Korea Investment CORP Buys Shares of 94,440 Norfolk Southern Corporation $NSC

Korea Investment CORP acquired a new position in shares of Norfolk Southern Corporation (NYSE:NSC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 94,440 shares of the railroad operator’s stock, valued at approximately $29,710,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. EP Wealth Advisors LLC purchased a new stake in shares of Norfolk Southern during the second quarter worth about $3,854,000. Pinnacle West Asset Management Inc. purchased a new position in shares of Norfolk Southern during the second quarter valued at approximately $1,180,000. Ieq Capital LLC purchased a new position in shares of Norfolk Southern during the second quarter valued at approximately $6,250,000. Callan Family Office LLC acquired a new stake in Norfolk Southern during the second quarter worth approximately $7,981,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in Norfolk Southern during the second quarter worth approximately $88,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Rothschild & Co Redburn boosted their price target on Norfolk Southern from $308.00 to $315.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Susquehanna raised their price objective on Norfolk Southern from $337.00 to $360.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Evercore set a $358.00 price objective on Norfolk Southern in a research report on Thursday, July 23rd. BMO Capital Markets upped their target price on Norfolk Southern from $310.00 to $355.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Finally, Royal Bank Of Canada increased their target price on Norfolk Southern from $320.00 to $360.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Seven equities research 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, the stock currently has an average rating of “Hold” and a consensus price target of $348.00.

Norfolk Southern Price Performance

Norfolk Southern stock opened at $350.77 on Friday. Norfolk Southern Corporation has a 1 year low of $268.23 and a 1 year 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. The firm has a 50 day moving average price of $328.23 and a 200 day moving average price of $313.31. The company has a market cap 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) last posted its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, topping analysts’ consensus estimates of $3.32 by $0.20. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. Norfolk Southern’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.29 earnings per share. Sell-side analysts predict that Norfolk Southern Corporation will post 12.66 earnings per share for the current year.

Norfolk Southern Announces Dividend

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

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.