Investment Management Corp of Ontario Grows Stock Holdings in Norfolk Southern Co. (NYSE:NSC)

Investment Management Corp of Ontario grew its position in shares of Norfolk Southern Co. (NYSE:NSC - Free Report) by 47.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,457 shares of the railroad operator's stock after purchasing an additional 2,400 shares during the period. Investment Management Corp of Ontario's holdings in Norfolk Southern were worth $1,853,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. EdgePoint Investment Group Inc. increased its stake in Norfolk Southern by 1.0% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 3,789,436 shares of the railroad operator's stock worth $813,554,000 after buying an additional 37,386 shares during the period. American Century Companies Inc. increased its position in shares of Norfolk Southern by 17.3% during the second quarter. American Century Companies Inc. now owns 3,356,590 shares of the railroad operator's stock worth $720,626,000 after acquiring an additional 496,088 shares during the period. Mizuho Securities USA LLC raised its stake in shares of Norfolk Southern by 18,831.2% in the third quarter. Mizuho Securities USA LLC now owns 3,298,000 shares of the railroad operator's stock valued at $819,553,000 after acquiring an additional 3,280,579 shares in the last quarter. FMR LLC boosted its holdings in Norfolk Southern by 48.4% in the third quarter. FMR LLC now owns 2,702,344 shares of the railroad operator's stock valued at $671,532,000 after purchasing an additional 881,415 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Norfolk Southern by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,373,909 shares of the railroad operator's stock worth $341,416,000 after purchasing an additional 19,394 shares in the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Norfolk Southern Stock Performance

NSC stock traded down $3.52 on Thursday, hitting $264.11. The company's stock had a trading volume of 725,222 shares, compared to its average volume of 1,241,127. The stock has a market cap of $59.75 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 2.56 and a beta of 1.31. The firm has a 50 day moving average of $258.51 and a two-hundred day moving average of $242.46. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21. Norfolk Southern Co. has a 1 year low of $206.71 and a 1 year high of $277.60.

Norfolk Southern (NYSE:NSC - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating analysts' consensus estimates of $3.11 by $0.14. The business had revenue of $3.10 billion during the quarter, compared to analysts' expectations 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 was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.65 earnings per share. Equities analysts predict that Norfolk Southern Co. will post 11.82 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, November 1st. Norfolk Southern's payout ratio is currently 50.70%.

Wall Street Analyst Weigh In

NSC has been the subject of several recent research reports. Susquehanna lifted their price objective on Norfolk Southern from $280.00 to $285.00 and gave the company a "neutral" rating in a research note on Wednesday, October 23rd. Barclays boosted their price target on shares of Norfolk Southern from $290.00 to $305.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Loop Capital raised their price objective on shares of Norfolk Southern from $285.00 to $287.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Jefferies Financial Group boosted their target price on shares of Norfolk Southern from $275.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Finally, Bank of America raised their price target on Norfolk Southern from $276.00 to $291.00 and gave the company a "buy" 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 given a buy rating to the company. Based on data from MarketBeat.com, Norfolk Southern has a consensus rating of "Moderate Buy" and an average price target of $275.68.

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.