Meridian Investment Counsel Inc. lowered its stake in Norfolk Southern Corp. (NYSE:NSC) by 1.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 23,140 shares of the railroad operator’s stock after selling 325 shares during the period. Norfolk Southern accounts for approximately 2.3% of Meridian Investment Counsel Inc.’s holdings, making the stock its 4th biggest holding. Meridian Investment Counsel Inc.’s holdings in Norfolk Southern were worth $4,177,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. United Bank grew its position in shares of Norfolk Southern by 3.1% during the 2nd quarter. United Bank now owns 9,940 shares of the railroad operator’s stock valued at $1,500,000 after buying an additional 295 shares during the last quarter. Tower Bridge Advisors grew its position in shares of Norfolk Southern by 2.8% during the 2nd quarter. Tower Bridge Advisors now owns 10,996 shares of the railroad operator’s stock valued at $1,659,000 after buying an additional 300 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its position in shares of Norfolk Southern by 4.3% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 7,300 shares of the railroad operator’s stock valued at $1,102,000 after buying an additional 301 shares during the last quarter. Advisor Partners LLC grew its position in shares of Norfolk Southern by 5.3% during the 2nd quarter. Advisor Partners LLC now owns 6,266 shares of the railroad operator’s stock valued at $945,000 after buying an additional 317 shares during the last quarter. Finally, Cadinha & Co. LLC grew its position in shares of Norfolk Southern by 19.0% during the 2nd quarter. Cadinha & Co. LLC now owns 2,000 shares of the railroad operator’s stock valued at $302,000 after buying an additional 320 shares during the last quarter. 74.38% of the stock is owned by institutional investors.
A number of brokerages recently weighed in on NSC. Scotiabank set a $175.00 price objective on shares of Norfolk Southern and gave the company a “buy” rating in a research report on Wednesday, July 25th. Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a research report on Monday, October 8th. Loop Capital boosted their price objective on shares of Norfolk Southern to $179.00 and gave the company a “hold” rating in a research report on Thursday, August 16th. Cowen reaffirmed a “buy” rating and set a $188.00 price objective on shares of Norfolk Southern in a research report on Wednesday, July 25th. Finally, Credit Suisse Group boosted their price objective on shares of Norfolk Southern from $176.00 to $182.00 and gave the company an “outperform” rating in a research report on Thursday, July 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. Norfolk Southern has a consensus rating of “Hold” and a consensus price target of $174.40.
In other news, VP Cynthia C. Earhart sold 2,370 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $175.09, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman James A. Squires sold 34,077 shares of the company’s stock in a transaction that occurred 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 completion of 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. Corporate insiders own 0.23% of the company’s stock.
Norfolk Southern stock opened at $167.05 on Wednesday. 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 stock has a market cap of $45.91 billion, a price-to-earnings ratio of 25.27, a PEG ratio of 1.52 and a beta of 1.32. Norfolk Southern Corp. has a 52-week low of $125.59 and a 52-week high of $186.91.
Norfolk Southern (NYSE:NSC) last posted its earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.08. The firm had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. Norfolk Southern’s revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.75 EPS. Equities analysts forecast that Norfolk Southern Corp. will post 9.24 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 2nd will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Thursday, November 1st. Norfolk Southern’s dividend payout ratio is currently 48.41%.
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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. 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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