Meiji Yasuda Asset Management Co Ltd. Cuts Holdings in Norfolk Southern Co. (NYSE:NSC)

Meiji Yasuda Asset Management Co Ltd. reduced its position in Norfolk Southern Co. (NYSE:NSC) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,081 shares of the railroad operator’s stock after selling 90 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Norfolk Southern were worth $1,520,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Cedar Wealth Management LLC acquired a new stake in Norfolk Southern in the 1st quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new stake in Norfolk Southern in the 2nd quarter valued at $27,000. Rise Advisors LLC acquired a new stake in Norfolk Southern in the 1st quarter valued at $34,000. Financial Connections Group Inc. acquired a new stake in Norfolk Southern in the 2nd quarter valued at $31,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Norfolk Southern in the 2nd quarter valued at $34,000. 75.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NSC has been the subject of several recent research reports. Wells Fargo & Company increased their price target on Norfolk Southern from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Royal Bank of Canada lowered their target price on Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. TD Cowen raised their target price on Norfolk Southern from $251.00 to $253.00 and gave the company a “hold” rating in a research note on Friday, July 26th. Susquehanna raised their target price on Norfolk Southern from $245.00 to $255.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, Morgan Stanley restated an “underweight” rating and set a $175.00 target price on shares of Norfolk Southern in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $264.24.

Norfolk Southern Stock Performance

Shares of NYSE NSC opened at $251.81 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. The firm’s 50-day moving average price is $242.98 and its two-hundred day moving average price is $238.07. Norfolk Southern Co. has a 52-week low of $183.09 and a 52-week high of $263.66. The stock has a market capitalization of $56.89 billion, a P/E ratio of 40.55, a P/E/G ratio of 2.48 and a beta of 1.31.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.86 by $0.20. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the company posted $2.95 earnings per share. Norfolk Southern’s revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts forecast that Norfolk Southern Co. will post 11.8 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd were issued a $1.35 dividend. The ex-dividend date was Friday, August 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.14%. Norfolk Southern’s dividend payout ratio is currently 86.96%.

Insiders Place Their Bets

In other Norfolk Southern news, Director Sameh Fahmy purchased 700 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were bought at an average price of $245.15 per share, with a total value of $171,605.00. Following the completion of the acquisition, the director now owns 7,700 shares in the company, valued at approximately $1,887,655. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction that occurred on 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 owns 1,488 shares of the company’s stock, valued at $371,077.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Sameh Fahmy purchased 700 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were acquired at an average cost of $245.15 per share, for a total transaction of $171,605.00. Following the acquisition, the director now owns 7,700 shares of the company’s stock, valued at approximately $1,887,655. The disclosure for this purchase can be found here. 0.19% of the stock is currently owned by corporate insiders.

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.