TD Asset Management Inc. lowered its position in Norfolk Southern Co. (NYSE:NSC) by 20.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 347,791 shares of the railroad operator’s stock after selling 91,154 shares during the quarter. TD Asset Management Inc.’s holdings in Norfolk Southern were worth $74,424,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. HWG Holdings LP purchased a new stake in shares of Norfolk Southern in the second quarter valued at about $26,000. CX Institutional grew its holdings in shares of Norfolk Southern by 128.4% in the second quarter. CX Institutional now owns 185 shares of the railroad operator’s stock valued at $32,000 after purchasing an additional 104 shares during the period. Rockbridge Investment Management LCC acquired a new position in Norfolk Southern in the second quarter valued at about $36,000. Hoover Financial Advisors Inc. acquired a new position in Norfolk Southern in the second quarter valued at about $39,000. Finally, Harvest Fund Management Co. Ltd lifted its position in Norfolk Southern by 300.0% in the third quarter. Harvest Fund Management Co. Ltd now owns 184 shares of the railroad operator’s stock valued at $39,000 after buying an additional 138 shares during the last quarter. 66.94% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have commented on the stock. Argus upped their target price on shares of Norfolk Southern from $210.00 to $225.00 in a research report on Thursday, October 29th. Benchmark raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $250.00 target price on the stock in a research report on Friday, September 25th. Wells Fargo & Company upped their target price on shares of Norfolk Southern from $201.00 to $213.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. CSFB upped their target price on shares of Norfolk Southern from $241.00 to $246.00 and gave the company an “outperform” rating in a research report on Thursday, October 8th. Finally, Credit Suisse Group increased their price target on shares of Norfolk Southern from $241.00 to $246.00 and gave the stock an “outperform” rating in a research report on Thursday, October 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Norfolk Southern has a consensus rating of “Buy” and an average target price of $213.00.
NSC stock opened at $240.80 on Friday. The company’s 50 day moving average price is $220.36 and its 200 day moving average price is $198.26. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.16 and a current ratio of 1.29. Norfolk Southern Co. has a fifty-two week low of $112.62 and a fifty-two week high of $247.98. The firm has a market capitalization of $66.05 billion, a price-to-earnings ratio of 30.99, a PEG ratio of 3.22 and a beta of 1.42.
Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Wednesday, October 28th. The railroad operator reported $2.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.36 by $0.15. Norfolk Southern had a net margin of 20.27% and a return on equity of 15.83%. Equities analysts forecast that Norfolk Southern Co. will post 9.09 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 6th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, November 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.56%. Norfolk Southern’s dividend payout ratio (DPR) is presently 36.36%.
In related news, EVP Ann A. Adams sold 1,370 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $213.86, for a total transaction of $292,988.20. Following the completion of the sale, the executive vice president now directly owns 8,011 shares of the company’s stock, valued at $1,713,232.46. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.32% of the company’s stock.
About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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