State of New Jersey Common Pension Fund D cut its position in Norfolk Southern Corp. (NYSE:NSC) by 52.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,000 shares of the railroad operator’s stock after selling 13,000 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Norfolk Southern were worth $2,166,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Kaizen Advisory LLC increased its position in Norfolk Southern by 138.0% in the 2nd quarter. Kaizen Advisory LLC now owns 664 shares of the railroad operator’s stock valued at $100,000 after acquiring an additional 385 shares in the last quarter. Marshall & Sullivan Inc. WA acquired a new stake in shares of Norfolk Southern during the 2nd quarter worth approximately $102,000. Sun Life Financial INC grew its position in shares of Norfolk Southern by 336.4% during the 2nd quarter. Sun Life Financial INC now owns 768 shares of the railroad operator’s stock worth $116,000 after buying an additional 592 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Norfolk Southern during the 2nd quarter worth approximately $117,000. Finally, Bridgeworth LLC acquired a new stake in shares of Norfolk Southern during the 2nd quarter worth approximately $169,000. Institutional investors and hedge funds own 74.38% of the company’s stock.
A number of research analysts recently issued reports on the stock. ValuEngine cut shares of Norfolk Southern from a “buy” rating to a “hold” rating in a report on Tuesday. Stifel Nicolaus lifted their price target on shares of Norfolk Southern from $159.00 to $176.00 and gave the company a “hold” rating in a research note on Thursday, July 26th. Credit Suisse Group cut their price target on shares of Norfolk Southern from $188.00 to $187.00 and set an “outperform” rating on the stock in a research note on Thursday, October 25th. Scotiabank set a $175.00 price target on shares of Norfolk Southern and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, Cowen reissued a “buy” rating and issued a $188.00 price objective on shares of Norfolk Southern in a research report on Wednesday, July 25th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $174.40.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 801 shares of the stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total transaction of $138,212.55. Following the completion of the sale, the chief operating officer now owns 9,406 shares of the company’s stock, valued at approximately $1,623,005.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman James A. Squires sold 34,077 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $171.73, for a total transaction of $5,852,043.21. Following the sale, the chairman now directly owns 63,958 shares of the company’s stock, valued at approximately $10,983,507.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,248 shares of company stock valued at $6,405,219. 0.36% of the stock is owned by company insiders.
NSC opened at $172.35 on Friday. Norfolk Southern Corp. has a twelve month low of $125.59 and a twelve month high of $186.91. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.86 and a quick ratio of 0.75. The stock has a market cap of $45.50 billion, a P/E ratio of 26.07, a PEG ratio of 1.51 and a beta of 1.32.
Norfolk Southern (NYSE:NSC) last posted its earnings results on Wednesday, October 24th. The railroad operator reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.44 by $0.08. The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The business’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.75 earnings per share. As a group, analysts anticipate that Norfolk Southern Corp. will post 9.24 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 2nd will be issued a $0.80 dividend. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $3.20 dividend on an annualized basis and a yield of 1.86%. Norfolk Southern’s dividend payout ratio (DPR) is presently 48.41%.
About Norfolk Southern
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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