Norfolk Southern Corporation $NSC Shares Acquired by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management increased its Norfolk Southern stake by 9.8% in the third quarter, adding 3,584 shares to hold 40,314 shares valued at about $12.6 million.
• Norfolk Southern beat quarterly earnings and revenue estimates, reporting EPS of $3.62 and revenue of $3.53 billion; revenue rose 13.6% year over year.
• The company declared a quarterly dividend of $1.35 per share, equivalent to a 1.6% annual yield. Analysts’ consensus rating is “Hold,” with an average price target of $348.81.

Rakuten Investment Management Inc. boosted its holdings in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 9.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 40,314 shares of the railroad operator's stock after buying an additional 3,584 shares during the period. Rakuten Investment Management Inc.'s holdings in Norfolk Southern were worth $12,618,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Provenance Wealth Advisors LLC raised its stake in shares of Norfolk Southern by 4,183.3% during the third quarter. Provenance Wealth Advisors LLC now owns 514 shares of the railroad operator's stock valued at $159,000 after purchasing an additional 502 shares during the period. Putney Financial Group LLC purchased a new position in shares of Norfolk Southern in the third quarter valued at $35,000. Integrity Alliance LLC. boosted its stake in shares of Norfolk Southern by 5.9% in the third quarter. Integrity Alliance LLC. now owns 1,716 shares of the railroad operator's stock valued at $531,000 after purchasing an additional 95 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Norfolk Southern by 0.4% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 27,644 shares of the railroad operator's stock valued at $8,542,000 after purchasing an additional 100 shares in the last quarter. Finally, Next Level Wealth Planning LLC acquired a new stake in Norfolk Southern during the 3rd quarter valued at $84,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Stock Up 1.0%

Shares of Norfolk Southern stock opened at $344.35 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.90 and a quick ratio of 0.81. Norfolk Southern Corporation has a 1-year low of $277.80 and a 1-year high of $358.60. The business's fifty day moving average price is $325.88 and its two-hundred day moving average price is $315.71. The company has a market capitalization of $77.35 billion, a P/E ratio of 26.21, a PEG ratio of 5.10 and a beta of 1.20.

Norfolk Southern (NYSE:NSC - Get Free Report) last announced its earnings results on Thursday, October 22nd. The railroad operator reported $3.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.46 by $0.16. Norfolk Southern had a net margin of 20.70% and a return on equity of 18.22%. The firm had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same quarter in the prior year, the firm posted $3.30 EPS. Norfolk Southern's revenue was up 13.6% compared to the same quarter last year. As a group, research analysts forecast that Norfolk Southern Corporation will post 12.80 EPS for the current year.

Norfolk Southern Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be given a $1.35 dividend. The ex-dividend date is Friday, November 6th. This represents a $5.40 annualized dividend and a yield of 1.6%. Norfolk Southern's payout ratio is 45.26%.

Wall Street Analyst Weigh In

NSC has been the topic of a number of recent analyst reports. Stephens raised Norfolk Southern to a "hold" rating in a research report on Wednesday, July 8th. Susquehanna dropped their price target on shares of Norfolk Southern from $386.00 to $350.00 and set a "neutral" rating for the company in a research note on Friday, October 2nd. Evercore lifted their price target on shares of Norfolk Southern from $358.00 to $360.00 in a research note on Wednesday, September 30th. Wells Fargo & Company upped their price target on shares of Norfolk Southern from $365.00 to $385.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Finally, Benchmark reiterated a "hold" rating on shares of Norfolk Southern in a research note on Friday, July 24th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat, Norfolk Southern presently has an average rating of "Hold" and an average target price of $348.81.

About Norfolk Southern

Norfolk Southern Corporation NYSE: NSC is a transportation company that operates one of the largest freight railroad networks in the eastern United States. Through its Norfolk Southern Railway subsidiary, the company provides rail transportation and related services across a broad territory spanning portions of the Midwest, South and East Coast, including access to major industrial centers, ports and distribution markets.

Norfolk Southern transports a diverse range of commodities, including intermodal freight, merchandise, automotive products, coal and other energy-related materials.

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