Boltwood Capital Management Cuts Stock Holdings in Norfolk Southern Co. (NYSE:NSC)


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Boltwood Capital Management decreased its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 2.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,297 shares of the railroad operator’s stock after selling 53 shares during the period. Boltwood Capital Management’s holdings in Norfolk Southern were worth $617,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clear Perspectives Financial Planning LLC purchased a new position in Norfolk Southern during the 4th quarter valued at about $30,000. Vantage Consulting Group Inc purchased a new position in Norfolk Southern during the 4th quarter valued at about $31,000. Norway Savings Bank increased its position in Norfolk Southern by 416.7% during the 4th quarter. Norway Savings Bank now owns 155 shares of the railroad operator’s stock valued at $37,000 after purchasing an additional 125 shares during the period. Orion Capital Management LLC purchased a new position in Norfolk Southern during the 4th quarter valued at about $38,000. Finally, Advisory Alpha LLC purchased a new position in Norfolk Southern during the 3rd quarter valued at about $41,000. 67.25% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on NSC. Credit Suisse Group cut their price objective on shares of Norfolk Southern from $283.00 to $271.00 and set an “outperform” rating on the stock in a research report on Thursday, January 28th. Smith Barney Citigroup lifted their price objective on shares of Norfolk Southern from $250.00 to $290.00 in a research report on Monday, January 11th. Argus lifted their price objective on shares of Norfolk Southern from $225.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, February 1st. Morgan Stanley lifted their price objective on shares of Norfolk Southern from $145.00 to $165.00 and gave the stock an “underweight” rating in a research report on Tuesday. Finally, Vertical Research assumed coverage on shares of Norfolk Southern in a research report on Friday, March 26th. They issued a “hold” rating and a $240.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Norfolk Southern has a consensus rating of “Buy” and an average price target of $238.57.

NYSE NSC traded down $2.68 on Thursday, hitting $268.80. 12,460 shares of the company’s stock traded hands, compared to its average volume of 1,185,939. The company has a current ratio of 1.29, a quick ratio of 1.16 and a debt-to-equity ratio of 0.85. Norfolk Southern Co. has a 1-year low of $147.37 and a 1-year high of $276.15. The firm’s 50-day moving average price is $261.21 and its two-hundred day moving average price is $240.01. The firm has a market capitalization of $73.18 billion, a PE ratio of 34.94, a P/E/G ratio of 3.09 and a beta of 1.38.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Tuesday, January 26th. The railroad operator reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.16. Norfolk Southern had a net margin of 20.27% and a return on equity of 15.83%. The firm had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the business posted $2.55 EPS. The business’s revenue was down 3.3% compared to the same quarter last year. On average, research analysts anticipate that Norfolk Southern Co. will post 9.1 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 10th. Investors of record on Friday, February 5th were paid a $0.99 dividend. This is a boost from Norfolk Southern’s previous quarterly dividend of $0.94. This represents a $3.96 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Thursday, February 4th. Norfolk Southern’s payout ratio is currently 38.30%.

In related news, EVP Ann A. Adams sold 2,460 shares of the business’s stock in a transaction on Friday, February 19th. The shares were sold at an average price of $255.00, for a total value of $627,300.00. Following the completion of the transaction, the executive vice president now directly owns 9,601 shares in the company, valued at approximately $2,448,255. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ann A. Adams sold 1,417 shares of the business’s stock in a transaction on Monday, February 1st. The shares were sold at an average price of $239.00, for a total transaction of $338,663.00. Following the completion of the transaction, the executive vice president now owns 8,710 shares of the company’s stock, valued at $2,081,690. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,147 shares of company stock valued at $1,030,541. Company insiders own 0.32% of the company’s stock.

Norfolk Southern Company 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 industrial products, including agriculture, forest and consumer products, chemicals, and metals and construction materials; and coal, automobiles, and automotive parts.

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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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