Norfolk Southern Co. (NYSE:NSC) Shares Sold by Smith Salley Wealth Management

Smith Salley Wealth Management lessened its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 85.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,490 shares of the railroad operator’s stock after selling 8,678 shares during the period. Smith Salley Wealth Management’s holdings in Norfolk Southern were worth $380,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Advisors Asset Management Inc. increased its position in Norfolk Southern by 16.0% during the third quarter. Advisors Asset Management Inc. now owns 1,804 shares of the railroad operator’s stock worth $355,000 after buying an additional 249 shares during the period. Seven Eight Capital LP acquired a new position in Norfolk Southern during the third quarter worth approximately $405,000. Scotia Capital Inc. increased its position in Norfolk Southern by 19.0% during the third quarter. Scotia Capital Inc. now owns 3,298 shares of the railroad operator’s stock worth $650,000 after buying an additional 527 shares during the period. Royal London Asset Management Ltd. increased its position in Norfolk Southern by 5.6% during the third quarter. Royal London Asset Management Ltd. now owns 80,891 shares of the railroad operator’s stock worth $15,932,000 after buying an additional 4,264 shares during the period. Finally, Royal Bank of Canada increased its position in Norfolk Southern by 6.7% during the third quarter. Royal Bank of Canada now owns 371,356 shares of the railroad operator’s stock worth $73,131,000 after buying an additional 23,474 shares during the period. Institutional investors and hedge funds own 75.10% of the company’s stock.

Insider Activity

In related news, Director Sameh Fahmy acquired 2,000 shares of Norfolk Southern stock in a transaction dated Friday, June 14th. The shares were acquired at an average cost of $219.25 per share, for a total transaction of $438,500.00. Following the completion of the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at $1,534,750. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Sameh Fahmy purchased 2,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was bought at an average cost of $219.25 per share, for a total transaction of $438,500.00. Following the completion of the purchase, the director now directly owns 7,000 shares of the company’s stock, valued at approximately $1,534,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Claude E. Elkins sold 8,329 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $228.43, for a total value of $1,902,593.47. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Norfolk Southern Price Performance

NSC traded down $0.47 during trading on Tuesday, reaching $213.78. 1,288,334 shares of the stock were exchanged, compared to its average volume of 1,314,569. The business’s 50 day moving average price is $223.99 and its two-hundred day moving average price is $238.28. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.61. The company has a market capitalization of $48.30 billion, a price-to-earnings ratio of 34.43, a P/E/G ratio of 2.04 and a beta of 1.32. Norfolk Southern Co. has a 1 year low of $183.09 and a 1 year high of $263.66.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by ($0.09). Norfolk Southern had a net margin of 11.76% and a return on equity of 19.61%. The company had revenue of $3 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter in the prior year, the company earned $3.32 earnings per share. The firm’s revenue was down 4.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Norfolk Southern Co. will post 11.88 earnings per share for the current year.

Norfolk Southern Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Friday, May 3rd were given a $1.35 dividend. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.53%. Norfolk Southern’s dividend payout ratio is currently 86.96%.

Analyst Upgrades and Downgrades

Several research analysts have commented on NSC shares. Loop Capital lifted their price target on Norfolk Southern from $261.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Royal Bank of Canada raised Norfolk Southern from a “sector perform” rating to an “outperform” rating and set a $270.00 target price on the stock in a report on Thursday, May 23rd. JPMorgan Chase & Co. boosted their target price on Norfolk Southern from $240.00 to $275.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Benchmark reissued a “buy” rating and issued a $277.00 target price on shares of Norfolk Southern in a report on Thursday, April 25th. Finally, TD Cowen boosted their target price on Norfolk Southern from $236.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $263.61.

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.