Nordea Investment Management AB lowered its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 3.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 723,111 shares of the railroad operator’s stock after selling 24,244 shares during the quarter. Nordea Investment Management AB owned about 0.27% of Norfolk Southern worth $135,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Bruderman Asset Management LLC acquired a new stake in shares of Norfolk Southern in the fourth quarter worth approximately $26,000. Advisory Alpha LLC acquired a new position in Norfolk Southern during the first quarter worth $42,000. Pinnacle Bank acquired a new position in Norfolk Southern during the fourth quarter worth $33,000. PRW Wealth Management LLC acquired a new position in Norfolk Southern during the fourth quarter worth $36,000. Finally, Athena Capital Advisors LLC acquired a new position in Norfolk Southern during the fourth quarter worth $39,000. 72.50% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on NSC. Morgan Stanley set a $130.00 price target on Norfolk Southern and gave the company a “sell” rating in a research note on Monday. Deutsche Bank cut their price target on Norfolk Southern from $198.00 to $196.00 and set a “hold” rating on the stock in a report on Wednesday, June 12th. Zacks Investment Research raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $226.00 price objective for the company in a research report on Thursday, May 9th. Argus upped their target price on Norfolk Southern from $210.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Loop Capital increased their price objective on Norfolk Southern to $237.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. Norfolk Southern has an average rating of “Buy” and an average target price of $202.67.
Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.34. Norfolk Southern had a return on equity of 17.80% and a net margin of 24.10%. The business had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the firm posted $1.93 EPS. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, equities analysts forecast that Norfolk Southern Corp. will post 10.84 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 3rd were paid a dividend of $0.86 per share. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $3.44 annualized dividend and a dividend yield of 1.74%. Norfolk Southern’s dividend payout ratio is presently 36.17%.
In other Norfolk Southern news, Chairman James A. Squires sold 3,024 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $204.71, for a total value of $619,043.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Michael Joseph Wheeler sold 2,500 shares of Norfolk Southern stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $204.57, for a total value of $511,425.00. Following the sale, the chief operating officer now directly owns 12,919 shares in the company, valued at approximately $2,642,839.83. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.
About Norfolk Southern
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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