Van ECK Associates Corp Has $27.90 Million Stake in Norfolk Southern Corporation $NSC

Key Points

• Van ECK Associates increased its Norfolk Southern stake by 18.1% in the second quarter, buying 13,603 additional shares for a total position worth approximately $27.9 million.
• Norfolk Southern reported quarterly earnings of $3.52 per share, exceeding estimates of $3.32, while revenue rose 12.5% year over year to $3.46 billion.
• The company pays a quarterly dividend of $1.35, equivalent to an annualized $5.40 and a 1.5% yield. Analysts maintain a consensus “Hold” rating with a $348 price target, roughly in line with the stock’s reported $348.67 price.

Van ECK Associates Corp lifted its position in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 18.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 88,691 shares of the railroad operator's stock after buying an additional 13,603 shares during the quarter. Van ECK Associates Corp's holdings in Norfolk Southern were worth $27,901,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. JPL Wealth Management LLC bought a new stake in Norfolk Southern in the 3rd quarter valued at $25,000. Edmond DE Rothschild Holding S.A. bought a new stake in Norfolk Southern in the second quarter valued at about $26,000. BNP Paribas acquired a new position in Norfolk Southern in the second quarter worth about $26,000. Meeder Asset Management Inc. bought a new position in Norfolk Southern during the second quarter worth about $27,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new stake in Norfolk Southern during the second quarter valued at approximately $31,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Stock Performance

NYSE NSC opened at $348.67 on Monday. The company has a market cap of $78.31 billion, a P/E ratio of 29.75, a P/E/G ratio of 5.23 and a beta of 1.27. The business's 50 day moving average price is $332.87 and its 200-day moving average price is $315.08. Norfolk Southern Corporation has a fifty-two week low of $268.23 and a fifty-two week high of $358.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating analysts' consensus estimates of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The business had revenue of $3.46 billion for the quarter, compared to analysts' expectations of $3.38 billion. During the same quarter in the previous year, the business posted $3.29 earnings per share. The business's revenue was up 12.5% compared to the same quarter last year. Sell-side analysts predict that Norfolk Southern Corporation will post 12.74 earnings per share for the current year.

Norfolk Southern Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have issued reports on the company. TD Cowen increased their price objective on Norfolk Southern from $337.00 to $376.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. UBS Group reiterated a "neutral" rating and issued a $363.00 target price on shares of Norfolk Southern in a research report on Friday, July 24th. Robert W. Baird raised their price objective on shares of Norfolk Southern from $360.00 to $377.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. JPMorgan Chase & Co. boosted their price target on shares of Norfolk Southern from $316.00 to $338.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Benchmark reissued a "hold" rating on shares of Norfolk Southern in a research note on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $348.00.

Norfolk Southern Company 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.

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