Midwest Trust Co Invests $1.80 Million in Norfolk Southern Corporation $NSC

Midwest Trust Co acquired a new stake in shares of Norfolk Southern Corporation (NYSE:NSC) in the second quarter, Holdings Channel reports. The firm acquired 7,032 shares of the railroad operator’s stock, valued at approximately $1,800,000.

Other hedge funds have also added to or reduced their stakes in the company. Princeton Global Asset Management LLC raised its stake in shares of Norfolk Southern by 2.3% during the second quarter. Princeton Global Asset Management LLC now owns 1,640 shares of the railroad operator’s stock valued at $420,000 after acquiring an additional 37 shares in the last quarter. Horan Securities Inc. raised its position in Norfolk Southern by 2.1% during the 2nd quarter. Horan Securities Inc. now owns 1,764 shares of the railroad operator’s stock valued at $452,000 after purchasing an additional 37 shares in the last quarter. Gables Capital Management Inc. lifted its holdings in shares of Norfolk Southern by 2.7% in the 2nd quarter. Gables Capital Management Inc. now owns 1,466 shares of the railroad operator’s stock worth $375,000 after buying an additional 38 shares during the period. SeaCrest Wealth Management LLC grew its position in shares of Norfolk Southern by 1.7% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,429 shares of the railroad operator’s stock worth $622,000 after buying an additional 40 shares in the last quarter. Finally, Gilbert & Cook Inc. grew its position in shares of Norfolk Southern by 1.7% during the 2nd quarter. Gilbert & Cook Inc. now owns 2,430 shares of the railroad operator’s stock worth $622,000 after buying an additional 41 shares in the last quarter. 75.10% of the stock is currently owned by institutional investors.

Norfolk Southern Stock Up 0.9%

Shares of Norfolk Southern stock opened at $286.77 on Tuesday. Norfolk Southern Corporation has a 52-week low of $201.63 and a 52-week high of $302.24. The firm’s 50 day moving average price is $286.27 and its 200-day moving average price is $268.04. The company has a quick ratio of 0.78, a current ratio of 0.86 and a debt-to-equity ratio of 1.09. The company has a market cap of $64.35 billion, a P/E ratio of 21.87, a PEG ratio of 2.52 and a beta of 1.33.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.31 by ($0.01). The firm had revenue of $3.10 billion during the quarter, compared to analyst estimates of $3.11 billion. Norfolk Southern had a net margin of 24.22% and a return on equity of 18.93%. Norfolk Southern’s revenue was up .0% on a year-over-year basis. During the same quarter last year, the business earned $3.25 earnings per share. On average, sell-side analysts predict that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Friday, November 7th will be paid a $1.35 dividend. The ex-dividend date is Friday, November 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.9%. Norfolk Southern’s dividend payout ratio (DPR) is 41.19%.

Insider Transactions at Norfolk Southern

In other news, Director Richard H. Anderson acquired 2,600 shares of Norfolk Southern stock in a transaction dated Monday, October 27th. The stock was purchased at an average cost of $281.86 per share, for a total transaction of $732,836.00. Following the completion of the purchase, the director directly owned 7,000 shares in the company, valued at $1,973,020. This trade represents a 59.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sameh Fahmy bought 1,650 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were purchased at an average cost of $282.97 per share, with a total value of $466,900.50. Following the acquisition, the director directly owned 12,000 shares of the company’s stock, valued at approximately $3,395,640. This trade represents a 15.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NSC. BMO Capital Markets upped their price objective on shares of Norfolk Southern from $285.00 to $305.00 and gave the stock a “market perform” rating in a research note on Friday, October 24th. Jefferies Financial Group restated a “hold” rating and issued a $300.00 price target on shares of Norfolk Southern in a report on Friday, July 25th. Benchmark reiterated a “hold” rating on shares of Norfolk Southern in a research note on Monday, October 27th. Evercore ISI lifted their price objective on shares of Norfolk Southern from $289.00 to $298.00 in a report on Thursday, September 25th. Finally, Citigroup lowered their target price on Norfolk Southern from $316.00 to $307.00 and set a “neutral” rating for the company in a report on Friday, October 24th. Seven research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $299.70.

Norfolk Southern 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.