Mystic Asset Management Inc. Takes $317,000 Position in Norfolk Southern Corporation (NYSE:NSC)

Mystic Asset Management Inc. purchased a new position in Norfolk Southern Corporation (NYSE:NSC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,340 shares of the railroad operator's stock, valued at approximately $317,000.

Other hedge funds have also bought and sold shares of the company. Geode Capital Management LLC raised its position in Norfolk Southern by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 4,694,573 shares of the railroad operator's stock worth $1,098,472,000 after acquiring an additional 113,648 shares during the period. Golden State Wealth Management LLC boosted its position in shares of Norfolk Southern by 883.3% during the 1st quarter. Golden State Wealth Management LLC now owns 177 shares of the railroad operator's stock valued at $42,000 after acquiring an additional 159 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of Norfolk Southern by 1.9% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 3,571 shares of the railroad operator's stock valued at $846,000 after buying an additional 65 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Norfolk Southern by 4.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 71,463 shares of the railroad operator's stock worth $16,925,000 after purchasing an additional 2,782 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Norfolk Southern by 8.3% in the first quarter. GAMMA Investing LLC now owns 4,179 shares of the railroad operator's stock worth $990,000 after purchasing an additional 321 shares during the last quarter. Institutional investors and hedge funds own 75.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Norfolk Southern from $272.00 to $282.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Susquehanna reiterated a "neutral" rating and issued a $260.00 price target (up previously from $250.00) on shares of Norfolk Southern in a research note on Tuesday, June 24th. The Goldman Sachs Group reiterated a "neutral" rating and set a $278.00 target price on shares of Norfolk Southern in a research note on Monday, June 2nd. Bank of America lifted their price target on shares of Norfolk Southern from $290.00 to $305.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Citigroup cut Norfolk Southern from a "buy" rating to a "neutral" rating and upped their price objective for the company from $259.00 to $288.00 in a research report on Wednesday, July 9th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, Norfolk Southern presently has a consensus rating of "Moderate Buy" and an average target price of $274.55.

Norfolk Southern Stock Up 2.7%

Shares of NSC traded up $7.19 during mid-day trading on Friday, reaching $277.00. The company's stock had a trading volume of 6,134,047 shares, compared to its average volume of 1,268,577. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.78 and a quick ratio of 0.70. Norfolk Southern Corporation has a 12-month low of $201.63 and a 12-month high of $280.00. The stock has a market cap of $62.45 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 2.27 and a beta of 1.31. The company's 50 day moving average is $252.39 and its 200 day moving average is $241.76.

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

Norfolk Southern Announces Dividend

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

About Norfolk Southern

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.