Ascension Asset Management LLC cut its position in Norfolk Southern Corp. (NYSE:NSC) by 7.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,473 shares of the railroad operator’s stock after selling 1,275 shares during the period. Norfolk Southern accounts for 2.6% of Ascension Asset Management LLC’s holdings, making the stock its 9th largest position. Ascension Asset Management LLC’s holdings in Norfolk Southern were worth $2,780,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Cox Capital Mgt LLC boosted its stake in Norfolk Southern by 2.5% during the second quarter. Cox Capital Mgt LLC now owns 5,069 shares of the railroad operator’s stock worth $1,010,000 after buying an additional 122 shares during the last quarter. Private Trust Co. NA boosted its stake in Norfolk Southern by 10.2% during the second quarter. Private Trust Co. NA now owns 2,832 shares of the railroad operator’s stock worth $564,000 after buying an additional 263 shares during the last quarter. DNB Asset Management AS boosted its stake in Norfolk Southern by 21.8% during the second quarter. DNB Asset Management AS now owns 61,233 shares of the railroad operator’s stock worth $12,206,000 after buying an additional 10,974 shares during the last quarter. WINTON GROUP Ltd boosted its stake in Norfolk Southern by 145.9% during the second quarter. WINTON GROUP Ltd now owns 238,265 shares of the railroad operator’s stock worth $47,493,000 after buying an additional 141,363 shares during the last quarter. Finally, Carroll Financial Associates Inc. boosted its stake in Norfolk Southern by 3.7% during the second quarter. Carroll Financial Associates Inc. now owns 6,041 shares of the railroad operator’s stock worth $1,204,000 after buying an additional 216 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:NSC opened at $188.96 on Wednesday. Norfolk Southern Corp. has a 52 week low of $138.65 and a 52 week high of $211.46. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $47.92 billion, a P/E ratio of 19.87, a P/E/G ratio of 1.65 and a beta of 1.36. The stock’s fifty day moving average is $178.16 and its two-hundred day moving average is $189.70.
Norfolk Southern (NYSE:NSC) last posted its earnings results on Wednesday, July 24th. The railroad operator reported $2.70 EPS for the quarter, missing the Zacks’ consensus estimate of $2.77 by ($0.07). Norfolk Southern had a net margin of 24.15% and a return on equity of 18.24%. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same quarter in the prior year, the firm earned $2.50 EPS. Norfolk Southern’s revenue for the quarter was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Norfolk Southern Corp. will post 10.35 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 1st will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.99%. Norfolk Southern’s dividend payout ratio is currently 39.54%.
A number of research firms have weighed in on NSC. Goldman Sachs Group began coverage on Norfolk Southern in a research note on Wednesday, July 10th. They set a “buy” rating and a $237.00 price objective on the stock. Cascend Securities lowered Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Morgan Stanley set a $130.00 price objective on Norfolk Southern and gave the stock a “sell” rating in a research note on Monday, July 8th. Zacks Investment Research raised Norfolk Southern from a “sell” rating to a “hold” rating and set a $182.00 price objective on the stock in a research note on Friday, October 11th. Finally, Bank of America lowered their price objective on Norfolk Southern from $212.00 to $198.00 and set a “buy” rating on the stock in a research note on Tuesday, October 8th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. Norfolk Southern currently has an average rating of “Hold” and an average target price of $203.78.
In other Norfolk Southern news, Director Jennifer F. Scanlon bought 525 shares of Norfolk Southern stock in a transaction on Monday, July 29th. The shares were bought at an average price of $191.52 per share, for a total transaction of $100,548.00. Following the completion of the transaction, the director now directly owns 525 shares of the company’s stock, valued at $100,548. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is owned by insiders.
Norfolk Southern Company Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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