Seaward Management Limited Partnership continued to hold its stake in Norfolk Southern Corp. (NYSE:NSC) during the second quarter, Holdings Channel reports. The institutional investor owned 6,426 shares of the railroad operator’s stock at the end of the second quarter. Seaward Management Limited Partnership’s holdings in Norfolk Southern Corp. were worth $547,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in NSC. Skylands Capital LLC increased its stake in Norfolk Southern Corp. by 10.2% in the second quarter. Skylands Capital LLC now owns 176,200 shares of the railroad operator’s stock worth $15,000,000 after buying an additional 16,350 shares during the last quarter. Legal & General Group Plc increased its stake in Norfolk Southern Corp. by 2.1% in the first quarter. Legal & General Group Plc now owns 1,307,343 shares of the railroad operator’s stock worth $108,838,000 after buying an additional 26,895 shares during the last quarter. AXA increased its stake in Norfolk Southern Corp. by 0.7% in the first quarter. AXA now owns 68,952 shares of the railroad operator’s stock worth $5,740,000 after buying an additional 500 shares during the last quarter. BlackRock Japan Co. Ltd increased its stake in Norfolk Southern Corp. by 0.3% in the first quarter. BlackRock Japan Co. Ltd now owns 372,606 shares of the railroad operator’s stock worth $31,019,000 after buying an additional 1,215 shares during the last quarter. Finally, Carroll Financial Associates Inc. increased its stake in Norfolk Southern Corp. by 16.6% in the second quarter. Carroll Financial Associates Inc. now owns 2,355 shares of the railroad operator’s stock worth $200,000 after buying an additional 335 shares during the last quarter. Institutional investors own 67.90% of the company’s stock.
Shares of Norfolk Southern Corp. (NYSE:NSC) traded up 0.86% during trading on Thursday, reaching $93.91. 1,280,653 shares of the company traded hands. The stock has a market capitalization of $27.57 billion, a PE ratio of 17.59 and a beta of 1.28. The company has a 50-day moving average of $91.55 and a 200-day moving average of $86.82. Norfolk Southern Corp. has a 12 month low of $64.51 and a 12 month high of $98.75.
Norfolk Southern Corp. (NYSE:NSC) last posted its quarterly earnings results on Wednesday, July 27th. The railroad operator reported $1.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.51 billion. Norfolk Southern Corp. had a net margin of 15.88% and a return on equity of 13.34%. The company’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.41 earnings per share. Analysts forecast that Norfolk Southern Corp. will post $5.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Stockholders of record on Monday, August 8th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, August 4th. Norfolk Southern Corp.’s payout ratio is presently 44.19%.
A number of equities research analysts have issued reports on NSC shares. Citigroup Inc. increased their target price on shares of Norfolk Southern Corp. from $87.00 to $97.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 13th. Loop Capital restated a “hold” rating on shares of Norfolk Southern Corp. in a report on Friday, September 9th. Argus restated a “buy” rating on shares of Norfolk Southern Corp. in a report on Wednesday, August 3rd. Oppenheimer Holdings Inc. initiated coverage on shares of Norfolk Southern Corp. in a report on Wednesday, June 15th. They set a “market perform” rating on the stock. Finally, Deutsche Bank AG cut their price target on shares of Norfolk Southern Corp. from $90.00 to $89.00 and set a “hold” rating on the stock in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $89.40.
In other 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 transaction, the vice president now directly owns 11,580 shares of the company’s stock, valued at $1,023,093. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Marta R. Stewart sold 3,064 shares of the stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $91.56, for a total transaction of $280,539.84. Following the completion of the transaction, the executive vice president now directly owns 10,766 shares in the company, valued at $985,734.96. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.
Norfolk Southern Corp. Company Profile
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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