State of Wisconsin Investment Board cut its holdings in Norfolk Southern Co. (NYSE:NSC) by 2.9% in the first quarter, Holdings Channel.com reports. The fund owned 178,724 shares of the railroad operator’s stock after selling 5,300 shares during the quarter. State of Wisconsin Investment Board’s holdings in Norfolk Southern were worth $47,991,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Better Money Decisions LLC acquired a new stake in Norfolk Southern in the first quarter valued at approximately $34,000. Vantage Consulting Group Inc bought a new position in shares of Norfolk Southern in the fourth quarter valued at approximately $31,000. Cranbrook Wealth Management LLC bought a new position in shares of Norfolk Southern in the first quarter valued at approximately $35,000. Wagner Wealth Management LLC bought a new position in shares of Norfolk Southern in the first quarter valued at approximately $36,000. Finally, Wealthcare Capital Management LLC bought a new position in shares of Norfolk Southern in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 72.48% of the company’s stock.
NSC has been the topic of a number of recent analyst reports. Argus lifted their price target on shares of Norfolk Southern from $275.00 to $310.00 and gave the company a “buy” rating in a research report on Tuesday, May 4th. Benchmark lifted their price target on shares of Norfolk Southern from $295.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, April 29th. Stifel Nicolaus initiated coverage on shares of Norfolk Southern in a research report on Monday, June 21st. They set a “hold” rating on the stock. Morgan Stanley boosted their target price on shares of Norfolk Southern from $165.00 to $175.00 and gave the stock an “underweight” rating in a research report on Monday, May 24th. Finally, Royal Bank of Canada boosted their target price on shares of Norfolk Southern from $234.00 to $254.00 in a research report on Thursday, April 29th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Norfolk Southern has a consensus rating of “Buy” and a consensus target price of $270.41.
Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, April 28th. The railroad operator reported $2.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.11. Norfolk Southern had a net margin of 23.51% and a return on equity of 16.07%. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter in the previous year, the company earned $2.58 EPS. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, sell-side analysts forecast that Norfolk Southern Co. will post 11.43 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 20th. Stockholders of record on Friday, May 7th were paid a $0.99 dividend. The ex-dividend date was Thursday, May 6th. This represents a $3.96 annualized dividend and a dividend yield of 1.52%. Norfolk Southern’s dividend payout ratio is presently 42.81%.
In other news, VP Clyde H. Allison, Jr. sold 3,700 shares of the business’s stock in a transaction on Tuesday, May 11th. The shares were sold at an average price of $288.30, for a total value of $1,066,710.00. Following the sale, the vice president now owns 45,632 shares in the company, valued at approximately $13,155,705.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is currently owned by insiders.
Norfolk Southern Profile
Norfolk Southern Corp. is a transportation company, which owns a freight railroad. It engages in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States.
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