Norfolk Southern Corporation (NYSE:NSC) Position Lessened by Magellan Asset Management Ltd

Key Points

• Magellan Asset Management Ltd reduced its stake in Norfolk Southern Corporation by 39.8%, selling over 300,000 shares, which lowered their ownership to approximately 458,320 shares.
• Norfolk Southern recently reported its quarterly earnings, exceeding estimates with an EPS of $3.29, also revealing a revenue of $3.11 billion for the quarter.
• The company announced a quarterly dividend of $1.35 per share, set to be paid on August 20th, with an annualized yield of 1.9%.

Magellan Asset Management Ltd trimmed its position in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 39.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 458,320 shares of the railroad operator's stock after selling 303,325 shares during the period. Norfolk Southern comprises approximately 1.3% of Magellan Asset Management Ltd's portfolio, making the stock its 28th biggest holding. Magellan Asset Management Ltd owned about 0.20% of Norfolk Southern worth $108,553,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of Norfolk Southern by 25,555.7% in the first quarter. GAMMA Investing LLC now owns 989,796 shares of the railroad operator's stock worth $234,433,000 after purchasing an additional 985,938 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Norfolk Southern by 11.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,608,080 shares of the railroad operator's stock valued at $2,020,318,000 after purchasing an additional 918,559 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Norfolk Southern by 293.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 671,680 shares of the railroad operator's stock valued at $157,643,000 after purchasing an additional 501,053 shares in the last quarter. Phoenix Financial Ltd. acquired a new position in shares of Norfolk Southern in the 1st quarter worth approximately $110,209,000. Finally, Northern Trust Corp boosted its holdings in shares of Norfolk Southern by 8.9% in the 4th quarter. Northern Trust Corp now owns 2,870,443 shares of the railroad operator's stock worth $673,693,000 after acquiring an additional 233,927 shares in the last quarter. 75.10% of the stock is currently owned by institutional investors.

Norfolk Southern Stock Down 0.2%

NSC opened at $279.82 on Friday. The company has a 50 day moving average of $263.58 and a 200 day moving average of $245.83. The company has a market cap of $62.85 billion, a PE ratio of 18.91, a price-to-earnings-growth ratio of 2.48 and a beta of 1.31. Norfolk Southern Corporation has a 12 month low of $201.63 and a 12 month high of $288.11. The company has a current ratio of 0.79, a quick ratio of 0.71 and a debt-to-equity ratio of 1.11.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The railroad operator reported $3.29 EPS for the quarter, topping the consensus estimate of $3.24 by $0.05. Norfolk Southern had a net margin of 27.51% and a return on equity of 19.35%. The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.10 billion. On average, sell-side analysts expect that Norfolk Southern Corporation will post 13 EPS for the current year.

Norfolk Southern Dividend Announcement

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

Analyst Ratings Changes

NSC has been the topic of several recent analyst reports. Sanford C. Bernstein boosted their target price on Norfolk Southern from $295.00 to $305.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Susquehanna reaffirmed a "neutral" rating and issued a $260.00 target price (up from $250.00) on shares of Norfolk Southern in a research note on Tuesday, June 24th. Benchmark downgraded shares of Norfolk Southern from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Stifel Nicolaus cut their target price on shares of Norfolk Southern from $265.00 to $247.00 and set a "hold" rating for the company in a research note on Monday, April 14th. Finally, Baird R W upgraded Norfolk Southern to a "hold" rating in a report on Tuesday, July 1st. Fourteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.