Sanders Morris Harris LLC purchased a new position in shares of Norfolk Southern Corp. (NYSE:NSC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,175 shares of the railroad operator’s stock, valued at approximately $382,000.
Other institutional investors have also modified their holdings of the company. Doliver Advisors LP raised its stake in shares of Norfolk Southern by 3.3% in the first quarter. Doliver Advisors LP now owns 2,065 shares of the railroad operator’s stock valued at $345,000 after buying an additional 65 shares during the period. Peapack Gladstone Financial Corp raised its stake in shares of Norfolk Southern by 1.3% in the first quarter. Peapack Gladstone Financial Corp now owns 5,427 shares of the railroad operator’s stock valued at $793,000 after buying an additional 67 shares during the period. Stonebridge Financial Planning Group LLC raised its stake in shares of Norfolk Southern by 27.5% in the first quarter. Stonebridge Financial Planning Group LLC now owns 325 shares of the railroad operator’s stock valued at $52,000 after buying an additional 70 shares during the period. Johnson Financial Group Inc. raised its stake in shares of Norfolk Southern by 28.0% in the first quarter. Johnson Financial Group Inc. now owns 343 shares of the railroad operator’s stock valued at $50,000 after buying an additional 75 shares during the period. Finally, Boltwood Capital Management raised its stake in shares of Norfolk Southern by 3.4% in the second quarter. Boltwood Capital Management now owns 2,305 shares of the railroad operator’s stock valued at $405,000 after buying an additional 75 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.
In other news, VP Clyde H. Allison, Jr. sold 1,593 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $192.65, for a total value of $306,891.45. Following the completion of the transaction, the vice president now directly owns 41,146 shares in the company, valued at approximately $7,926,776.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Joseph Wheeler sold 10,080 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $182.96, for a total value of $1,844,236.80. Following the completion of the sale, the chief operating officer now directly owns 31,844 shares of the company’s stock, valued at approximately $5,826,178.24. The disclosure for this sale can be found here. Insiders sold a total of 71,388 shares of company stock valued at $13,616,926 over the last quarter. Company insiders own 0.32% of the company’s stock.
Shares of NSC traded down $2.58 during midday trading on Thursday, reaching $172.68. The stock had a trading volume of 7,586 shares, compared to its average volume of 1,363,289. The company’s 50-day moving average is $177.60 and its 200 day moving average is $178.61. Norfolk Southern Corp. has a 12-month low of $112.62 and a 12-month high of $219.88. The company has a current ratio of 0.90, a quick ratio of 0.78 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $48.14 billion, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 2.84 and a beta of 1.37.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Wednesday, April 29th. The railroad operator reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.33. Norfolk Southern had a return on equity of 18.12% and a net margin of 21.89%. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.57 billion. During the same period in the prior year, the business earned $2.51 EPS. The company’s revenue for the quarter was down 7.6% compared to the same quarter last year. Research analysts forecast that Norfolk Southern Corp. will post 8.79 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 8th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend was Thursday, May 7th. Norfolk Southern’s payout ratio is currently 36.36%.
Several brokerages have issued reports on NSC. Citigroup boosted their target price on Norfolk Southern from $196.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Susquehanna Bancshares lowered their target price on Norfolk Southern from $247.00 to $189.00 and set a “positive” rating on the stock in a research note on Wednesday, April 8th. Wells Fargo & Co boosted their price objective on Norfolk Southern from $183.00 to $194.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Stifel Nicolaus started coverage on Norfolk Southern in a research note on Monday, April 6th. They set a “hold” rating and a $163.00 price objective on the stock. Finally, Royal Bank of Canada reiterated a “sell” rating and set a $140.00 price objective on shares of Norfolk Southern in a research note on Sunday, April 12th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the company’s stock. Norfolk Southern currently has an average rating of “Hold” and a consensus target price of $192.36.
About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
Featured Story: What is the return on assets formula?
Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Southern Corp. (NYSE:NSC).
Receive News & Ratings for Norfolk Southern Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Norfolk Southern and related companies with MarketBeat.com's FREE daily email newsletter.