Eagle Ridge Investment Management Buys 1,178 Shares of Norfolk Southern Co. (NYSE:NSC)

Eagle Ridge Investment Management lifted its stake in Norfolk Southern Co. (NYSE:NSC) by 1.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 104,732 shares of the railroad operator’s stock after buying an additional 1,178 shares during the quarter. Norfolk Southern makes up 2.3% of Eagle Ridge Investment Management’s holdings, making the stock its 15th largest holding. Eagle Ridge Investment Management’s holdings in Norfolk Southern were worth $26,026,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Dakota Wealth Management raised its holdings in Norfolk Southern by 2.1% in the third quarter. Dakota Wealth Management now owns 7,206 shares of the railroad operator’s stock worth $1,791,000 after buying an additional 150 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Norfolk Southern by 4,083.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 325,270 shares of the railroad operator’s stock worth $80,830,000 after acquiring an additional 317,494 shares during the last quarter. IFM Investors Pty Ltd lifted its position in Norfolk Southern by 19.2% in the 3rd quarter. IFM Investors Pty Ltd now owns 67,561 shares of the railroad operator’s stock valued at $16,789,000 after acquiring an additional 10,890 shares in the last quarter. Pinnacle West Asset Management Inc. boosted its stake in Norfolk Southern by 1.6% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 4,045 shares of the railroad operator’s stock valued at $1,005,000 after purchasing an additional 65 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Norfolk Southern by 23,037.4% in the 3rd quarter. International Assets Investment Management LLC now owns 349,143 shares of the railroad operator’s stock worth $86,762,000 after purchasing an additional 347,634 shares in the last quarter. Institutional investors own 75.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NSC. Stifel Nicolaus upped their price target on Norfolk Southern from $241.00 to $245.00 and gave the company a “hold” rating in a report on Friday, October 11th. Jefferies Financial Group upped their target price on shares of Norfolk Southern from $275.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Wells Fargo & Company boosted their price objective on shares of Norfolk Southern from $270.00 to $280.00 and gave the company an “overweight” rating in a report on Wednesday. Loop Capital raised their target price on shares of Norfolk Southern from $285.00 to $287.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Bank of America lifted their target price on shares of Norfolk Southern from $276.00 to $291.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $274.16.

Norfolk Southern Trading Down 1.4 %

Norfolk Southern stock opened at $253.42 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.54 and a debt-to-equity ratio of 1.21. Norfolk Southern Co. has a 12-month low of $183.09 and a 12-month high of $263.66. The firm has a market capitalization of $57.30 billion, a price-to-earnings ratio of 23.80, a P/E/G ratio of 2.48 and a beta of 1.31. The firm has a 50 day moving average of $248.76 and a 200 day moving average of $236.88.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating the consensus estimate of $3.11 by $0.14. The firm had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.08 billion. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. The company’s revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $2.65 EPS. As a group, research analysts predict that Norfolk Southern Co. will post 11.78 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st will be given a $1.35 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $5.40 annualized dividend and a dividend yield of 2.13%. Norfolk Southern’s payout ratio is 50.70%.

Insider Transactions at Norfolk Southern

In related news, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $249.38, for a total transaction of $88,529.90. Following the sale, the executive vice president now owns 1,488 shares of the company’s stock, valued at approximately $371,077.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction on Monday, July 29th. The shares were sold at an average price of $249.38, for a total transaction of $88,529.90. Following the completion of the sale, the executive vice president now owns 1,488 shares in the company, valued at approximately $371,077.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

About Norfolk Southern

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.