Main Street Group LTD Sells 750 Shares of Norfolk Southern Co. (NYSE:NSC)

Main Street Group LTD lessened its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 10.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,570 shares of the railroad operator’s stock after selling 750 shares during the period. Norfolk Southern makes up about 0.6% of Main Street Group LTD’s investment portfolio, making the stock its 18th largest holding. Main Street Group LTD’s holdings in Norfolk Southern were worth $1,406,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Cedar Wealth Management LLC purchased a new position in Norfolk Southern in the 1st quarter worth about $27,000. 1620 Investment Advisors Inc. bought a new position in Norfolk Southern during the second quarter valued at approximately $27,000. Financial Connections Group Inc. bought a new stake in Norfolk Southern in the 2nd quarter worth approximately $31,000. Rise Advisors LLC purchased a new stake in Norfolk Southern during the 1st quarter valued at $34,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Norfolk Southern during the 2nd quarter valued at $34,000. 75.10% of the stock is owned by institutional investors.

Insider Activity at Norfolk Southern

In other Norfolk Southern news, Director Sameh Fahmy purchased 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, with a total value of $438,500.00. Following the completion of the acquisition, the director now owns 7,000 shares in the company, valued at $1,534,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Sameh Fahmy acquired 2,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was bought at an average price of $219.25 per share, with a total value of $438,500.00. Following the completion of the acquisition, the director now owns 7,000 shares of the company’s stock, valued at $1,534,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nabanita C. Nag sold 355 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $249.38, for a total transaction of $88,529.90. Following the sale, the executive vice president now directly owns 1,488 shares in the company, valued at $371,077.44. The disclosure for this sale can be found here. Insiders have bought a total of 4,700 shares of company stock worth $1,105,065 over the last quarter. Insiders own 0.19% of the company’s stock.

Norfolk Southern Trading Down 1.1 %

Shares of NYSE NSC traded down $2.75 during mid-day trading on Friday, reaching $250.01. The company had a trading volume of 732,941 shares, compared to its average volume of 1,265,777. The stock has a market cap of $56.48 billion, a price-to-earnings ratio of 40.27, a price-to-earnings-growth ratio of 2.50 and a beta of 1.31. Norfolk Southern Co. has a 52 week low of $183.09 and a 52 week high of $263.66. The business’s 50-day moving average is $236.56 and its 200-day moving average is $238.30. The company has a current ratio of 0.63, a quick ratio of 0.54 and a debt-to-equity ratio of 1.30.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Thursday, July 25th. The railroad operator reported $3.06 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the firm earned $2.95 earnings per share. Norfolk Southern’s revenue was up 2.1% compared to the same quarter last year. Equities analysts expect that Norfolk Southern Co. will post 11.8 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd were given a dividend of $1.35 per share. The ex-dividend date was Friday, August 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.16%. Norfolk Southern’s dividend payout ratio is currently 86.96%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Morgan Stanley reaffirmed an “underweight” rating and set a $175.00 price target on shares of Norfolk Southern in a report on Monday, July 8th. Wells Fargo & Company increased their price target on Norfolk Southern from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Stifel Nicolaus boosted their price objective on Norfolk Southern from $239.00 to $241.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Benchmark increased their target price on Norfolk Southern from $266.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Sanford C. Bernstein lowered their price target on Norfolk Southern from $288.00 to $285.00 and set an “outperform” rating on the stock in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $264.24.

Norfolk Southern Company Profile

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.