Norfolk Southern Co. (NYSE:NSC) Position Lifted by Van ECK Associates Corp

Van ECK Associates Corp boosted its holdings in shares of Norfolk Southern Co. (NYSE:NSC - Free Report) by 123.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,628 shares of the railroad operator's stock after buying an additional 24,662 shares during the period. Van ECK Associates Corp's holdings in Norfolk Southern were worth $11,469,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Highline Wealth Partners LLC acquired a new position in shares of Norfolk Southern in the third quarter worth about $25,000. Cedar Wealth Management LLC purchased a new stake in shares of Norfolk Southern in the 1st quarter valued at approximately $27,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Norfolk Southern in the 2nd quarter valued at approximately $27,000. Financial Connections Group Inc. acquired a new position in shares of Norfolk Southern in the 2nd quarter worth approximately $31,000. Finally, HWG Holdings LP acquired a new position in shares of Norfolk Southern in the 2nd quarter worth approximately $31,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wells Fargo & Company upped their price objective on shares of Norfolk Southern from $270.00 to $280.00 and gave the stock an "overweight" rating in a report on Wednesday, October 23rd. Barclays upped their price objective on shares of Norfolk Southern from $275.00 to $290.00 and gave the stock an "overweight" rating in a report on Wednesday, October 23rd. Sanford C. Bernstein upped their price objective on shares of Norfolk Southern from $285.00 to $286.00 and gave the stock an "outperform" rating in a report on Wednesday, October 9th. Susquehanna upped 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. Finally, Benchmark increased their target price on shares of Norfolk Southern from $270.00 to $285.00 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 given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.16.

Norfolk Southern Stock Up 9.8 %

Shares of NYSE NSC traded up $24.83 during mid-day trading on Wednesday, reaching $276.94. The company had a trading volume of 3,226,402 shares, compared to its average volume of 1,174,063. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21. The firm has a 50 day simple moving average of $251.09 and a two-hundred day simple moving average of $237.45. The stock has a market cap of $62.65 billion, a P/E ratio of 26.00, a PEG ratio of 2.35 and a beta of 1.30. Norfolk Southern Co. has a 52-week low of $193.00 and a 52-week high of $277.60.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, topping 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 company had revenue of $3.10 billion during the quarter, compared to analysts' expectations of $3.08 billion. During the same quarter last year, the business earned $2.65 EPS. The business's revenue was up 3.3% on a year-over-year basis. Sell-side analysts predict that Norfolk Southern Co. will post 11.81 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Friday, November 1st will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 1.95%. The ex-dividend date is Friday, November 1st. Norfolk Southern's dividend payout ratio (DPR) is 50.70%.

Insider Buying and Selling

In other 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 value of $13,138,173.50. Following the completion of the sale, the chief executive officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Sameh Fahmy bought 1,000 shares of the firm's stock in a transaction dated 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 completion of the purchase, the director now owns 10,000 shares of the company's stock, valued at $2,550,000. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alan H. Shaw sold 51,325 shares of the company'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 transaction, the chief executive officer now owns 35,045 shares of the company's stock, valued at $8,970,819.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is currently 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.