Indiana Trust & Investment Management CO bought a new stake in shares of Norfolk Southern Corp. (NYSE:NSC) in the 1st quarter, HoldingsChannel reports. The firm bought 1,104 shares of the railroad operator’s stock, valued at approximately $206,000.
A number of other hedge funds also recently modified their holdings of NSC. Oregon Public Employees Retirement Fund raised its holdings in Norfolk Southern by 14,153.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 22,774,792 shares of the railroad operator’s stock valued at $152,000 after buying an additional 22,615,008 shares during the last quarter. Vanguard Group Inc grew its holdings in Norfolk Southern by 1.6% in the 3rd quarter. Vanguard Group Inc now owns 21,159,132 shares of the railroad operator’s stock worth $3,819,223,000 after acquiring an additional 336,725 shares during the last quarter. BlackRock Inc. grew its holdings in Norfolk Southern by 0.9% in the 4th quarter. BlackRock Inc. now owns 20,052,895 shares of the railroad operator’s stock worth $2,998,712,000 after acquiring an additional 169,821 shares during the last quarter. Capital International Investors increased its position in shares of Norfolk Southern by 47.1% in the third quarter. Capital International Investors now owns 7,020,157 shares of the railroad operator’s stock valued at $1,267,138,000 after acquiring an additional 2,249,296 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Norfolk Southern by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 3,364,851 shares of the railroad operator’s stock valued at $502,245,000 after acquiring an additional 221,780 shares during the period. Institutional investors own 74.39% of the company’s stock.
In other news, COO Michael Joseph Wheeler sold 4,761 shares of the company’s stock in a transaction dated Tuesday, February 12th. The shares were sold at an average price of $180.23, for a total value of $858,075.03. Following the sale, the chief operating officer now directly owns 19,724 shares of the company’s stock, valued at approximately $3,554,856.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jason Andrew Zampi sold 519 shares of the stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $181.34, for a total transaction of $94,115.46. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Thursday, January 24th. The railroad operator reported $2.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.30 by $0.27. Norfolk Southern had a return on equity of 16.71% and a net margin of 23.27%. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.85 billion. During the same period in the previous year, the firm posted $1.69 EPS. The business’s revenue was up 8.5% on a year-over-year basis. On average, equities research analysts expect that Norfolk Southern Corp. will post 10.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Monday, February 4th were given a $0.86 dividend. The ex-dividend date of this dividend was Friday, February 1st. This represents a $3.44 annualized dividend and a dividend yield of 1.78%. This is a positive change from Norfolk Southern’s previous quarterly dividend of $0.80. Norfolk Southern’s dividend payout ratio is currently 36.17%.
A number of research firms have recently weighed in on NSC. Zacks Investment Research upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $200.00 target price for the company in a report on Friday, March 8th. Morgan Stanley boosted their price target on Norfolk Southern from $115.00 to $116.00 and gave the company an “underweight” rating in a report on Monday, January 7th. Royal Bank of Canada downgraded Norfolk Southern from a “sector perform” rating to an “underperform” rating and reduced their price target for the company from $180.00 to $178.00 in a report on Tuesday, February 19th. TD Securities upped their price target on Norfolk Southern from $180.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, January 25th. Finally, Loop Capital increased their price objective on Norfolk Southern to $210.00 and gave the stock a “buy” rating in a report on Monday, February 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $190.47.
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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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