Norfolk Southern Corp. (NSC) Shares Bought by Provident Investment Management Inc.

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Provident Investment Management Inc. grew its holdings in Norfolk Southern Corp. (NYSE:NSC) by 100.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,434 shares of the railroad operator’s stock after purchasing an additional 3,717 shares during the period. Provident Investment Management Inc.’s holdings in Norfolk Southern were worth $1,122,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Tredje AP fonden boosted its stake in shares of Norfolk Southern by 23.1% in the 2nd quarter. Tredje AP fonden now owns 31,364 shares of the railroad operator’s stock worth $4,732,000 after buying an additional 5,883 shares during the last quarter. Independent Advisor Alliance boosted its stake in shares of Norfolk Southern by 8.6% in the 2nd quarter. Independent Advisor Alliance now owns 5,404 shares of the railroad operator’s stock worth $768,000 after buying an additional 427 shares during the last quarter. First Allied Advisory Services Inc. boosted its stake in shares of Norfolk Southern by 8.4% in the 2nd quarter. First Allied Advisory Services Inc. now owns 4,819 shares of the railroad operator’s stock worth $733,000 after buying an additional 374 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Norfolk Southern by 1.9% in the 2nd quarter. American Century Companies Inc. now owns 1,331,269 shares of the railroad operator’s stock worth $200,849,000 after buying an additional 25,275 shares during the last quarter. Finally, Dillon & Associates Inc. boosted its stake in shares of Norfolk Southern by 4.7% in the 2nd quarter. Dillon & Associates Inc. now owns 41,595 shares of the railroad operator’s stock worth $6,281,000 after buying an additional 1,854 shares during the last quarter. 73.24% of the stock is owned by institutional investors and hedge funds.

NYSE NSC opened at $174.07 on Monday. The firm has a market cap of $48.15 billion, a P/E ratio of 26.33, a P/E/G ratio of 1.58 and a beta of 1.39. The company has a current ratio of 0.81, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Norfolk Southern Corp. has a fifty-two week low of $116.77 and a fifty-two week high of $175.00.

Norfolk Southern (NYSE:NSC) last released its earnings results on Wednesday, July 25th. The railroad operator reported $2.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.31 by $0.19. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.87 billion. Norfolk Southern had a return on equity of 14.53% and a net margin of 52.36%. Norfolk Southern’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.71 earnings per share. equities research analysts anticipate that Norfolk Southern Corp. will post 9.06 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Investors of record on Monday, August 6th will be given a dividend of $0.80 per share. The ex-dividend date is Friday, August 3rd. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.72. This represents a $3.20 annualized dividend and a yield of 1.84%. Norfolk Southern’s payout ratio is 48.41%.

A number of equities analysts have recently issued reports on the company. Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, June 26th. Stifel Nicolaus raised their price target on Norfolk Southern from $159.00 to $176.00 and gave the stock a “hold” rating in a research note on Thursday, July 26th. Credit Suisse Group raised their price target on Norfolk Southern from $176.00 to $182.00 and gave the stock an “outperform” rating in a research note on Thursday, July 26th. Citigroup upgraded Norfolk Southern from a “neutral” rating to a “buy” rating and set a $176.00 price target on the stock in a research note on Monday, June 25th. Finally, UBS Group raised their price target on Norfolk Southern from $182.00 to $189.00 and gave the stock a “buy” rating in a research note on Thursday, July 26th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $164.42.

In related news, Chairman James A. Squires sold 34,077 shares of Norfolk Southern stock in a transaction on Monday, August 13th. The stock was sold at an average price of $171.73, for a total transaction of $5,852,043.21. Following the transaction, the chairman now directly owns 63,958 shares in the company, valued at $10,983,507.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by insiders.

About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.

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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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