Cadence Bank NA reduced its holdings in Norfolk Southern Corp. (NYSE:NSC) by 11.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,147 shares of the railroad operator’s stock after selling 2,000 shares during the quarter. Norfolk Southern accounts for about 1.1% of Cadence Bank NA’s investment portfolio, making the stock its 19th largest position. Cadence Bank NA’s holdings in Norfolk Southern were worth $2,915,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Norfolk Southern by 16.1% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 5,046 shares of the railroad operator’s stock valued at $761,000 after acquiring an additional 700 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Norfolk Southern by 14.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 44,518 shares of the railroad operator’s stock valued at $6,715,000 after acquiring an additional 5,470 shares during the last quarter. Xact Kapitalforvaltning AB boosted its stake in Norfolk Southern by 3.7% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 56,514 shares of the railroad operator’s stock valued at $8,526,000 after acquiring an additional 2,035 shares during the last quarter. NN Investment Partners Holdings N.V. boosted its stake in Norfolk Southern by 56.0% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 84,097 shares of the railroad operator’s stock valued at $12,687,000 after acquiring an additional 30,196 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in Norfolk Southern during the 2nd quarter valued at $226,000. Institutional investors and hedge funds own 74.38% of the company’s stock.
A number of research analysts have commented on the stock. Bank of America increased their price objective on shares of Norfolk Southern from $183.00 to $187.00 and gave the company a “buy” rating in a research note on Monday, October 1st. Morgan Stanley increased their price objective on shares of Norfolk Southern from $112.00 to $116.00 and gave the company a “sell” rating in a research note on Tuesday, October 9th. Zacks Investment Research upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price objective on the stock in a research note on Monday, October 8th. Barclays reiterated a “hold” rating and set a $190.00 price objective on shares of Norfolk Southern in a research note on Wednesday, September 26th. Finally, Edward Jones downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Friday, September 28th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. Norfolk Southern presently has an average rating of “Hold” and an average price target of $174.40.
In related news, Chairman James A. Squires sold 34,077 shares of Norfolk Southern stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $171.73, for a total value of $5,852,043.21. Following the sale, the chairman now directly owns 63,958 shares in the company, valued at approximately $10,983,507.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Michael Joseph Wheeler sold 801 shares of Norfolk Southern stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total transaction of $138,212.55. Following the completion of the sale, the chief operating officer now owns 9,406 shares in the company, valued at $1,623,005.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,248 shares of company stock worth $6,405,219. Insiders own 0.36% of the company’s stock.
Norfolk Southern stock opened at $170.32 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.75 and a current ratio of 0.86. Norfolk Southern Corp. has a 1 year low of $125.59 and a 1 year high of $186.91. The stock has a market capitalization of $47.13 billion, a PE ratio of 25.77, a price-to-earnings-growth ratio of 1.56 and a beta of 1.32.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.44 by $0.08. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.90 billion. During the same period last year, the firm posted $1.75 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, research analysts expect that Norfolk Southern Corp. will post 9.24 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 2nd will be given a $0.80 dividend. The ex-dividend date is Thursday, November 1st. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.88%. Norfolk Southern’s payout ratio is currently 48.41%.
About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.
Recommended Story: What are the economic characteristics of a bear market?
Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Southern Corp. (NYSE:NSC).
Receive News & Ratings for Norfolk Southern Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Norfolk Southern and related companies with MarketBeat.com's FREE daily email newsletter.