week low of $201.63 and a 52-week high of $288.11.

Norfolk Southern (NYSE:NSC - Get Free Report) last released 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. The firm had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. Norfolk Southern had a return on equity of 19.35% and a net margin of 27.51%. Research analysts forecast that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have issued reports on NSC. Evercore ISI restated an "in-line" rating and set a $289.00 target price (up previously from $279.00) on shares of Norfolk Southern in a research note on Wednesday, July 30th. Barclays upped their target price on shares of Norfolk Southern from $290.00 to $300.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. UBS Group upped their target price on shares of Norfolk Southern from $275.00 to $279.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Jefferies Financial Group reiterated a "hold" rating and issued a $300.00 price objective on shares of Norfolk Southern in a research note on Friday, July 25th. Finally, Benchmark cut shares of Norfolk Southern from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Fourteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Norfolk Southern presently has a consensus rating of "Hold" and an average target price 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.