Alpha Omega Wealth Management LLC Lowers Position in Norfolk Southern Co. (NYSE:NSC)

Alpha Omega Wealth Management LLC cut its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 2.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,744 shares of the railroad operator’s stock after selling 406 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Norfolk Southern were worth $3,595,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. State of Tennessee Treasury Department lifted its stake in Norfolk Southern by 209.3% during the 4th quarter. State of Tennessee Treasury Department now owns 111,914 shares of the railroad operator’s stock worth $26,454,000 after acquiring an additional 75,729 shares in the last quarter. Catalytic Wealth RIA LLC acquired a new position in Norfolk Southern during the 4th quarter worth about $608,000. Manning & Napier Advisors LLC acquired a new position in Norfolk Southern during the 2nd quarter worth about $13,627,000. Buckingham Strategic Wealth LLC lifted its stake in Norfolk Southern by 7.0% during the 4th quarter. Buckingham Strategic Wealth LLC now owns 96,384 shares of the railroad operator’s stock worth $22,783,000 after acquiring an additional 6,306 shares in the last quarter. Finally, Evermay Wealth Management LLC lifted its stake in Norfolk Southern by 1.5% during the 4th quarter. Evermay Wealth Management LLC now owns 4,667 shares of the railroad operator’s stock worth $1,103,000 after acquiring an additional 67 shares in the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Norfolk Southern Stock Performance

NYSE:NSC traded up $1.72 during mid-day trading on Monday, reaching $242.37. 772,068 shares of the stock were exchanged, compared to its average volume of 1,270,072. The company has a 50 day simple moving average of $230.20 and a 200-day simple moving average of $238.06. The stock has a market capitalization of $54.75 billion, a P/E ratio of 39.03, a P/E/G ratio of 2.41 and a beta of 1.32. The company has a quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. Norfolk Southern Co. has a 1 year low of $183.09 and a 1 year high of $263.66.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.86 by $0.20. Norfolk Southern had a return on equity of 19.64% and a net margin of 14.85%. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period last year, the business posted $2.95 EPS. The company’s revenue was up 2.1% on a year-over-year basis. Analysts anticipate that Norfolk Southern Co. will post 11.78 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd were paid a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.23%. Norfolk Southern’s dividend payout ratio (DPR) is currently 86.96%.

Insider Buying and Selling at Norfolk Southern

In related news, Director Sameh Fahmy bought 2,000 shares of the stock in a transaction on Friday, June 14th. The shares were bought at an average cost of $219.25 per share, for a total transaction of $438,500.00. Following the purchase, the director now owns 7,000 shares of the company’s stock, valued at approximately $1,534,750. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Norfolk Southern news, Director Sameh Fahmy purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were purchased 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 in the company, valued at $1,534,750. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $249.38, for a total value of $88,529.90. Following the completion of the sale, the executive vice president now owns 1,488 shares in the company, valued at $371,077.44. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 10,350 shares of company stock worth $2,353,715. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Morgan Stanley reissued an “underweight” rating and set a $175.00 target price on shares of Norfolk Southern in a research note on Monday, July 8th. Stifel Nicolaus increased their price target on Norfolk Southern from $239.00 to $241.00 and gave the company a “hold” rating in a research report on Friday, July 26th. TD Cowen increased their price target on Norfolk Southern from $251.00 to $253.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Royal Bank of Canada reduced their price target on Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Finally, Susquehanna raised their target price on Norfolk Southern from $245.00 to $255.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $264.24.

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.