Envestnet Asset Management Inc. Lowers Holdings in Norfolk Southern Corporation $NSC

Envestnet Asset Management Inc. decreased its holdings in Norfolk Southern Corporation (NYSE:NSC) by 2.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 446,127 shares of the railroad operator’s stock after selling 10,425 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Norfolk Southern were worth $114,195,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NSC. Price T Rowe Associates Inc. MD grew its holdings in Norfolk Southern by 31.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,319,010 shares of the railroad operator’s stock valued at $2,680,910,000 after buying an additional 2,710,930 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in Norfolk Southern in the 2nd quarter valued at about $321,393,000. Adage Capital Partners GP L.L.C. boosted its holdings in Norfolk Southern by 341.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 789,950 shares of the railroad operator’s stock worth $187,100,000 after acquiring an additional 611,198 shares during the period. Nuveen LLC purchased a new position in Norfolk Southern in the 1st quarter worth approximately $122,256,000. Finally, Phoenix Financial Ltd. purchased a new position in Norfolk Southern in the 1st quarter worth approximately $110,209,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Insiders Place Their Bets

In related news, Director Richard H. Anderson bought 2,600 shares of the company’s stock in a transaction on Monday, October 27th. The shares were purchased at an average cost of $281.86 per share, with a total value of $732,836.00. Following the completion of the transaction, the director directly owned 7,000 shares of the company’s stock, valued at approximately $1,973,020. This represents a 59.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is owned by corporate insiders.

Norfolk Southern Stock Performance

NSC stock opened at $280.83 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.78 and a debt-to-equity ratio of 1.09. The firm has a market cap of $63.02 billion, a P/E ratio of 21.42, a P/E/G ratio of 2.55 and a beta of 1.33. Norfolk Southern Corporation has a 12-month low of $201.63 and a 12-month high of $302.24. The stock’s 50 day simple moving average is $285.72 and its 200 day simple moving average is $263.74.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.31 by ($0.01). The firm had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.11 billion. Norfolk Southern had a net margin of 24.22% and a return on equity of 18.93%. The business’s revenue was up .0% on a year-over-year basis. During the same period in the prior year, the company posted $3.25 earnings per share. As a group, equities research analysts predict that Norfolk Southern Corporation will post 13 EPS for the current year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Friday, November 7th will be given a $1.35 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $5.40 annualized dividend and a yield of 1.9%. Norfolk Southern’s dividend payout ratio (DPR) is currently 41.19%.

Analyst Upgrades and Downgrades

NSC has been the subject of a number of analyst reports. Robert W. Baird upped their price target on Norfolk Southern from $255.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. BMO Capital Markets upped their price target on Norfolk Southern from $285.00 to $305.00 and gave the stock a “market perform” rating in a report on Friday, October 24th. Deutsche Bank Aktiengesellschaft upped their price target on Norfolk Southern from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Royal Bank Of Canada decreased their price target on shares of Norfolk Southern from $320.00 to $315.00 and set a “sector perform” rating for the company in a research report on Friday, October 24th. Finally, Citigroup dropped their price target on shares of Norfolk Southern from $316.00 to $307.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $299.70.

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 agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.