Baker Avenue Asset Management LP Buys 24,280 Shares of Norfolk Southern Co. (NYSE:NSC)

Baker Avenue Asset Management LP increased its holdings in shares of Norfolk Southern Co. (NYSE:NSC - Free Report) by 332.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 31,594 shares of the railroad operator's stock after acquiring an additional 24,280 shares during the quarter. Baker Avenue Asset Management LP's holdings in Norfolk Southern were worth $7,851,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Highline Wealth Partners LLC bought a new position in shares of Norfolk Southern in the third quarter worth $25,000. Cedar Wealth Management LLC acquired a new position in shares of Norfolk Southern in the 1st quarter valued at approximately $27,000. 1620 Investment Advisors Inc. bought a new stake in shares of Norfolk Southern during the 2nd quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Norfolk Southern during the 3rd quarter worth approximately $33,000. Finally, Financial Connections Group Inc. bought a new position in Norfolk Southern in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 75.10% of the company's stock.

Insiders Place Their Bets

In related news, CEO Alan H. Shaw sold 51,325 shares of the 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 transaction, the chief executive officer now directly owns 35,045 shares of the company's stock, valued at $8,970,819.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock was 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 directly owns 35,045 shares of the company's stock, valued at approximately $8,970,819.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sameh Fahmy acquired 1,000 shares of Norfolk Southern stock in a transaction on Thursday, October 24th. The stock was purchased at an average cost of $255.00 per share, with a total value of $255,000.00. Following the purchase, the director now directly owns 10,000 shares of the company's stock, valued at approximately $2,550,000. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Norfolk Southern from $283.00 to $288.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Barclays raised their price objective on Norfolk Southern from $275.00 to $290.00 and gave the company an "overweight" rating in a research note on Wednesday, October 23rd. Royal Bank of Canada boosted their target price on Norfolk Southern from $272.00 to $282.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. TD Cowen increased their target price on shares of Norfolk Southern from $253.00 to $259.00 and gave the stock a "hold" rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company lifted their price target on shares of Norfolk Southern from $270.00 to $280.00 and gave the company an "overweight" rating in a report 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 given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $274.16.

Norfolk Southern Trading Up 0.4 %

Shares of Norfolk Southern stock traded up $0.96 during midday trading on Friday, reaching $271.67. The company had a trading volume of 1,301,718 shares, compared to its average volume of 1,309,854. The firm has a market cap of $61.46 billion, a PE ratio of 25.51, a P/E/G ratio of 2.63 and a beta of 1.30. Norfolk Southern Co. has a fifty-two week low of $193.15 and a fifty-two week high of $277.60. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.73 and a quick ratio of 0.65. The stock has a fifty day moving average price of $251.77 and a 200 day moving average price of $237.82.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $0.14. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. The business had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the business earned $2.65 earnings per share. Norfolk Southern's revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities analysts anticipate that Norfolk Southern Co. will post 11.81 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Friday, November 1st will be paid a dividend of $1.35 per share. The ex-dividend date is Friday, November 1st. This represents a $5.40 annualized dividend and a yield of 1.99%. Norfolk Southern's dividend payout ratio is currently 50.70%.

Norfolk Southern Company 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.