Geode Capital Management LLC Has $1.23 Billion Stock Position in Norfolk Southern Corporation $NSC

Geode Capital Management LLC grew its stake in shares of Norfolk Southern Corporation (NYSE:NSC) by 0.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 4,822,075 shares of the railroad operator’s stock after purchasing an additional 36,362 shares during the quarter. Geode Capital Management LLC’s holdings in Norfolk Southern were worth $1,228,064,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. True Wealth Design LLC lifted its holdings in Norfolk Southern by 423.8% during the 2nd quarter. True Wealth Design LLC now owns 110 shares of the railroad operator’s stock worth $28,000 after purchasing an additional 89 shares during the last quarter. WPG Advisers LLC acquired a new position in shares of Norfolk Southern in the first quarter valued at about $27,000. NewSquare Capital LLC raised its stake in Norfolk Southern by 58.5% in the 2nd quarter. NewSquare Capital LLC now owns 130 shares of the railroad operator’s stock worth $33,000 after purchasing an additional 48 shares in the last quarter. Pinnacle Bancorp Inc. boosted its holdings in Norfolk Southern by 30.5% in the 2nd quarter. Pinnacle Bancorp Inc. now owns 184 shares of the railroad operator’s stock valued at $47,000 after purchasing an additional 43 shares during the period. Finally, Chung Wu Investment Group LLC acquired a new position in shares of Norfolk Southern during the 2nd quarter worth approximately $51,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Wall Street Analyst Weigh In

NSC has been the subject of a number of analyst reports. Susquehanna lifted their price target on shares of Norfolk Southern from $284.00 to $295.00 and gave the company a “neutral” rating in a research report on Thursday, September 25th. JPMorgan Chase & Co. upped their target price on Norfolk Southern from $288.00 to $303.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. Loop Capital increased their target price on Norfolk Southern from $235.00 to $278.00 and gave the stock a “hold” rating in a report on Tuesday, September 16th. Sanford C. Bernstein raised their price target on Norfolk Southern from $295.00 to $305.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. Finally, Citigroup cut their price objective on shares of Norfolk Southern from $316.00 to $307.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Seven investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to MarketBeat, Norfolk Southern has an average rating of “Hold” and a consensus price target of $299.70.

Insiders Place Their Bets

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

Norfolk Southern Price Performance

Norfolk Southern stock opened at $286.63 on Thursday. The company has a market capitalization of $64.32 billion, a PE ratio of 21.86, a P/E/G ratio of 2.52 and a beta of 1.33. The company has a current ratio of 0.86, a quick ratio of 0.78 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $286.63 and a two-hundred day moving average price of $268.63. Norfolk Southern Corporation has a 12 month low of $201.63 and a 12 month high of $302.24.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.31 by ($0.01). Norfolk Southern had a net margin of 24.22% and a return on equity of 18.93%. The firm had revenue of $3.10 billion during the quarter, compared to analyst estimates of $3.11 billion. During the same period in the prior year, the company earned $3.25 EPS. The business’s quarterly revenue was up .0% compared to the same quarter last year. Analysts expect that Norfolk Southern Corporation will post 13 EPS for the current year.

Norfolk Southern Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Friday, November 7th will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $5.40 annualized dividend and a dividend yield of 1.9%. Norfolk Southern’s dividend payout ratio (DPR) is presently 41.19%.

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 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.