New York Life Investment Management LLC Sells 32,652 Shares of Norfolk Southern Corporation $NSC

New York Life Investment Management LLC lowered its holdings in Norfolk Southern Corporation (NYSE:NSC) by 51.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,201 shares of the railroad operator’s stock after selling 32,652 shares during the period. New York Life Investment Management LLC’s holdings in Norfolk Southern were worth $9,641,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in NSC. BlackRock Inc. acquired a new stake in Norfolk Southern during the second quarter valued at approximately $5,033,549,000. Bank of America Corp DE bought a new stake in Norfolk Southern during the second quarter worth approximately $978,977,000. Dimensional Fund Advisors LP boosted its holdings in Norfolk Southern by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,259,558 shares of the railroad operator’s stock worth $648,429,000 after buying an additional 46,127 shares in the last quarter. Amundi grew its position in Norfolk Southern by 24.2% in the first quarter. Amundi now owns 2,226,885 shares of the railroad operator’s stock worth $639,116,000 after buying an additional 434,074 shares during the last quarter. Finally, HBK Investments L P grew its position in Norfolk Southern by 0.8% in the second quarter. HBK Investments L P now owns 1,750,000 shares of the railroad operator’s stock worth $550,532,000 after buying an additional 13,644 shares during the last quarter. Institutional investors and hedge funds own 75.10% of the company’s stock.

Norfolk Southern Price Performance

NSC stock opened at $330.32 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. Norfolk Southern Corporation has a one year low of $277.80 and a one year high of $358.60. The firm has a market capitalization of $74.20 billion, a PE ratio of 27.69, a P/E/G ratio of 4.88 and a beta of 1.20. The firm has a 50-day moving average of $324.06 and a two-hundred day moving average of $316.69.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Thursday, October 22nd. The railroad operator reported $3.62 EPS for the quarter, topping the consensus estimate of $3.46 by $0.16. The company had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.48 billion. Norfolk Southern had a net margin of 20.70% and a return on equity of 18.22%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period last year, the company posted $3.30 earnings per share. On average, analysts forecast that Norfolk Southern Corporation will post 12.87 earnings per share for the current year.

Norfolk Southern Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, November 6th. Norfolk Southern’s dividend payout ratio is 45.26%.

Analyst Ratings Changes

NSC has been the topic of several research reports. Wells Fargo & Company upped their price target on Norfolk Southern from $365.00 to $385.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Barclays increased their price objective on Norfolk Southern from $360.00 to $400.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Weiss Ratings raised Norfolk Southern from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 9th. UBS Group restated a “neutral” rating on shares of Norfolk Southern in a report on Monday, October 26th. Finally, TD Cowen boosted their target price on Norfolk Southern from $376.00 to $379.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. Seven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $348.81.

About Norfolk Southern

Norfolk Southern Corporation is a freight transportation company that operates a major railroad network across the eastern United States. Its rail services connect businesses, ports and communities, and link with other railroads to move goods across North America. The company transports a broad range of products, including coal, chemicals, agricultural goods, automotive vehicles and parts, metals, construction materials and consumer products. Its services include intermodal transportation, which combines rail with truck or container shipping, as well as rail freight and logistics solutions.