Bank of New York Mellon Corp Reduces Stake in Norfolk Southern Corporation $NSC

Bank of New York Mellon Corp reduced its stake in shares of Norfolk Southern Corporation (NYSE:NSC) by 9.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,192,855 shares of the railroad operator’s stock after selling 117,661 shares during the quarter. Bank of New York Mellon Corp owned 0.53% of Norfolk Southern worth $342,349,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Louisiana State Employees Retirement System purchased a new stake in shares of Norfolk Southern in the first quarter valued at about $3,272,000. O Shaughnessy Asset Management LLC raised its stake in Norfolk Southern by 9.8% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 43,408 shares of the railroad operator’s stock worth $12,533,000 after purchasing an additional 3,887 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. increased its holdings in shares of Norfolk Southern by 49.3% during the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 50,620 shares of the railroad operator’s stock worth $14,615,000 after buying an additional 16,720 shares during the last quarter. Gabelli Funds LLC lifted its holdings in Norfolk Southern by 54.4% in the fourth quarter. Gabelli Funds LLC now owns 51,112 shares of the railroad operator’s stock valued at $14,757,000 after acquiring an additional 18,012 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of Norfolk Southern by 8.6% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 138,194 shares of the railroad operator’s stock worth $39,899,000 after purchasing an additional 10,910 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Price Performance

Shares of NYSE NSC opened at $340.24 on Friday. The business has a 50 day simple moving average of $314.78 and a 200-day simple moving average of $304.41. Norfolk Southern Corporation has a twelve month low of $268.23 and a twelve month high of $342.53. The company has a market capitalization of $76.42 billion, a price-to-earnings ratio of 28.66, a price-to-earnings-growth ratio of 6.18 and a beta of 1.27. The company has a current ratio of 0.91, a quick ratio of 0.81 and a debt-to-equity ratio of 1.04.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Friday, April 24th. The railroad operator reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.49 by $0.16. Norfolk Southern had a net margin of 21.91% and a return on equity of 18.30%. The firm had revenue of $3 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the prior year, the firm posted $2.69 EPS. Norfolk Southern’s revenue was up .2% compared to the same quarter last year. As a group, equities research analysts expect that Norfolk Southern Corporation will post 12.24 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were paid a $1.35 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $5.40 dividend on an annualized basis and a yield of 1.6%. Norfolk Southern’s payout ratio is currently 45.49%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NSC. JPMorgan Chase & Co. dropped their target price on Norfolk Southern from $331.00 to $316.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. UBS Group set a $327.00 target price on shares of Norfolk Southern in a report on Thursday, May 7th. Barclays boosted their price target on shares of Norfolk Southern from $320.00 to $360.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Citigroup increased their price target on Norfolk Southern from $335.00 to $351.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Finally, Rothschild & Co Redburn increased their price objective on Norfolk Southern from $308.00 to $315.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Six investment analysts have rated the stock with a Buy rating and seventeen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $329.35.

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.