AustralianSuper Pty Ltd Invests $64.89 Million in Norfolk Southern Corporation $NSC

AustralianSuper Pty Ltd acquired a new stake in shares of Norfolk Southern Corporation (NYSE:NSC) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 216,000 shares of the railroad operator’s stock, valued at approximately $64,889,000. AustralianSuper Pty Ltd owned about 0.10% of Norfolk Southern as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NSC. Norges Bank acquired a new stake in shares of Norfolk Southern during the 2nd quarter worth about $613,255,000. Holocene Advisors LP raised its position in shares of Norfolk Southern by 550.6% in the second quarter. Holocene Advisors LP now owns 983,366 shares of the railroad operator’s stock valued at $251,712,000 after buying an additional 832,210 shares during the last quarter. TOMS Capital Investment Management LP purchased a new position in shares of Norfolk Southern during the second quarter valued at approximately $181,995,000. Assenagon Asset Management S.A. boosted its position in Norfolk Southern by 93.1% during the third quarter. Assenagon Asset Management S.A. now owns 952,544 shares of the railroad operator’s stock worth $286,154,000 after acquiring an additional 459,166 shares during the last quarter. Finally, Laurel Wealth Advisors LLC boosted its position in Norfolk Southern by 25,497.0% during the second quarter. Laurel Wealth Advisors LLC now owns 428,750 shares of the railroad operator’s stock worth $109,747,000 after acquiring an additional 427,075 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Insider Buying and Selling

In other news, EVP Anil Bhatt sold 900 shares of Norfolk Southern stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $281.60, for a total transaction of $253,440.00. Following the sale, the executive vice president owned 1,413 shares in the company, valued at $397,900.80. This trade represents a 38.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William Jr. Clyburn bought 204 shares of Norfolk Southern stock in a transaction dated Friday, December 5th. The shares were purchased at an average cost of $294.79 per share, for a total transaction of $60,137.16. Following the completion of the transaction, the director owned 405 shares of the company’s stock, valued at approximately $119,389.95. This represents a 101.49% increase in their position. The SEC filing for this purchase provides additional information. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NSC. Benchmark reissued a “hold” rating on shares of Norfolk Southern in a research note on Monday, October 27th. Barclays lifted their price objective on Norfolk Southern from $320.00 to $340.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Robert W. Baird set a $293.00 target price on Norfolk Southern in a research report on Friday, December 5th. BMO Capital Markets raised their price target on Norfolk Southern from $285.00 to $305.00 and gave the stock a “market perform” rating in a research note on Friday, October 24th. Finally, JPMorgan Chase & Co. lowered their price target on Norfolk Southern from $303.00 to $301.00 and set a “neutral” rating for the company in a report on Monday, January 12th. Eight investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Norfolk Southern currently has a consensus rating of “Hold” and an average price target of $303.52.

Norfolk Southern Stock Down 1.5%

Shares of NYSE NSC opened at $284.78 on Thursday. The stock has a fifty day moving average price of $290.09 and a 200 day moving average price of $285.43. The company has a current ratio of 0.86, a quick ratio of 0.78 and a debt-to-equity ratio of 1.09. Norfolk Southern Corporation has a 12-month low of $201.63 and a 12-month high of $302.24. The company has a market cap of $63.90 billion, a P/E ratio of 21.72, a P/E/G ratio of 5.06 and a beta of 1.33.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, February 6th will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, February 6th. Norfolk Southern’s dividend payout ratio (DPR) is presently 41.19%.

Norfolk Southern Profile

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.