Legal & General Group Plc Makes New $503.09 Million Investment in Norfolk Southern Corporation $NSC

Legal & General Group Plc bought a new stake in shares of Norfolk Southern Corporation (NYSE:NSC) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 1,599,203 shares of the railroad operator’s stock, valued at approximately $503,093,000.

A number of other institutional investors and hedge funds also recently modified their holdings of NSC. BlackRock Inc. bought a new position in shares of Norfolk Southern in the 2nd quarter worth about $5,033,549,000. Norges Bank bought a new stake in shares of Norfolk Southern during the 4th quarter valued at about $1,084,701,000. Pentwater Capital Management LP bought a new stake in shares of Norfolk Southern during the 3rd quarter valued at about $826,128,000. Bank of New York Mellon Corp acquired a new stake in Norfolk Southern during the second quarter worth about $364,414,000. Finally, Deutsche Bank AG acquired a new stake in Norfolk Southern during the second quarter worth about $356,558,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Trading Up 0.6%

Shares of NYSE:NSC opened at $352.91 on Tuesday. The company has a market cap of $79.27 billion, a PE ratio of 30.11, a P/E/G ratio of 6.21 and a beta of 1.27. The company’s 50-day moving average price is $329.08 and its 200 day moving average price is $313.85. 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 quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.98.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Thursday, July 23rd. The railroad operator reported $3.52 EPS for the quarter, topping the consensus estimate of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The firm had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the prior year, the firm earned $3.29 EPS. Norfolk Southern’s quarterly revenue was up 12.5% on a year-over-year basis. Sell-side analysts anticipate that Norfolk Southern Corporation will post 12.66 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. Stockholders of record on Friday, August 7th were given a dividend of $1.35 per share. The ex-dividend date was Friday, August 7th. This represents a $5.40 annualized dividend and a dividend yield of 1.5%. Norfolk Southern’s payout ratio is currently 46.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NSC shares. Royal Bank Of Canada raised their target price 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. Wall Street Zen upgraded Norfolk Southern from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Wells Fargo & Company raised their price target on Norfolk Southern from $365.00 to $385.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. JPMorgan Chase & Co. boosted their price objective on 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 restated 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 assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Norfolk Southern has a consensus rating of “Hold” and an average price target of $348.00.

About Norfolk Southern

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.