B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund reduced its stake in Norfolk Southern Corp. (NYSE:NSC) by 55.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,612 shares of the railroad operator’s stock after selling 4,539 shares during the quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s holdings in Norfolk Southern were worth $545,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kaizen Advisory LLC increased its position in shares of Norfolk Southern by 138.0% during the 2nd quarter. Kaizen Advisory LLC now owns 664 shares of the railroad operator’s stock valued at $100,000 after purchasing an additional 385 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new stake in shares of Norfolk Southern during the 2nd quarter valued at $102,000. Sun Life Financial INC increased 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 valued at $116,000 after purchasing an additional 592 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Norfolk Southern during the 2nd quarter valued at $117,000. Finally, Highlander Capital Management LLC purchased a new stake in shares of Norfolk Southern during the 1st quarter valued at $106,000. 72.46% of the stock is owned by institutional investors and hedge funds.
In other Norfolk Southern news, VP Cynthia C. Earhart sold 2,370 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $175.09, for a total value of $414,963.30. Following the completion of the transaction, the vice president now owns 2,370 shares in the company, valued at approximately $414,963.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman James A. Squires sold 34,077 shares of the firm’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $171.73, for a total value of $5,852,043.21. Following the completion of the transaction, the chairman now 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. 0.36% of the stock is currently owned by corporate insiders.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Wednesday, July 25th. The railroad operator reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.19. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.87 billion. Norfolk Southern had a return on equity of 14.53% and a net margin of 52.36%. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.71 EPS. equities analysts forecast that Norfolk Southern Corp. will post 9.13 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 10th. Stockholders of record on Monday, August 6th were paid a dividend of $0.80 per share. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $3.20 annualized dividend and a dividend yield of 1.78%. Norfolk Southern’s dividend payout ratio is presently 48.41%.
Several equities research analysts have recently issued reports on the company. Scotiabank set a $175.00 target price on Norfolk Southern and gave the company a “buy” rating in a research report on Wednesday, July 25th. Cowen reaffirmed a “buy” rating and set a $188.00 target price on shares of Norfolk Southern in a research report on Wednesday, July 25th. Citigroup raised Norfolk Southern from a “neutral” rating to a “buy” rating and set a $176.00 target price for the company in a research report on Monday, June 25th. Credit Suisse Group raised their target price on Norfolk Southern from $176.00 to $182.00 and gave the company an “outperform” rating in a research report on Thursday, July 26th. Finally, TD Securities raised their target price on Norfolk Southern from $165.00 to $175.00 and gave the company a “hold” rating in a research report on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $164.42.
Norfolk Southern Company Profile
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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