London Co. of Virginia decreased its position in Norfolk Southern Corporation (NYSE:NSC – Free Report) by 6.1% during the 1st quarter, Holdings Channel reports. The firm owned 1,700,297 shares of the railroad operator’s stock after selling 110,556 shares during the quarter. Norfolk Southern makes up 3.0% of London Co. of Virginia’s investment portfolio, making the stock its 4th biggest holding. London Co. of Virginia’s holdings in Norfolk Southern were worth $487,994,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in Norfolk Southern by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 20,825,837 shares of the railroad operator’s stock worth $6,012,836,000 after buying an additional 272,651 shares during the last quarter. State Street Corp raised its stake in shares of Norfolk Southern by 4.1% in the fourth quarter. State Street Corp now owns 9,710,549 shares of the railroad operator’s stock valued at $2,803,630,000 after acquiring an additional 379,819 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Norfolk Southern by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 4,878,029 shares of the railroad operator’s stock valued at $1,401,797,000 after acquiring an additional 36,205 shares during the last quarter. Norges Bank acquired a new position in shares of Norfolk Southern in the 4th quarter worth approximately $1,084,701,000. Finally, Pentwater Capital Management LP grew its position in Norfolk Southern by 9.8% during the 4th quarter. Pentwater Capital Management LP now owns 3,019,000 shares of the railroad operator’s stock worth $871,646,000 after acquiring an additional 269,000 shares during the last quarter. Institutional investors and hedge funds own 75.10% of the company’s stock.
Norfolk Southern News Summary
Here are the key news stories impacting Norfolk Southern this week:
- Positive Sentiment: Norfolk Southern beat Q2 expectations, posting $3.52 in EPS and revenue above estimates, with revenue up 12.5% year over year and record quarterly sales. Reuters article
- Positive Sentiment: Wells Fargo raised its price target to $385 and reiterated an overweight rating, signaling confidence that the stock still has room to run. Benzinga article
- Positive Sentiment: Citigroup lifted its target to $376, reflecting a more constructive view after the earnings release, even though it kept a neutral rating. Benzinga article
- Neutral Sentiment: JPMorgan raised its target to $338 but maintained a neutral rating, suggesting valuation looks less compelling after the recent move higher. Benzinga article
- Neutral Sentiment: Some commentary noted lower profitability and margin pressure despite the revenue beat, which may temper enthusiasm if cost pressures persist. Seeking Alpha article
- Negative Sentiment: Profitability was held back by higher fuel costs and lower efficiency, showing that cost inflation remains a headwind even as demand improves. TipRanks article
Norfolk Southern Stock Performance
Norfolk Southern (NYSE:NSC – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.32 by $0.20. The firm had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.29 EPS. Sell-side analysts predict that Norfolk Southern Corporation will post 12.42 earnings per share for the current fiscal year.
Norfolk Southern Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Friday, August 7th will be given a dividend of $1.35 per share. The ex-dividend date is Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.5%. Norfolk Southern’s payout ratio is presently 46.08%.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on NSC shares. Robert W. Baird raised their price target on Norfolk Southern from $330.00 to $360.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Weiss Ratings raised Norfolk Southern from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Barclays increased their target price on Norfolk Southern from $360.00 to $400.00 and gave the stock an “overweight” rating in a report on Friday. Benchmark restated a “hold” rating on shares of Norfolk Southern in a research note on Friday. Finally, Jefferies Financial Group cut their price target on Norfolk Southern from $350.00 to $310.00 and set a “hold” rating for the company in a report on Monday, April 6th. Seven research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $344.35.
Read Our Latest Research Report on NSC
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.
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