TD Asset Management Inc. lowered its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 6.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 147,200 shares of the railroad operator’s stock after selling 10,975 shares during the quarter. TD Asset Management Inc. owned approximately 0.06% of Norfolk Southern worth $29,341,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its position in Norfolk Southern by 3.5% during the first quarter. JPMorgan Chase & Co. now owns 12,864,410 shares of the railroad operator’s stock worth $2,404,230,000 after acquiring an additional 430,110 shares during the last quarter. FMR LLC boosted its holdings in shares of Norfolk Southern by 27.4% in the 1st quarter. FMR LLC now owns 9,875,360 shares of the railroad operator’s stock valued at $1,845,606,000 after purchasing an additional 2,123,713 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Norfolk Southern by 27.7% in the 1st quarter. Lazard Asset Management LLC now owns 7,333,967 shares of the railroad operator’s stock valued at $1,370,644,000 after purchasing an additional 1,592,303 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Norfolk Southern by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 3,364,851 shares of the railroad operator’s stock valued at $502,245,000 after purchasing an additional 221,780 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Norfolk Southern by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,210,893 shares of the railroad operator’s stock valued at $480,144,000 after purchasing an additional 17,877 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.
In related news, Chairman James A. Squires sold 3,024 shares of Norfolk Southern stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $204.71, for a total transaction of $619,043.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jennifer F. Scanlon purchased 525 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were purchased at an average cost of $191.52 per share, for a total transaction of $100,548.00. Following the purchase, the director now directly owns 525 shares in the company, valued at $100,548. The disclosure for this purchase can be found here. Insiders own 0.19% of the company’s stock.
A number of brokerages have weighed in on NSC. Goldman Sachs Group began coverage on shares of Norfolk Southern in a report on Wednesday, July 10th. They issued a “buy” rating and a $237.00 price target on the stock. Cascend Securities lowered shares of Norfolk Southern from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Loop Capital lifted their price target on shares of Norfolk Southern to $237.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Zacks Investment Research upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $226.00 price target on the stock in a report on Thursday, May 9th. Finally, Morgan Stanley set a $130.00 price target on shares of Norfolk Southern and gave the company a “sell” rating in a report on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $205.83.
Shares of NYSE:NSC traded up $3.51 during midday trading on Friday, hitting $173.36. 18,008 shares of the company’s stock traded hands, compared to its average volume of 2,345,068. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.68 and a current ratio of 0.78. The company has a market cap of $46.75 billion, a PE ratio of 18.23, a P/E/G ratio of 1.44 and a beta of 1.31. The firm’s fifty day moving average price is $191.82 and its two-hundred day moving average price is $190.82. Norfolk Southern Corp. has a twelve month low of $138.65 and a twelve month high of $211.46.
Norfolk Southern (NYSE:NSC) last posted its earnings results on Wednesday, July 24th. The railroad operator reported $2.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.77 by ($0.07). The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.95 billion. Norfolk Southern had a net margin of 24.15% and a return on equity of 18.24%. The business’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.50 EPS. As a group, equities research analysts anticipate that Norfolk Southern Corp. will post 10.67 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 5th will be issued a dividend of $0.94 per share. This is a positive change from Norfolk Southern’s previous quarterly dividend of $0.86. The ex-dividend date is Friday, August 2nd. This represents a $3.76 annualized dividend and a dividend yield of 2.17%. Norfolk Southern’s payout ratio is presently 39.54%.
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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