Franklin Resources Inc. Reduces Position in Norfolk Southern Co. (NYSE:NSC)

Franklin Resources Inc. lowered its position in shares of Norfolk Southern Co. (NYSE:NSC - Free Report) by 87.0% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 216,206 shares of the railroad operator's stock after selling 1,447,785 shares during the quarter. Franklin Resources Inc. owned about 0.10% of Norfolk Southern worth $54,882,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Synovus Financial Corp grew its position in shares of Norfolk Southern by 0.8% during the third quarter. Synovus Financial Corp now owns 28,715 shares of the railroad operator's stock worth $7,135,000 after buying an additional 229 shares in the last quarter. Tidal Investments LLC raised its position in shares of Norfolk Southern by 10.7% during the 3rd quarter. Tidal Investments LLC now owns 11,716 shares of the railroad operator's stock worth $2,911,000 after buying an additional 1,131 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Norfolk Southern by 23.2% in the third quarter. Wilmington Savings Fund Society FSB now owns 56,256 shares of the railroad operator's stock valued at $13,980,000 after buying an additional 10,593 shares during the period. World Investment Advisors LLC grew its position in Norfolk Southern by 10.7% in the third quarter. World Investment Advisors LLC now owns 11,226 shares of the railroad operator's stock worth $2,790,000 after buying an additional 1,089 shares during the last quarter. Finally, Anchor Investment Management LLC lifted its holdings in shares of Norfolk Southern by 1.2% in the third quarter. Anchor Investment Management LLC now owns 14,265 shares of the railroad operator's stock valued at $3,545,000 after purchasing an additional 170 shares in the last quarter. Institutional investors and hedge funds own 75.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on NSC shares. Sanford C. Bernstein upped their target price on Norfolk Southern from $285.00 to $286.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 9th. Bank of America raised their price objective on Norfolk Southern from $276.00 to $291.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Loop Capital increased their target price on Norfolk Southern from $285.00 to $287.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. TD Cowen upped their price objective on shares of Norfolk Southern from $253.00 to $259.00 and gave the stock a "hold" rating in a research note on Wednesday, October 23rd. Finally, UBS Group increased their target price on Norfolk Southern from $289.00 to $309.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $275.68.

Norfolk Southern Stock Performance

NSC traded down $0.35 on Tuesday, reaching $242.47. The company had a trading volume of 1,549,107 shares, compared to its average volume of 1,246,943. Norfolk Southern Co. has a fifty-two week low of $206.71 and a fifty-two week high of $277.60. The stock has a market cap of $54.86 billion, a P/E ratio of 22.82, a P/E/G ratio of 2.35 and a beta of 1.31. The company's fifty day moving average is $259.14 and its 200 day moving average is $243.98. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.65 and a current ratio of 0.73.

Norfolk Southern (NYSE:NSC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.65 earnings per share. As a group, analysts predict that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Friday, November 1st were paid a dividend of $1.35 per share. The ex-dividend date was Friday, November 1st. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.23%. Norfolk Southern's payout ratio is presently 50.70%.

Insider Transactions at Norfolk Southern

In other news, Director Sameh Fahmy purchased 1,000 shares of the company's stock in a transaction that occurred on Thursday, October 24th. The shares were acquired at an average cost of $255.00 per share, with a total value of $255,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at $2,550,000. This represents a 11.11 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 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.