Water Island Capital LLC Raises Holdings in Norfolk Southern Corp. (NSC)

Water Island Capital LLC boosted its holdings in Norfolk Southern Corp. (NYSE:NSC) by 16.9% during the 1st quarter, HoldingsChannel reports. The fund owned 22,131 shares of the railroad operator’s stock after purchasing an additional 3,207 shares during the quarter. Water Island Capital LLC’s holdings in Norfolk Southern were worth $4,136,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Oregon Public Employees Retirement Fund raised its holdings in Norfolk Southern by 14,153.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 22,774,792 shares of the railroad operator’s stock worth $152,000 after buying an additional 22,615,008 shares during the period. Vanguard Group Inc lifted its holdings in shares of Norfolk Southern by 1.6% during the third quarter. Vanguard Group Inc now owns 21,159,132 shares of the railroad operator’s stock worth $3,819,223,000 after buying an additional 336,725 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Norfolk Southern by 0.9% during the fourth quarter. BlackRock Inc. now owns 20,052,895 shares of the railroad operator’s stock worth $2,998,712,000 after buying an additional 169,821 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Norfolk Southern by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 3,364,851 shares of the railroad operator’s stock worth $502,245,000 after buying an additional 221,780 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Norfolk Southern by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,210,893 shares of the railroad operator’s stock worth $480,144,000 after buying an additional 17,877 shares during the last quarter. Hedge funds and other institutional investors own 74.96% of the company’s stock.

Shares of NYSE NSC traded down $0.54 during mid-day trading on Friday, hitting $204.68. 19,960 shares of the company’s stock traded hands, compared to its average volume of 1,289,203. The company has a current ratio of 0.67, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $53.41 billion, a price-to-earnings ratio of 21.52, a P/E/G ratio of 1.55 and a beta of 1.44. Norfolk Southern Corp. has a 1 year low of $138.65 and a 1 year high of $211.46.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Wednesday, April 24th. The railroad operator reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.17 by $0.34. The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.82 billion. Norfolk Southern had a net margin of 24.10% and a return on equity of 17.80%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.93 EPS. On average, equities analysts predict that Norfolk Southern Corp. will post 10.73 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 3rd will be given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Thursday, May 2nd. Norfolk Southern’s dividend payout ratio is 36.17%.

In other news, COO Michael Joseph Wheeler sold 2,500 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $204.57, for a total transaction of $511,425.00. Following the sale, the chief operating officer now directly owns 12,919 shares in the company, valued at approximately $2,642,839.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is currently owned by corporate insiders.

Several analysts have recently commented on the company. Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $200.00 target price on the stock in a report on Friday, March 8th. Argus lifted their price objective on Norfolk Southern from $210.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Loop Capital lifted their price objective on Norfolk Southern to $210.00 and gave the company a “buy” rating in a research report on Monday, February 11th. Morgan Stanley lifted their target price on shares of Norfolk Southern from $116.00 to $133.00 and gave the company an “underweight” rating in a report on Tuesday, February 12th. Finally, Royal Bank of Canada downgraded shares of Norfolk Southern from a “sector perform” rating to an “underperform” rating and dropped their target price for the stock from $180.00 to $178.00 in a report on Tuesday, February 19th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. Norfolk Southern presently has a consensus rating of “Buy” and an average price target of $202.06.

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About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.

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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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