Wellington Management Group LLP boosted its stake in shares of Norfolk Southern Co. (NYSE:NSC – Free Report) by 27.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,062 shares of the railroad operator’s stock after buying an additional 5,032 shares during the quarter. Wellington Management Group LLP’s holdings in Norfolk Southern were worth $5,731,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Raymond James & Associates raised its holdings in shares of Norfolk Southern by 1.2% in the 2nd quarter. Raymond James & Associates now owns 324,059 shares of the railroad operator’s stock worth $69,572,000 after purchasing an additional 3,828 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Norfolk Southern by 43.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,649 shares of the railroad operator’s stock valued at $569,000 after buying an additional 796 shares during the last quarter. Dakota Wealth Management grew its stake in shares of Norfolk Southern by 2.3% during the 2nd quarter. Dakota Wealth Management now owns 7,056 shares of the railroad operator’s stock worth $1,515,000 after acquiring an additional 157 shares during the period. Pallas Capital Advisors LLC purchased a new stake in Norfolk Southern in the 2nd quarter worth about $228,000. Finally, Hobbs Group Advisors LLC bought a new stake in Norfolk Southern in the 2nd quarter valued at about $34,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the stock. Citigroup increased their target price on shares of Norfolk Southern from $302.00 to $316.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Loop Capital lifted their price objective on shares of Norfolk Southern from $285.00 to $287.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group boosted their target price on shares of Norfolk Southern from $275.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Bank of America raised their price target on Norfolk Southern from $276.00 to $291.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Susquehanna boosted their price objective on Norfolk Southern from $280.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $275.68.
Insider Activity at Norfolk Southern
In related news, Director Sameh Fahmy bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was bought at an average cost of $255.00 per share, for a total transaction of $255,000.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at $2,550,000. The trade was a 11.11 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by insiders.
Norfolk Southern Stock Down 1.3 %
NSC opened at $243.07 on Tuesday. The business’s fifty day simple moving average is $259.14 and its 200 day simple moving average is $243.98. Norfolk Southern Co. has a 52 week low of $206.71 and a 52 week high of $277.60. The company has a quick ratio of 0.65, a current ratio of 0.73 and a debt-to-equity ratio of 1.21. The stock has a market cap of $54.99 billion, a PE ratio of 22.82, a P/E/G ratio of 2.35 and a beta of 1.31.
Norfolk Southern (NYSE:NSC – Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating the consensus estimate of $3.11 by $0.14. The firm had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.08 billion. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The company’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.65 EPS. As a group, research analysts expect that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.
Norfolk Southern Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st were paid a $1.35 dividend. The ex-dividend date was Friday, November 1st. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.22%. Norfolk Southern’s dividend payout ratio (DPR) is 50.70%.
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.
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