Redpoint Investment Management Pty Ltd trimmed its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 4.4% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 33,579 shares of the railroad operator’s stock after selling 1,530 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Norfolk Southern were worth $6,061,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. First Mercantile Trust Co. raised its holdings in shares of Norfolk Southern by 525.6% during the 3rd quarter. First Mercantile Trust Co. now owns 3,810 shares of the railroad operator’s stock worth $688,000 after buying an additional 3,201 shares in the last quarter. Twin Capital Management Inc. raised its holdings in shares of Norfolk Southern by 3.4% during the 3rd quarter. Twin Capital Management Inc. now owns 42,831 shares of the railroad operator’s stock worth $7,731,000 after buying an additional 1,406 shares in the last quarter. ClariVest Asset Management LLC acquired a new position in shares of Norfolk Southern during the 3rd quarter worth $36,210,000. Highstreet Asset Management Inc. raised its holdings in shares of Norfolk Southern by 36.4% during the 3rd quarter. Highstreet Asset Management Inc. now owns 15,445 shares of the railroad operator’s stock worth $2,788,000 after buying an additional 4,120 shares in the last quarter. Finally, Dakota Wealth Management acquired a new position in shares of Norfolk Southern during the 3rd quarter worth $500,000. Hedge funds and other institutional investors own 74.34% of the company’s stock.
A number of equities analysts have recently commented on NSC shares. TD Securities raised Norfolk Southern from a “hold” rating to a “buy” rating in a report on Thursday, October 25th. They noted that the move was a valuation call. Bank of America boosted their price target on Norfolk Southern from $183.00 to $187.00 and gave the stock a “buy” rating in a report on Monday, October 1st. Morgan Stanley set a $113.00 price target on Norfolk Southern and gave the stock a “sell” rating in a report on Monday, October 22nd. Barclays reissued a “hold” rating and set a $190.00 price target on shares of Norfolk Southern in a report on Wednesday, September 26th. Finally, ValuEngine cut Norfolk Southern from a “buy” rating to a “hold” rating in a report on Tuesday, November 6th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $176.95.
Shares of NSC opened at $168.32 on Wednesday. Norfolk Southern Corp. has a 12-month low of $125.89 and a 12-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 stock has a market capitalization of $45.48 billion, a price-to-earnings ratio of 25.46, a PEG ratio of 1.51 and a beta of 1.32.
Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share (EPS) 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 business had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.90 billion. During the same quarter in the prior year, the firm earned $1.75 EPS. The business’s revenue for the quarter was up 10.4% compared to the same quarter last year. As a group, research analysts forecast that Norfolk Southern Corp. will post 9.24 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 2nd will be issued a $0.80 dividend. The ex-dividend date is Thursday, November 1st. This represents a $3.20 dividend on an annualized basis and a yield of 1.90%. Norfolk Southern’s payout ratio is presently 48.41%.
In other news, VP Cynthia C. Earhart sold 2,370 shares of the stock in a transaction dated Wednesday, August 29th. The stock was 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 owns 2,370 shares of the company’s stock, valued at $414,963.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Michael Joseph Wheeler sold 801 shares of the stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total value of $138,212.55. Following the completion of the sale, the chief operating officer now directly owns 9,406 shares of the company’s stock, valued at approximately $1,623,005.30. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.
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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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