Norfolk Southern Co. (NYSE:NSC) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund decreased its stake in Norfolk Southern Co. (NYSE:NSC) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,694 shares of the railroad operator’s stock after selling 593 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Norfolk Southern were worth $1,663,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. First Foundation Advisors grew its holdings in shares of Norfolk Southern by 13.5% during the first quarter. First Foundation Advisors now owns 1,008 shares of the railroad operator’s stock worth $257,000 after purchasing an additional 120 shares during the last quarter. Allstate Corp acquired a new stake in shares of Norfolk Southern in the 1st quarter valued at about $218,000. Covestor Ltd grew its stake in Norfolk Southern by 389.0% during the 1st quarter. Covestor Ltd now owns 489 shares of the railroad operator’s stock worth $125,000 after buying an additional 389 shares during the last quarter. Davis R M Inc. increased its position in Norfolk Southern by 9.8% during the first quarter. Davis R M Inc. now owns 8,130 shares of the railroad operator’s stock worth $2,072,000 after buying an additional 725 shares during the period. Finally, Trustmark National Bank Trust Department lifted its stake in Norfolk Southern by 20.3% in the first quarter. Trustmark National Bank Trust Department now owns 1,483 shares of the railroad operator’s stock valued at $378,000 after buying an additional 250 shares during the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Alan H. Shaw sold 51,325 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the transaction, the chief executive officer now owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. This represents a 59.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Sameh Fahmy acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $255.00 per share, for a total transaction of $255,000.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $2,550,000. The trade was a 11.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.19% of the stock is currently owned by company insiders.

Norfolk Southern Stock Down 1.3 %

NSC stock opened at $261.26 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21. The company’s 50-day moving average price is $252.99 and its 200 day moving average price is $238.84. Norfolk Southern Co. has a 52 week low of $205.70 and a 52 week high of $277.60. The company has a market cap of $59.11 billion, a P/E ratio of 24.53, a P/E/G ratio of 2.48 and a beta of 1.30.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, topping the consensus estimate of $3.11 by $0.14. The business had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.08 billion. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The company’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.65 EPS. On average, research analysts expect that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Friday, November 1st will be paid a $1.35 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $5.40 dividend on an annualized basis and a yield of 2.07%. Norfolk Southern’s payout ratio is 50.70%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Norfolk Southern from $283.00 to $288.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Citigroup lifted their price objective on shares of Norfolk Southern from $302.00 to $316.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Sanford C. Bernstein upped their target price on shares of Norfolk Southern from $285.00 to $286.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Benchmark raised their price target on Norfolk Southern from $270.00 to $285.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada upped their price objective on Norfolk Southern from $272.00 to $282.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.68.

Norfolk Southern Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.