Public Employees Retirement Association of Colorado trimmed its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 513,570 shares of the railroad operator’s stock after selling 5,311 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Norfolk Southern were worth $136,307,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Wagner Wealth Management LLC purchased a new stake in Norfolk Southern during the 1st quarter worth $36,000. Meridian Wealth Partners LLC boosted its position in Norfolk Southern by 66.0% during the 1st quarter. Meridian Wealth Partners LLC now owns 166 shares of the railroad operator’s stock worth $44,000 after purchasing an additional 66 shares during the period. Parisi Gray Wealth Management purchased a new stake in Norfolk Southern during the 2nd quarter worth $48,000. Baldrige Asset Management LLC purchased a new stake in Norfolk Southern during the 2nd quarter worth $58,000. Finally, Strategic Blueprint LLC purchased a new stake in Norfolk Southern during the 2nd quarter worth $66,000. 72.27% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:NSC traded up $5.25 during trading on Thursday, reaching $267.50. 39,180 shares of the company’s stock traded hands, compared to its average volume of 1,193,246. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.08 and a quick ratio of 0.99. Norfolk Southern Co. has a 12 month low of $196.15 and a 12 month high of $295.14. The company has a 50 day moving average of $254.14 and a 200-day moving average of $265.77. The stock has a market capitalization of $66.07 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 1.75 and a beta of 1.29.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 20th. Investors of record on Monday, August 9th were given a dividend of $1.09 per share. This represents a $4.36 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Friday, August 6th. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.99. Norfolk Southern’s dividend payout ratio is currently 47.14%.
NSC has been the topic of a number of recent analyst reports. Atlantic Securities initiated coverage on shares of Norfolk Southern in a report on Monday, July 12th. They issued a “neutral” rating and a $276.00 price objective on the stock. Citigroup cut their price objective on shares of Norfolk Southern from $325.00 to $310.00 and set a “buy” rating on the stock in a report on Wednesday, October 6th. Evercore ISI upgraded shares of Norfolk Southern from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $301.00 to $303.00 in a report on Friday, July 9th. Stifel Nicolaus initiated coverage on shares of Norfolk Southern in a report on Monday, June 21st. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company cut their price objective on shares of Norfolk Southern from $318.00 to $312.00 and set an “overweight” rating on the stock in a report on Thursday, October 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Norfolk Southern has a consensus rating of “Hold” and a consensus target price of $278.53.
In other Norfolk Southern news, CMO Alan H. Shaw sold 5,148 shares of the company’s stock in a transaction dated Thursday, July 29th. The shares were sold at an average price of $256.93, for a total value of $1,322,675.64. Following the completion of the transaction, the chief marketing officer now owns 31,399 shares in the company, valued at approximately $8,067,345.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CMO Alan H. Shaw sold 1,000 shares of the company’s stock in a transaction dated Wednesday, September 15th. The stock was sold at an average price of $245.15, for a total transaction of $245,150.00. Following the completion of the transaction, the chief marketing officer now owns 30,869 shares of the company’s stock, valued at approximately $7,567,535.35. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.
About Norfolk Southern
Norfolk Southern Corp. is a transportation company, which owns a freight railroad. It engages in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States.
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