P Schoenfeld Asset Management LP Takes Position in Norfolk Southern Corporation $NSC

Key Points

• P Schoenfeld Asset Management initiated a 19,700-share Norfolk Southern position in the second quarter, valued at approximately $6.2 billion and representing 2.5% of its portfolio. Institutional investors collectively own 75.1% of NSC.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 EPS versus the $3.32 consensus and $3.46 billion in revenue, up 12.5% year over year.
• NSC shares opened at $350.77, near their 52-week high, while analysts maintained a consensus “Hold” rating with an average price target of $348. The company also pays a quarterly dividend of $1.35 per share, yielding approximately 1.5% annually.

P Schoenfeld Asset Management LP bought a new stake in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,700 shares of the railroad operator's stock, valued at approximately $6,197,423,000. Norfolk Southern makes up approximately 2.5% of P Schoenfeld Asset Management LP's portfolio, making the stock its 14th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NSC. Vanguard Group Inc. boosted its holdings in Norfolk Southern by 1.3% in the fourth 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 in the last quarter. BlackRock Inc. bought a new position in Norfolk Southern in the 2nd quarter worth $5,033,549,000. State Street Corp raised its holdings in Norfolk Southern by 4.1% in 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Norfolk Southern by 0.7% in 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 period. Finally, Norges Bank purchased a new stake in shares of Norfolk Southern in the 4th quarter worth about $1,084,701,000. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Price Performance

NSC stock opened at $350.77 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83. The firm has a 50 day moving average price of $328.23 and a 200-day moving average price of $313.47. Norfolk Southern Corporation has a 52-week low of $268.23 and a 52-week high of $358.60. The firm has a market capitalization of $78.79 billion, a price-to-earnings ratio of 29.93, a PEG ratio of 6.21 and a beta of 1.27.

Norfolk Southern (NYSE:NSC - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.32 by $0.20. The business had revenue of $3.46 billion during the quarter, compared to analysts' expectations of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The firm's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.29 earnings per share. Equities research analysts forecast that Norfolk Southern Corporation will post 12.66 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Friday, August 7th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Friday, August 7th. Norfolk Southern's dividend payout ratio (DPR) is currently 46.08%.

Wall Street Analyst Weigh In

Several analysts have commented on NSC shares. Royal Bank Of Canada raised their price objective on shares of Norfolk Southern from $320.00 to $360.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Robert W. Baird upped their target price on Norfolk Southern from $360.00 to $377.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Barclays raised their target price on Norfolk Southern from $360.00 to $400.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. UBS Group restated a "neutral" rating and set a $363.00 price target on shares of Norfolk Southern in a research report on Friday, July 24th. Finally, Stephens raised Norfolk Southern to a "hold" rating in a research note on Wednesday, July 8th. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $348.00.

Norfolk Southern 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source