Franklin Resources Inc. decreased its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 7.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 261,775 shares of the railroad operator’s stock after selling 20,064 shares during the quarter. Franklin Resources Inc. owned about 0.10% of Norfolk Southern worth $47,251,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of the stock. AMP Capital Investors Ltd lifted its holdings in Norfolk Southern by 21.7% in the 3rd quarter. AMP Capital Investors Ltd now owns 244,373 shares of the railroad operator’s stock worth $44,556,000 after buying an additional 43,560 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Norfolk Southern by 35.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 82,325 shares of the railroad operator’s stock worth $14,860,000 after buying an additional 21,425 shares in the last quarter. Aviva PLC lifted its holdings in Norfolk Southern by 41.7% in the 3rd quarter. Aviva PLC now owns 201,709 shares of the railroad operator’s stock worth $36,408,000 after buying an additional 59,349 shares in the last quarter. Northeast Investment Management acquired a new position in Norfolk Southern in the 3rd quarter worth $241,000. Finally, Quantbot Technologies LP lifted its holdings in Norfolk Southern by 76.7% in the 3rd quarter. Quantbot Technologies LP now owns 23,378 shares of the railroad operator’s stock worth $4,219,000 after buying an additional 10,151 shares in the last quarter. Institutional investors and hedge funds own 72.97% of the company’s stock.
A number of equities analysts have commented on NSC shares. Deutsche Bank upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price objective on the stock in a report on Tuesday, August 14th. Loop Capital boosted their price objective on shares of Norfolk Southern to $179.00 and gave the stock a “hold” rating in a report on Thursday, August 16th. Barclays reiterated a “hold” rating and issued a $190.00 price objective on shares of Norfolk Southern in a report on Wednesday, September 26th. Zacks Investment Research lowered shares of Norfolk Southern from a “buy” rating to a “hold” rating in a report on Wednesday, September 26th. Finally, Edward Jones lowered shares of Norfolk Southern from a “buy” rating to a “hold” rating in a report on Friday, September 28th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $176.11.
In other news, COO Michael Joseph Wheeler sold 801 shares of the business’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total value of $138,212.55. Following the completion of the sale, the chief operating officer now owns 9,406 shares of the company’s stock, valued at approximately $1,623,005.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is currently owned by insiders.
NSC opened at $156.99 on Friday. The stock has a market capitalization of $44.17 billion, a PE ratio of 18.77, a P/E/G ratio of 1.46 and a beta of 1.33. Norfolk Southern Corp. has a 1-year low of $127.79 and a 1-year high of $186.91. The company has a quick ratio of 0.75, a current ratio of 0.86 and a debt-to-equity ratio of 0.69.
Norfolk Southern (NYSE:NSC) last released its earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.44 by $0.08. The company had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The company’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.75 EPS. On average, equities analysts expect that Norfolk Southern Corp. will post 9.26 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 2nd will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, November 1st. Norfolk Southern’s payout ratio is currently 48.41%.
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Norfolk Southern Profile
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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