Afam Capital Inc. decreased its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 1.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,353 shares of the railroad operator’s stock after selling 991 shares during the period. Norfolk Southern comprises approximately 1.6% of Afam Capital Inc.’s investment portfolio, making the stock its 8th largest holding. Afam Capital Inc.’s holdings in Norfolk Southern were worth $11,796,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Verition Fund Management LLC lifted its position in shares of Norfolk Southern by 362.9% during the 2nd quarter. Verition Fund Management LLC now owns 21,405 shares of the railroad operator’s stock valued at $3,229,000 after buying an additional 16,781 shares in the last quarter. Independent Advisor Alliance lifted its position in shares of Norfolk Southern by 8.6% during the 2nd quarter. Independent Advisor Alliance now owns 5,404 shares of the railroad operator’s stock valued at $768,000 after buying an additional 427 shares in the last quarter. Virtu Financial LLC raised its stake in Norfolk Southern by 57.6% in the 3rd quarter. Virtu Financial LLC now owns 10,153 shares of the railroad operator’s stock valued at $1,832,000 after purchasing an additional 3,712 shares during the last quarter. Trexquant Investment LP acquired a new position in Norfolk Southern in the 2nd quarter valued at $7,436,000. Finally, Provident Investment Management Inc. raised its stake in Norfolk Southern by 100.0% in the 2nd quarter. Provident Investment Management Inc. now owns 7,434 shares of the railroad operator’s stock valued at $1,122,000 after purchasing an additional 3,717 shares during the last quarter. Hedge funds and other institutional investors own 72.97% of the company’s stock.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 801 shares of the firm’s stock in a transaction on Wednesday, November 7th. The stock was 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 directly owns 9,406 shares of the company’s stock, valued at approximately $1,623,005.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.36% of the stock is owned by company insiders.
Several research analysts recently commented on the company. Zacks Investment Research raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a research note on Monday, October 8th. Loop Capital increased their price objective on Norfolk Southern to $179.00 and gave the company a “hold” rating in a research note on Thursday, August 16th. Stifel Nicolaus raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $189.00 price objective for the company in a research note on Wednesday, October 24th. Morgan Stanley increased their price objective on Norfolk Southern from $112.00 to $116.00 and gave the company a “sell” rating in a research note on Tuesday, October 9th. Finally, Robert W. Baird reduced their price objective on Norfolk Southern from $186.00 to $181.00 and set a “neutral” rating for the company in a research note on Thursday, October 25th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $176.11.
Shares of NSC opened at $156.99 on Monday. Norfolk Southern Corp. has a 52-week low of $127.79 and a 52-week high of $186.91. The firm has a market capitalization of $42.76 billion, a price-to-earnings ratio of 23.75, a P/E/G ratio of 1.41 and a beta of 1.33. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.86 and a quick ratio of 0.75.
Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.44 by $0.08. Norfolk Southern had a return on equity of 15.12% and a net margin of 52.82%. The business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same period last year, the company earned $1.75 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, sell-side analysts forecast that Norfolk Southern Corp. will post 9.26 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 2nd will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Thursday, November 1st. Norfolk Southern’s dividend payout ratio (DPR) is presently 48.41%.
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Norfolk Southern Company 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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