Eagle Ridge Investment Management lowered its stake in Norfolk Southern Corp. (NYSE:NSC) by 0.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 74,603 shares of the railroad operator’s stock after selling 658 shares during the quarter. Norfolk Southern makes up approximately 2.2% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 13th largest position. Eagle Ridge Investment Management’s holdings in Norfolk Southern were worth $14,871,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. Weaver Consulting Group bought a new position in Norfolk Southern during the first quarter worth about $30,000. AGF Investments LLC grew its holdings in Norfolk Southern by 173.5% during the second quarter. AGF Investments LLC now owns 186 shares of the railroad operator’s stock worth $37,000 after purchasing an additional 118 shares during the period. Coastal Capital Group Inc. bought a new position in Norfolk Southern during the second quarter worth about $40,000. Advisory Alpha LLC bought a new position in Norfolk Southern during the first quarter worth about $42,000. Finally, TRUE Private Wealth Advisors bought a new position in Norfolk Southern during the second quarter worth about $57,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:NSC traded down $1.16 during trading on Thursday, reaching $169.93. 58,156 shares of the stock were exchanged, compared to its average volume of 2,340,664. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.68 and a current ratio of 0.78. Norfolk Southern Corp. has a 12 month low of $138.65 and a 12 month high of $211.46. The company’s 50-day moving average is $192.28. The company has a market cap of $44.91 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 1.41 and a beta of 1.31.
Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, July 24th. The railroad operator reported $2.70 earnings per share for the quarter, missing analysts’ consensus estimates of $2.77 by ($0.07). Norfolk Southern had a net margin of 24.15% and a return on equity of 18.24%. The business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the previous year, the firm posted $2.50 earnings per share. The firm’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts anticipate that Norfolk Southern Corp. will post 10.67 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 5th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.21%. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.86. The ex-dividend date is Friday, August 2nd. Norfolk Southern’s payout ratio is presently 39.54%.
In other Norfolk Southern news, Director Jennifer F. Scanlon purchased 525 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was bought at an average cost of $191.52 per share, for a total transaction of $100,548.00. Following the completion of the transaction, the director now owns 525 shares in the company, valued at $100,548. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $619,043.04. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.
A number of equities analysts recently commented on the company. Cascend Securities cut Norfolk Southern from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Loop Capital boosted their price objective on Norfolk Southern to $237.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Cowen restated an “outperform” rating and set a $230.00 price objective (up previously from $200.00) on shares of Norfolk Southern in a report on Wednesday, April 24th. ValuEngine cut Norfolk Southern from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $226.00 price objective for the company in a report on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $205.83.
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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