Robertson Stephens Wealth Management LLC purchased a new position in shares of Norfolk Southern Co. (NYSE:NSC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,050 shares of the railroad operator’s stock, valued at approximately $224,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its holdings in Norfolk Southern by 7.2% during the second quarter. BlackRock Inc. now owns 17,512,124 shares of the railroad operator’s stock worth $3,074,606,000 after purchasing an additional 1,170,223 shares in the last quarter. FMR LLC increased its position in Norfolk Southern by 22.2% during the 2nd quarter. FMR LLC now owns 3,180,533 shares of the railroad operator’s stock worth $558,406,000 after purchasing an additional 577,841 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Norfolk Southern by 19.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,465,200 shares of the railroad operator’s stock worth $432,815,000 after buying an additional 403,202 shares in the last quarter. London Co. of Virginia lifted its holdings in shares of Norfolk Southern by 0.3% in the 2nd quarter. London Co. of Virginia now owns 1,759,703 shares of the railroad operator’s stock valued at $308,951,000 after buying an additional 5,950 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Norfolk Southern by 2.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,249,293 shares of the railroad operator’s stock valued at $219,340,000 after buying an additional 35,134 shares in the last quarter. 66.94% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on NSC. Deutsche Bank Aktiengesellschaft raised their target price on Norfolk Southern from $176.00 to $190.00 and gave the company a “hold” rating in a report on Thursday, July 30th. Benchmark raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $250.00 price objective on the stock in a report on Friday, September 25th. Argus increased their target price on shares of Norfolk Southern from $210.00 to $225.00 in a report on Thursday, October 29th. Cowen lifted their price target on shares of Norfolk Southern from $208.00 to $221.00 and gave the company an “outperform” rating in a research report on Thursday, October 8th. Finally, BMO Capital Markets raised their target price on shares of Norfolk Southern from $220.00 to $230.00 and gave the company a “market perform” rating in a report on Thursday, October 29th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $213.00.
In other news, EVP Ann A. Adams sold 1,370 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $213.86, for a total value of $292,988.20. Following the completion of the sale, the executive vice president now owns 8,011 shares of the company’s stock, valued at $1,713,232.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is owned by insiders.
Shares of NYSE:NSC opened at $240.80 on Friday. The business has a 50-day moving average of $220.36 and a two-hundred day moving average of $198.26. The firm has a market capitalization of $66.05 billion, a PE ratio of 30.99, a P/E/G ratio of 3.22 and a beta of 1.42. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.29 and a quick ratio of 1.16. Norfolk Southern Co. has a 12 month low of $112.62 and a 12 month high of $247.98.
Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, October 28th. The railroad operator reported $2.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.36 by $0.15. Norfolk Southern had a return on equity of 15.83% and a net margin of 20.27%. As a group, research analysts anticipate that Norfolk Southern Co. will post 9.09 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 6th will be paid a dividend of $0.94 per share. The ex-dividend date is Thursday, November 5th. This represents a $3.76 annualized dividend and a yield of 1.56%. Norfolk Southern’s dividend payout ratio is currently 36.36%.
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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