Norfolk Southern Co. (NYSE:NSC) Position Reduced by Jennison Associates LLC

Jennison Associates LLC lessened its stake in Norfolk Southern Co. (NYSE:NSC) by 36.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,234 shares of the railroad operator’s stock after selling 3,594 shares during the quarter. Jennison Associates LLC’s holdings in Norfolk Southern were worth $1,474,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Provence Wealth Management Group bought a new stake in shares of Norfolk Southern in the 3rd quarter valued at approximately $28,000. Exchange Traded Concepts LLC raised its holdings in shares of Norfolk Southern by 662.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 122 shares of the railroad operator’s stock worth $29,000 after purchasing an additional 106 shares during the period. Operose Advisors LLC bought a new position in shares of Norfolk Southern in the 3rd quarter worth about $32,000. Orion Capital Management LLC acquired a new position in shares of Norfolk Southern in the 3rd quarter valued at about $32,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Norfolk Southern during the 4th quarter valued at about $32,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Norfolk Southern Price Performance

Shares of Norfolk Southern stock opened at $239.94 on Friday. Norfolk Southern Co. has a 52 week low of $183.09 and a 52 week high of $263.66. The company has a current ratio of 0.68, a quick ratio of 1.14 and a debt-to-equity ratio of 1.37. The company’s 50-day moving average price is $251.83 and its two-hundred day moving average price is $232.49. The stock has a market cap of $54.20 billion, a PE ratio of 38.64, a price-to-earnings-growth ratio of 3.30 and a beta of 1.30.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, April 24th. The railroad operator reported $2.49 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.09). Norfolk Southern had a return on equity of 19.61% and a net margin of 11.76%. The business had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the business posted $3.32 earnings per share. The company’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Norfolk Southern Co. will post 11.89 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 20th. Stockholders of record on Friday, May 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, May 2nd. Norfolk Southern’s dividend payout ratio is 86.96%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. TD Cowen raised their target price on shares of Norfolk Southern from $236.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, March 21st. Barclays upgraded Norfolk Southern from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $255.00 to $305.00 in a research note on Wednesday, February 21st. The Goldman Sachs Group raised their target price on Norfolk Southern from $252.00 to $283.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Citigroup upped their price target on shares of Norfolk Southern from $253.00 to $286.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Finally, Benchmark reiterated a “buy” rating and issued a $277.00 price objective on shares of Norfolk Southern in a research report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $262.32.

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.