KMG Fiduciary Partners LLC cut its stake in shares of Norfolk Southern Co. (NYSE:NSC – Get Rating) by 4.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 3,879 shares of the railroad operator’s stock after selling 166 shares during the quarter. KMG Fiduciary Partners LLC’s holdings in Norfolk Southern were worth $882,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of NSC. NuWave Investment Management LLC acquired a new stake in shares of Norfolk Southern in the second quarter worth $25,000. Vectors Research Management LLC raised its holdings in Norfolk Southern by 468.8% during the fourth quarter. Vectors Research Management LLC now owns 91 shares of the railroad operator’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Blume Capital Management Inc. bought a new position in Norfolk Southern during the first quarter valued at about $29,000. Worth Asset Management LLC bought a new position in Norfolk Southern during the first quarter valued at about $30,000. Finally, Concord Wealth Partners raised its holdings in Norfolk Southern by 2,300.0% during the first quarter. Concord Wealth Partners now owns 120 shares of the railroad operator’s stock valued at $34,000 after buying an additional 115 shares in the last quarter. Institutional investors and hedge funds own 73.44% of the company’s stock.
Insider Buying and Selling
In related news, Director James A. Squires sold 105,420 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $248.81, for a total value of $26,229,550.20. Following the completion of the transaction, the director now directly owns 42,728 shares of the company’s stock, valued at approximately $10,631,153.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.31% of the company’s stock.
Norfolk Southern Stock Performance
Norfolk Southern (NYSE:NSC – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The railroad operator reported $3.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.48 by ($0.03). Norfolk Southern had a net margin of 25.57% and a return on equity of 22.42%. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same period last year, the firm earned $3.28 EPS. Norfolk Southern’s quarterly revenue was up 16.1% on a year-over-year basis. As a group, equities research analysts predict that Norfolk Southern Co. will post 13.69 EPS for the current year.
Norfolk Southern Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Saturday, August 20th. Investors of record on Monday, August 8th were paid a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Friday, August 5th. Norfolk Southern’s payout ratio is presently 39.49%.
Analysts Set New Price Targets
Several equities analysts have weighed in on the company. Stephens cut their target price on Norfolk Southern from $244.00 to $243.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. StockNews.com upgraded Norfolk Southern from a “hold” rating to a “buy” rating in a research note on Thursday, September 1st. Evercore ISI dropped their price objective on Norfolk Southern from $278.00 to $266.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 12th. Wells Fargo & Company dropped their price objective on Norfolk Southern from $340.00 to $274.00 and set an “overweight” rating on the stock in a research note on Friday, July 15th. Finally, Credit Suisse Group began coverage on Norfolk Southern in a research report on Monday, June 27th. They set an “outperform” rating and a $267.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $283.10.
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, scrap paper, beverages, canned goods, and consumer products; chemicals consist of sulfur and related chemicals, petroleum products, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, and sand; 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.
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