PGGM Investments reduced its stake in Norfolk Southern Corp. (NYSE:NSC) by 35.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 209,856 shares of the railroad operator’s stock after selling 116,473 shares during the period. PGGM Investments’ holdings in Norfolk Southern Corp. were worth $17,865,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in NSC. Independent Portfolio Consultants Inc. boosted its stake in Norfolk Southern Corp. by 165.5% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,460 shares of the railroad operator’s stock worth $124,000 after buying an additional 910 shares during the last quarter. Oakworth Capital Inc. boosted its position in Norfolk Southern Corp. by 46.5% in the second quarter. Oakworth Capital Inc. now owns 1,748 shares of the railroad operator’s stock worth $147,000 after buying an additional 555 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new position in Norfolk Southern Corp. during the first quarter worth about $158,000. Trust Department MB Financial Bank N A boosted its position in Norfolk Southern Corp. by 1,169.2% in the second quarter. Trust Department MB Financial Bank N A now owns 1,815 shares of the railroad operator’s stock worth $159,000 after buying an additional 1,672 shares in the last quarter. Finally, Kistler Tiffany Companies LLC boosted its position in Norfolk Southern Corp. by 8.8% in the second quarter. Kistler Tiffany Companies LLC now owns 1,978 shares of the railroad operator’s stock worth $168,000 after buying an additional 160 shares in the last quarter. 67.90% of the stock is owned by hedge funds and other institutional investors.
Shares of Norfolk Southern Corp. (NYSE:NSC) traded down 0.40% during trading on Thursday, reaching $95.15. 1,796,721 shares of the company’s stock were exchanged. Norfolk Southern Corp. has a 52 week low of $64.51 and a 52 week high of $98.75. The stock has a 50 day moving average price of $92.36 and a 200-day moving average price of $87.43. The stock has a market capitalization of $27.93 billion, a price-to-earnings ratio of 17.82 and a beta of 1.28.
Norfolk Southern Corp. (NYSE:NSC) last issued its quarterly earnings data on Wednesday, July 27th. The railroad operator reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.01. The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.51 billion. Norfolk Southern Corp. had a net margin of 15.88% and a return on equity of 13.34%. The firm’s revenue was down 9.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.41 EPS. Analysts predict that Norfolk Southern Corp. will post $5.45 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Monday, August 8th were paid a $0.59 dividend. The ex-dividend date was Thursday, August 4th. This represents a $2.36 dividend on an annualized basis and a yield of 2.48%. Norfolk Southern Corp.’s payout ratio is 44.19%.
A number of research analysts have issued reports on NSC shares. Citigroup Inc. raised their price target on shares of Norfolk Southern Corp. from $87.00 to $97.00 and gave the stock a “neutral” rating in a report on Tuesday, September 13th. Credit Suisse Group AG decreased their price target on shares of Norfolk Southern Corp. from $99.00 to $97.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. Loop Capital reaffirmed a “hold” rating on shares of Norfolk Southern Corp. in a report on Friday, September 9th. Barclays PLC decreased their price target on shares of Norfolk Southern Corp. from $104.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, September 12th. Finally, Argus reaffirmed a “buy” rating on shares of Norfolk Southern Corp. in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $89.49.
In related news, VP Thomas E. Hurlbut sold 528 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $88.35, for a total value of $46,648.80. Following the sale, the vice president now directly owns 11,580 shares of the company’s stock, valued at approximately $1,023,093. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP James A. Hixon sold 10,000 shares of the stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $94.15, for a total transaction of $941,500.00. Following the completion of the sale, the vice president now directly owns 129,074 shares in the company, valued at $12,152,317.10. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by corporate insiders.
About Norfolk Southern Corp.
Norfolk Southern Corporation is a holding company engaged in the rail transportation business. The Company operates approximately 20,000 miles of road primarily in the East and Midwest. The Company is engaged in the rail transportation of raw materials, intermediate products and finished goods primarily in the Southeast, East and Midwest.
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