Smith Asset Management Group LP Invests $34.09 Million in Norfolk Southern Corp. (NSC)

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Smith Asset Management Group LP acquired a new stake in Norfolk Southern Corp. (NYSE:NSC) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 188,807 shares of the railroad operator’s stock, valued at approximately $34,090,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Norfolk Southern by 8.6% in the 2nd quarter. FMR LLC now owns 7,036,787 shares of the railroad operator’s stock valued at $1,061,640,000 after acquiring an additional 555,871 shares during the last quarter. American Century Companies Inc. increased its holdings 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 valued at $200,849,000 after acquiring an additional 25,275 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Norfolk Southern by 1.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,074,816 shares of the railroad operator’s stock valued at $162,158,000 after acquiring an additional 13,072 shares during the last quarter. Swiss National Bank increased its holdings in shares of Norfolk Southern by 2.3% in the 2nd quarter. Swiss National Bank now owns 939,247 shares of the railroad operator’s stock valued at $141,704,000 after acquiring an additional 21,100 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Norfolk Southern by 5.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 898,104 shares of the railroad operator’s stock valued at $135,497,000 after purchasing an additional 47,592 shares during the period. Institutional investors and hedge funds own 74.38% of the company’s stock.

In other Norfolk Southern news, VP Cynthia C. Earhart sold 2,370 shares of the stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $175.09, for a total transaction of $414,963.30. Following the completion of the sale, the vice president now directly owns 2,370 shares of the company’s stock, valued at approximately $414,963.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman James A. Squires sold 34,077 shares of the stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $171.73, for a total value of $5,852,043.21. Following the sale, the chairman now directly owns 63,958 shares of the company’s stock, valued at $10,983,507.34. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Norfolk Southern stock opened at $169.30 on Monday. Norfolk Southern Corp. has a twelve month low of $125.59 and a twelve month high of $186.91. The company has a quick ratio of 0.75, a current ratio of 0.86 and a debt-to-equity ratio of 0.69. The company has a market cap of $45.91 billion, a price-to-earnings ratio of 25.57, a P/E/G ratio of 1.52 and a beta of 1.32.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.08. Norfolk Southern had a return on equity of 15.12% and a net margin of 52.82%. The company had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.90 billion. During the same period last year, the firm earned $1.75 EPS. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. As a group, research analysts forecast that Norfolk Southern Corp. will post 9.24 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 2nd will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $3.20 dividend on an annualized basis and a yield of 1.89%. Norfolk Southern’s payout ratio is 48.41%.

A number of analysts recently issued reports on NSC shares. Royal Bank of Canada reissued a “hold” rating and issued a $158.00 target price on shares of Norfolk Southern in a research report on Friday, July 13th. Cowen reissued a “buy” rating and issued a $188.00 target price on shares of Norfolk Southern in a research report on Wednesday, July 25th. Scotiabank set a $175.00 target price on Norfolk Southern and gave the company a “buy” rating in a research report on Wednesday, July 25th. Loop Capital raised Norfolk Southern from a “sell” rating to a “hold” rating and set a $135.00 target price for the company in a research report on Thursday, July 26th. Finally, Stifel Nicolaus upped their target price on Norfolk Southern from $159.00 to $176.00 and gave the company a “hold” rating in a research report on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $174.40.

Norfolk Southern Profile

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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