First Quadrant L P CA cut its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 17.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,719 shares of the railroad operator’s stock after selling 11,500 shares during the period. Norfolk Southern accounts for 0.7% of First Quadrant L P CA’s holdings, making the stock its 20th largest position. First Quadrant L P CA’s holdings in Norfolk Southern were worth $10,508,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Joseph P. Lucia & Associates LLC acquired a new stake in Norfolk Southern during the first quarter worth approximately $25,000. Weaver Consulting Group bought a new position in shares of Norfolk Southern during the first quarter worth approximately $30,000. Advisory Alpha LLC bought a new position in shares of Norfolk Southern during the first quarter worth approximately $42,000. Quadrant Capital Group LLC increased its holdings in shares of Norfolk Southern by 81.2% during the first quarter. Quadrant Capital Group LLC now owns 424 shares of the railroad operator’s stock worth $69,000 after purchasing an additional 190 shares during the period. Finally, Contravisory Investment Management Inc. increased its holdings in shares of Norfolk Southern by 18.4% during the second quarter. Contravisory Investment Management Inc. now owns 360 shares of the railroad operator’s stock worth $72,000 after purchasing an additional 56 shares during the period. Hedge funds and other institutional investors own 72.59% of the company’s stock.
Several research analysts have recently commented on the stock. TD Securities lowered their target price on shares of Norfolk Southern from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. Argus raised their target price on shares of Norfolk Southern from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. BMO Capital Markets raised their target price on shares of Norfolk Southern from $185.00 to $210.00 and gave the stock a “market perform” rating in a report on Thursday, April 25th. Morgan Stanley set a $130.00 target price on shares of Norfolk Southern and gave the stock a “sell” rating in a report on Monday, July 8th. Finally, Goldman Sachs Group assumed coverage on shares of Norfolk Southern in a report on Wednesday, July 10th. They set a “buy” rating and a $237.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company. Norfolk Southern presently has an average rating of “Hold” and a consensus price target of $205.83.
NYSE:NSC traded down $3.00 during mid-day trading on Friday, reaching $182.02. The stock had a trading volume of 2,554,614 shares, compared to its average volume of 2,036,377. The business has a 50-day simple moving average of $196.18. The stock has a market capitalization of $48.99 billion, a PE ratio of 19.14, a PEG ratio of 1.51 and a beta of 1.32. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.72. Norfolk Southern Corp. has a 12 month low of $138.65 and a 12 month high of $211.46.
Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Wednesday, July 24th. The railroad operator reported $2.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.77 by ($0.07). The firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.95 billion. Norfolk Southern had a net margin of 24.15% and a return on equity of 18.24%. The business’s revenue was up .9% compared to the same quarter last year. During the same period last year, the business earned $2.50 earnings per share. Sell-side analysts expect that Norfolk Southern Corp. will post 10.67 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 5th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.07%. This is a boost from Norfolk Southern’s previous quarterly dividend of $0.86. The ex-dividend date is Friday, August 2nd. Norfolk Southern’s dividend payout ratio (DPR) is 36.17%.
In related news, Chairman James A. Squires sold 3,024 shares of Norfolk Southern stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $204.71, for a total value of $619,043.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jennifer F. Scanlon acquired 525 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was purchased at an average cost of $191.52 per share, for a total transaction of $100,548.00. Following the completion of the purchase, the director now directly owns 525 shares of the company’s stock, valued at $100,548. The disclosure for this purchase can be found here. Company insiders own 0.19% of the company’s stock.
Norfolk Southern Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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