Resona Asset Management Co. Ltd. Takes $15.27 Million Position in Norfolk Southern Co. (NYSE:NSC)

Resona Asset Management Co. Ltd. purchased a new position in Norfolk Southern Co. (NYSE:NSC - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 65,057 shares of the railroad operator's stock, valued at approximately $15,274,000.

Several other hedge funds have also recently made changes to their positions in NSC. Financial Life Planners purchased a new position in shares of Norfolk Southern in the 4th quarter worth $27,000. Keystone Financial Group Inc. bought a new position in Norfolk Southern in the fourth quarter valued at about $27,000. Bank of Jackson Hole Trust purchased a new position in Norfolk Southern in the fourth quarter worth about $27,000. Vision Financial Markets LLC bought a new stake in shares of Norfolk Southern during the 4th quarter valued at about $28,000. Finally, Atlantic Private Wealth LLC purchased a new stake in shares of Norfolk Southern during the 4th quarter valued at about $29,000. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Trading Down 0.8 %

NYSE NSC traded down $1.71 during trading hours on Friday, hitting $213.76. 298,911 shares of the company were exchanged, compared to its average volume of 1,241,896. The stock has a market cap of $52.70 billion, a PE ratio of 18.49, a price-to-earnings-growth ratio of 2.31 and a beta of 1.30. Norfolk Southern Co. has a 52 week low of $201.63 and a 52 week high of $277.60. The stock has a 50-day moving average price of $237.90 and a 200 day moving average price of $246.89. The company has a quick ratio of 0.82, a current ratio of 0.90 and a debt-to-equity ratio of 1.16.

Remove Ads

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The railroad operator reported $3.04 earnings per share for the quarter, beating analysts' consensus estimates of $2.97 by $0.07. Norfolk Southern had a net margin of 21.63% and a return on equity of 20.04%. Analysts forecast that Norfolk Southern Co. will post 13 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Friday, February 7th were issued a $1.35 dividend. The ex-dividend date was Friday, February 7th. This represents a $5.40 annualized dividend and a dividend yield of 2.53%. Norfolk Southern's payout ratio is 46.71%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NSC. Benchmark reiterated a "buy" rating and issued a $285.00 price target on shares of Norfolk Southern in a research report on Thursday, January 30th. Jefferies Financial Group lowered their target price on Norfolk Southern from $285.00 to $260.00 and set a "buy" rating on the stock in a research report on Wednesday. UBS Group lowered their price objective on Norfolk Southern from $305.00 to $284.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. raised their price objective on shares of Norfolk Southern from $284.00 to $286.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Finally, Robert W. Baird upped their target price on shares of Norfolk Southern from $260.00 to $270.00 and gave the stock a "neutral" rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Norfolk Southern presently has a consensus rating of "Moderate Buy" and a consensus price target of $268.68.

Insider Buying and Selling

In related news, Director Gilbert H. Lamphere acquired 607 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The stock was bought at an average price of $259.86 per share, for a total transaction of $157,735.02. Following the acquisition, the director now directly owns 2,487 shares of the company's stock, valued at $646,271.82. This represents a 32.29 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.19% of the stock is owned by corporate insiders.

About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.