Bank of New York Mellon Corp Cuts Position in Norfolk Southern Corporation $NSC

Bank of New York Mellon Corp decreased its position in Norfolk Southern Corporation (NYSE:NSC) by 4.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,715,613 shares of the railroad operator’s stock after selling 88,294 shares during the quarter. Bank of New York Mellon Corp’s holdings in Norfolk Southern were worth $439,145,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WPG Advisers LLC purchased a new stake in Norfolk Southern in the first quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. purchased a new position in Norfolk Southern in the first quarter valued at $41,000. Golden State Wealth Management LLC increased its holdings in Norfolk Southern by 883.3% in the first quarter. Golden State Wealth Management LLC now owns 177 shares of the railroad operator’s stock valued at $42,000 after buying an additional 159 shares during the last quarter. Pinnacle Bancorp Inc. boosted its stake in Norfolk Southern by 30.5% in the second quarter. Pinnacle Bancorp Inc. now owns 184 shares of the railroad operator’s stock valued at $47,000 after acquiring an additional 43 shares in the last quarter. Finally, Chung Wu Investment Group LLC acquired a new position in Norfolk Southern in the second quarter valued at $51,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Insider Buying and Selling

In other news, Director Richard H. Anderson acquired 2,600 shares of the business’s stock in a transaction on Monday, October 27th. The shares were purchased at an average price of $281.86 per share, for a total transaction of $732,836.00. Following the acquisition, the director directly owned 7,000 shares of the company’s stock, valued at $1,973,020. This represents a 59.09% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is owned by corporate insiders.

Norfolk Southern Stock Down 0.3%

Shares of Norfolk Southern stock opened at $282.46 on Tuesday. The company has a fifty day moving average price of $285.65 and a 200 day moving average price of $265.86. The company has a current ratio of 0.86, a quick ratio of 0.78 and a debt-to-equity ratio of 1.09. Norfolk Southern Corporation has a twelve month low of $201.63 and a twelve month high of $302.24. The stock has a market cap of $63.38 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 2.52 and a beta of 1.33.

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

Norfolk Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Friday, November 7th will be issued a $1.35 dividend. The ex-dividend date is Friday, November 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.9%. Norfolk Southern’s payout ratio is currently 41.19%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on NSC shares. TD Cowen decreased their target price on shares of Norfolk Southern from $320.00 to $314.00 and set a “buy” rating for the company in a research note on Friday, October 24th. UBS Group dropped their price objective on shares of Norfolk Southern from $321.00 to $320.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Jefferies Financial Group restated a “hold” rating and set a $300.00 target price on shares of Norfolk Southern in a research report on Friday, July 25th. Benchmark restated a “hold” rating on shares of Norfolk Southern in a research report on Monday, October 27th. Finally, Royal Bank Of Canada decreased their target price on shares of Norfolk Southern from $320.00 to $315.00 and set a “sector perform” rating on the stock in a research report on Friday, October 24th. Seven investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat.com, Norfolk Southern currently has an average rating of “Hold” and an average target price of $299.70.

Norfolk Southern Profile

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.