Zurich Insurance Group Ltd FI lessened its stake in Norfolk Southern Corp. (NYSE:NSC) by 7.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 67,221 shares of the railroad operator’s stock after selling 5,354 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Norfolk Southern were worth $13,399,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of NSC. Krane Funds Advisors LLC acquired a new position in Norfolk Southern in the 2nd quarter worth about $26,000. Weaver Consulting Group acquired a new position in Norfolk Southern in the 1st quarter worth about $30,000. AGF Investments LLC raised its holdings in Norfolk Southern by 173.5% in the 2nd quarter. AGF Investments LLC now owns 186 shares of the railroad operator’s stock worth $37,000 after purchasing an additional 118 shares during the period. Coastal Capital Group Inc. acquired a new position in Norfolk Southern in the 2nd quarter worth about $40,000. Finally, Bedel Financial Consulting Inc. acquired a new position in Norfolk Southern in the 2nd quarter worth about $41,000. 72.23% of the stock is owned by institutional investors and hedge funds.
NYSE:NSC traded down $2.11 during trading hours on Friday, hitting $180.49. 2,366,949 shares of the stock were exchanged, compared to its average volume of 1,376,936. Norfolk Southern Corp. has a 52-week low of $138.65 and a 52-week high of $211.46. The firm’s fifty day moving average price is $176.35 and its 200 day moving average price is $190.20. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.72. The company has a market cap of $48.02 billion, a P/E ratio of 18.98, a P/E/G ratio of 1.52 and a beta of 1.34.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 5th were paid a dividend of $0.94 per share. This is a positive change from Norfolk Southern’s previous quarterly dividend of $0.86. This represents a $3.76 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Friday, August 2nd. Norfolk Southern’s payout ratio is 39.54%.
NSC has been the subject of a number of analyst reports. Goldman Sachs Group initiated coverage on Norfolk Southern in a report on Wednesday, July 10th. They issued a “buy” rating and a $237.00 price target for the company. Morgan Stanley set a $130.00 price target on Norfolk Southern and gave the stock a “sell” rating in a report on Monday, July 8th. UBS Group reduced their price target on Norfolk Southern from $230.00 to $216.00 and set a “buy” rating for the company in a report on Tuesday. ValuEngine cut Norfolk Southern from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Bank of America upped their price target on Norfolk Southern from $212.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $207.17.
In other news, Director Jennifer F. Scanlon acquired 525 shares of the business’s stock in a transaction on Monday, July 29th. The stock was bought at an average cost of $191.52 per share, for a total transaction of $100,548.00. Following the purchase, the director now owns 525 shares in the company, valued at $100,548. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is currently owned by insiders.
Norfolk Southern Company 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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