Raymond James & Associates Decreases Stake in Norfolk Southern Corp. (NSC)

Raymond James & Associates cut its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 1.1% during the first quarter, HoldingsChannel.com reports. The firm owned 244,638 shares of the railroad operator’s stock after selling 2,813 shares during the quarter. Raymond James & Associates’ holdings in Norfolk Southern were worth $45,722,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Bruderman Asset Management LLC acquired a new stake in shares of Norfolk Southern during the fourth quarter valued at about $26,000. Intercontinental Wealth Advisors LLC acquired a new position in shares of Norfolk Southern in the fourth quarter valued at approximately $27,000. Pinnacle Bank acquired a new position in shares of Norfolk Southern in the fourth quarter valued at approximately $33,000. PRW Wealth Management LLC acquired a new position in shares of Norfolk Southern in the fourth quarter valued at approximately $36,000. Finally, Athena Capital Advisors LLC acquired a new position in shares of Norfolk Southern in the fourth quarter valued at approximately $39,000. 74.96% of the stock is currently owned by institutional investors.

NYSE NSC opened at $205.22 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.67 and a debt-to-equity ratio of 0.69. Norfolk Southern Corp. has a 52 week low of $138.65 and a 52 week high of $211.46. The company has a market cap of $53.41 billion, a price-to-earnings ratio of 21.58, a PEG ratio of 1.55 and a beta of 1.44.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Wednesday, April 24th. The railroad operator reported $2.51 EPS for the quarter, topping the consensus estimate of $2.17 by $0.34. Norfolk Southern had a net margin of 24.10% and a return on equity of 17.80%. The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the business posted $1.93 EPS. The firm’s revenue was up 4.5% on a year-over-year basis. As a group, research analysts expect that Norfolk Southern Corp. will post 10.73 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 3rd will be issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend is Thursday, May 2nd. Norfolk Southern’s dividend payout ratio (DPR) is presently 36.17%.

In other Norfolk Southern news, COO Michael Joseph Wheeler sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $204.57, for a total transaction of $511,425.00. Following the completion of the transaction, the chief operating officer now owns 12,919 shares in the company, valued at approximately $2,642,839.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.

A number of brokerages recently weighed in on NSC. Zacks Investment Research upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $226.00 price objective for the company in a report on Thursday, May 9th. Argus lifted their price objective on shares of Norfolk Southern from $210.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Morgan Stanley lifted their price objective on shares of Norfolk Southern from $133.00 to $138.00 and gave the company an “underweight” rating in a report on Monday, April 29th. Loop Capital lifted their price objective on shares of Norfolk Southern to $237.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, TD Securities lifted their price objective on shares of Norfolk Southern from $210.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. Norfolk Southern presently has a consensus rating of “Buy” and a consensus target price of $202.06.

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Norfolk Southern Company Profile

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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