Cape Cod Five Cents Savings Bank lowered its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 3.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,342 shares of the railroad operator’s stock after selling 896 shares during the quarter. Cape Cod Five Cents Savings Bank’s holdings in Norfolk Southern were worth $4,426,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Highlander Capital Management LLC acquired a new position in shares of Norfolk Southern during the first quarter valued at about $106,000. NuWave Investment Management LLC acquired a new position in shares of Norfolk Southern during the first quarter valued at about $124,000. Corbyn Investment Management Inc. MD acquired a new position in shares of Norfolk Southern during the first quarter valued at about $130,000. Certified Advisory Corp acquired a new position in shares of Norfolk Southern during the fourth quarter valued at about $137,000. Finally, Woodard & Co. Asset Management Group Inc. ADV acquired a new position in shares of Norfolk Southern during the fourth quarter valued at about $163,000. Hedge funds and other institutional investors own 72.71% of the company’s stock.
In other news, COO Michael Joseph Wheeler sold 2,000 shares of the stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $151.33, for a total transaction of $302,660.00. Following the transaction, the chief operating officer now owns 10,207 shares in the company, valued at approximately $1,544,625.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Cynthia C. Earhart sold 6,588 shares of the stock in a transaction that occurred on Thursday, May 10th. The shares were sold at an average price of $150.93, for a total value of $994,326.84. Following the transaction, the chief financial officer now owns 6,588 shares in the company, valued at approximately $994,326.84. The disclosure for this sale can be found here. Insiders have sold a total of 14,110 shares of company stock worth $2,118,405 in the last ninety days. Corporate insiders own 0.36% of the company’s stock.
Several brokerages recently weighed in on NSC. UBS Group increased their price target on shares of Norfolk Southern from $186.00 to $192.00 and gave the stock a “buy” rating in a report on Thursday, April 26th. ValuEngine upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating in a report on Thursday, April 26th. Scotiabank set a $167.00 price target on shares of Norfolk Southern and gave the stock a “buy” rating in a report on Wednesday, April 25th. Cowen reiterated a “buy” rating and issued a $167.00 price target on shares of Norfolk Southern in a report on Wednesday, April 25th. Finally, Citigroup upgraded shares of Norfolk Southern from a “neutral” rating to a “buy” rating and set a $176.00 price target on the stock in a report on Monday, June 25th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. Norfolk Southern presently has a consensus rating of “Hold” and a consensus target price of $148.71.
Shares of Norfolk Southern traded up $1.44, reaching $154.52, during midday trading on Friday, according to MarketBeat. 1,232,960 shares of the stock were exchanged, compared to its average volume of 1,762,211. The stock has a market capitalization of $42.64 billion, a price-to-earnings ratio of 23.16, a PEG ratio of 1.46 and a beta of 1.31. Norfolk Southern Corp. has a twelve month low of $111.44 and a twelve month high of $158.58. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.04 and a quick ratio of 0.94.
Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Wednesday, April 25th. The railroad operator reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.16. The business had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.68 billion. Norfolk Southern had a net margin of 51.65% and a return on equity of 14.04%. The business’s revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the company earned $1.48 EPS. analysts anticipate that Norfolk Southern Corp. will post 8.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 11th. Stockholders of record on Friday, May 4th were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Thursday, May 3rd. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.86%. Norfolk Southern’s payout ratio is 43.57%.
About Norfolk Southern
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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