PNC Financial Services Group Inc. lowered its stake in Norfolk Southern Co. (NYSE:NSC - Free Report) by 1.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 393,268 shares of the railroad operator's stock after selling 5,569 shares during the quarter. PNC Financial Services Group Inc. owned about 0.17% of Norfolk Southern worth $97,727,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Highline Wealth Partners LLC bought a new stake in shares of Norfolk Southern in the third quarter worth $25,000. 1620 Investment Advisors Inc. bought a new stake in shares of Norfolk Southern in the 2nd quarter worth about $27,000. Financial Connections Group Inc. acquired a new stake in shares of Norfolk Southern in the 2nd quarter valued at about $31,000. HWG Holdings LP bought a new position in shares of Norfolk Southern during the second quarter worth about $31,000. Finally, Coastline Trust Co acquired a new stake in Norfolk Southern during the third quarter valued at approximately $32,000. 75.10% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director Sameh Fahmy acquired 1,000 shares of the stock in a transaction dated Thursday, October 24th. The shares were acquired at an average cost of $255.00 per share, for a total transaction of $255,000.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $2,550,000. This trade represents a 11.11 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Alan H. Shaw sold 51,325 shares of the business'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 sale, the chief executive officer now directly owns 35,045 shares in the company, valued at $8,970,819.10. This trade represents a 59.42 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company's stock.
Norfolk Southern Stock Down 0.2 %
Norfolk Southern stock traded down $0.61 during trading hours on Wednesday, hitting $259.10. The company had a trading volume of 922,539 shares, compared to its average volume of 1,251,466. The firm's fifty day moving average is $253.25 and its 200-day moving average is $239.41. The firm has a market capitalization of $58.62 billion, a P/E ratio of 24.33, a price-to-earnings-growth ratio of 2.48 and a beta of 1.30. Norfolk Southern Co. has a fifty-two week low of $206.71 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.
Norfolk Southern (NYSE:NSC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share for the quarter, topping analysts' consensus estimates of $3.11 by $0.14. The company had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.08 billion. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The business's quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the business earned $2.65 EPS. On average, research analysts forecast that Norfolk Southern Co. will post 11.82 earnings per share for the current year.
Norfolk Southern Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Friday, November 1st will be given a dividend of $1.35 per share. The ex-dividend date is Friday, November 1st. This represents a $5.40 dividend on an annualized basis and a yield of 2.08%. Norfolk Southern's payout ratio is currently 50.70%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on NSC shares. Loop Capital boosted their price objective on shares of Norfolk Southern from $285.00 to $287.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Stephens restated an "equal weight" rating and set a $263.00 price objective on shares of Norfolk Southern in a research report on Wednesday, October 23rd. Evercore ISI reduced their price target on shares of Norfolk Southern from $276.00 to $274.00 and set an "outperform" rating for the company in a report on Wednesday, October 23rd. UBS Group increased their price objective on shares of Norfolk Southern from $289.00 to $309.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company lifted their price target on 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $275.68.
Get Our Latest Analysis on Norfolk Southern
Norfolk Southern Profile
(
Free Report)
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.
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