Ethic Inc. Buys 2,080 Shares of Norfolk Southern Corporation $NSC

Ethic Inc. grew its stake in Norfolk Southern Corporation (NYSE:NSC) by 11.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,609 shares of the railroad operator’s stock after buying an additional 2,080 shares during the period. Ethic Inc.’s holdings in Norfolk Southern were worth $6,059,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of NSC. BlackRock Inc. bought a new position in shares of Norfolk Southern during the 2nd quarter valued at about $5,033,549,000. Bank of America Corp DE purchased a new position in shares of Norfolk Southern during the 2nd quarter valued at about $978,977,000. Dimensional Fund Advisors LP raised its holdings in shares of Norfolk Southern by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,259,558 shares of the railroad operator’s stock valued at $648,429,000 after buying an additional 46,127 shares in the last quarter. Amundi lifted its position in Norfolk Southern by 24.2% in the 1st quarter. Amundi now owns 2,226,885 shares of the railroad operator’s stock worth $639,116,000 after buying an additional 434,074 shares during the last quarter. Finally, HBK Investments L P lifted its position in Norfolk Southern by 0.8% in the 2nd quarter. HBK Investments L P now owns 1,750,000 shares of the railroad operator’s stock worth $550,532,000 after buying an additional 13,644 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Up 1.8%

NYSE NSC opened at $325.70 on Tuesday. Norfolk Southern Corporation has a 1-year low of $277.80 and a 1-year high of $358.60. The company has a current ratio of 0.90, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The stock has a 50-day moving average of $324.40 and a 200-day moving average of $316.29. The firm has a market cap of $73.16 billion, a PE ratio of 26.45, a price-to-earnings-growth ratio of 5.14 and a beta of 1.20.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, October 22nd. The railroad operator reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.16. Norfolk Southern had a return on equity of 18.22% and a net margin of 20.70%. The company had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.48 billion. During the same period in the prior year, the business posted $3.30 EPS. Norfolk Southern’s quarterly revenue was up 13.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Norfolk Southern Corporation will post 12.83 EPS for the current year.

Norfolk Southern Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be given a $1.35 dividend. The ex-dividend date is Friday, November 6th. This represents a $5.40 annualized dividend and a yield of 1.7%. Norfolk Southern’s payout ratio is presently 45.26%.

Wall Street Analyst Weigh In

NSC has been the subject of several research reports. Benchmark reaffirmed a “hold” rating on shares of Norfolk Southern in a research note on Friday, July 24th. TD Cowen lifted their price target on shares of Norfolk Southern from $376.00 to $379.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. Susquehanna lowered their price objective on shares of Norfolk Southern from $386.00 to $350.00 and set a “neutral” rating for the company in a report on Friday, October 2nd. Robert W. Baird upped 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. Finally, JPMorgan Chase & Co. increased their target price on shares of Norfolk Southern from $318.00 to $323.00 and gave the company a “neutral” rating in a report on Friday, October 23rd. Seven research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, Norfolk Southern currently has a consensus rating of “Hold” and a consensus target price of $348.81.

Norfolk Southern Profile

Norfolk Southern Corporation is a freight transportation company that operates a major railroad network across the eastern United States. Its rail services connect businesses, ports and communities, and link with other railroads to move goods across North America.

The company transports a broad range of products, including coal, chemicals, agricultural goods, automotive vehicles and parts, metals, construction materials and consumer products. Its services include intermodal transportation, which combines rail with truck or container shipping, as well as rail freight and logistics solutions.

Norfolk Southern was formed in 1982 through the merger of the Norfolk and Western Railway and the Southern Railway.