The Manufacturers Life Insurance Company Reduces Position in Norfolk Southern Co. (NYSE:NSC)

The Manufacturers Life Insurance Company lowered its holdings in Norfolk Southern Co. (NYSE:NSC - Free Report) by 2.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 170,627 shares of the railroad operator's stock after selling 5,140 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Norfolk Southern worth $42,401,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Highline Wealth Partners LLC purchased a new position in Norfolk Southern during the third quarter worth about $25,000. 1620 Investment Advisors Inc. acquired a new position in Norfolk Southern during the second quarter worth $27,000. Financial Connections Group Inc. purchased a new position in shares of Norfolk Southern during the second quarter worth $31,000. HWG Holdings LP purchased a new stake in Norfolk Southern during the second quarter worth about $31,000. Finally, Coastline Trust Co acquired a new stake in Norfolk Southern during the 3rd quarter worth approximately $32,000. Institutional investors and hedge funds own 75.10% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on NSC. 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. Susquehanna raised their price objective on shares of Norfolk Southern from $280.00 to $285.00 and gave the stock a "neutral" rating in a report on Wednesday, October 23rd. Evercore ISI reduced their price objective on shares of Norfolk Southern from $276.00 to $274.00 and set an "outperform" rating for the company in a research report on Wednesday, October 23rd. Loop Capital increased their target price 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. Finally, Royal Bank of Canada boosted their price target on shares of Norfolk Southern from $272.00 to $282.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. One investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $275.68.

Insiders Place Their Bets

In related news, CEO Alan H. Shaw sold 51,325 shares of the business'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 sale, the chief executive officer now directly owns 35,045 shares in the company, valued at $8,970,819.10. The trade was a 59.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sameh Fahmy bought 1,000 shares of the company's stock in a transaction on Thursday, October 24th. The shares were acquired at an average price of $255.00 per share, with a total value of $255,000.00. Following the completion of 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. 0.19% of the stock is currently owned by company insiders.

Norfolk Southern Stock Performance

Shares of Norfolk Southern stock traded up $0.47 on Friday, reaching $275.85. 655,635 shares of the stock were exchanged, compared to its average volume of 1,248,089. The firm has a market capitalization of $62.41 billion, a PE ratio of 25.86, a PEG ratio of 2.61 and a beta of 1.30. The business has a fifty day moving average price of $256.07 and a two-hundred day moving average price of $241.11. Norfolk Southern Co. has a 1-year low of $206.71 and a 1-year high of $277.60. 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 (NYSE:NSC - Get Free Report) last announced its quarterly earnings data 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. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The firm had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the company posted $2.65 earnings per share. Norfolk Southern's quarterly revenue was up 3.3% on a year-over-year basis. As a group, research analysts anticipate that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Investors of record on Friday, November 1st were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date was Friday, November 1st. 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.