Jennison Associates LLC Acquires 6,680 Shares of Norfolk Southern Co. (NYSE:NSC)

Jennison Associates LLC boosted its holdings in Norfolk Southern Co. (NYSE:NSC) by 109.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,766 shares of the railroad operator’s stock after purchasing an additional 6,680 shares during the period. Jennison Associates LLC’s holdings in Norfolk Southern were worth $2,996,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. HHM Wealth Advisors LLC lifted its stake in Norfolk Southern by 0.9% in the fourth quarter. HHM Wealth Advisors LLC now owns 9,741 shares of the railroad operator’s stock valued at $2,286,000 after acquiring an additional 87 shares during the last quarter. Spire Wealth Management grew its position in shares of Norfolk Southern by 19.0% in the 4th quarter. Spire Wealth Management now owns 6,641 shares of the railroad operator’s stock valued at $1,559,000 after acquiring an additional 1,062 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its position in shares of Norfolk Southern by 4.2% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,529 shares of the railroad operator’s stock valued at $1,532,000 after acquiring an additional 261 shares during the period. Everett Harris & Co. CA grew its position in shares of Norfolk Southern by 4.8% in the 4th quarter. Everett Harris & Co. CA now owns 1,252 shares of the railroad operator’s stock valued at $294,000 after acquiring an additional 57 shares during the period. Finally, Ausbil Investment Management Ltd bought a new position in shares of Norfolk Southern in the 4th quarter valued at about $4,703,000. Institutional investors own 75.10% of the company’s stock.

Norfolk Southern Price Performance

Shares of NYSE:NSC opened at $251.33 on Friday. The firm has a 50 day moving average of $247.53 and a 200-day moving average of $249.49. The stock has a market capitalization of $56.86 billion, a PE ratio of 21.74, a PEG ratio of 2.35 and a beta of 1.35. The company has a current ratio of 0.90, a quick ratio of 0.82 and a debt-to-equity ratio of 1.16. Norfolk Southern Co. has a 12 month low of $206.71 and a 12 month high of $277.60.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, January 29th. The railroad operator reported $3.04 EPS for the quarter, beating the consensus estimate of $2.97 by $0.07. Norfolk Southern had a net margin of 21.63% and a return on equity of 20.04%. On average, equities research analysts predict that Norfolk Southern Co. will post 13.07 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Friday, February 7th will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Friday, February 7th. Norfolk Southern’s payout ratio is presently 46.71%.

Insider Activity

In related news, Director Gilbert H. Lamphere acquired 607 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was acquired at an average cost of $259.86 per share, for a total transaction of $157,735.02. Following the transaction, the director now directly owns 2,487 shares in the company, valued at $646,271.82. This trade represents a 32.29 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sameh Fahmy acquired 350 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were bought at an average price of $249.37 per share, with a total value of $87,279.50. Following the completion of the transaction, the director now owns 10,350 shares in the company, valued at $2,580,979.50. This represents a 3.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Evercore ISI decreased their price objective on shares of Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Jefferies Financial Group lifted their price objective on shares of Norfolk Southern from $275.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. lifted their target price on shares of Norfolk Southern from $284.00 to $286.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Loop Capital downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating and reduced their target price for the stock from $289.00 to $256.00 in a report on Monday. Finally, TD Cowen lifted their target price on shares of Norfolk Southern from $253.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Norfolk Southern has an average rating of “Moderate Buy” and a consensus target price of $276.11.

Norfolk Southern Company Profile

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.