Baird Financial Group Inc. cut its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 2.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 102,836 shares of the railroad operator’s stock after selling 2,461 shares during the period. Baird Financial Group Inc.’s holdings in Norfolk Southern were worth $18,964,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Proffitt & Goodson Inc. purchased a new stake in shares of Norfolk Southern during the 3rd quarter valued at $110,000. Zions Bancorporation purchased a new stake in shares of Norfolk Southern during the 3rd quarter valued at $114,000. Sun Life Financial INC grew its stake in shares of Norfolk Southern by 336.4% during the 2nd quarter. Sun Life Financial INC now owns 768 shares of the railroad operator’s stock valued at $116,000 after buying an additional 592 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Norfolk Southern during the 2nd quarter valued at $117,000. Finally, Psagot Investment House Ltd. purchased a new stake in shares of Norfolk Southern during the 3rd quarter valued at $130,000. 73.14% of the stock is owned by institutional investors.
Shares of Norfolk Southern stock opened at $168.44 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.86 and a quick ratio of 0.75. Norfolk Southern Corp. has a twelve month low of $127.79 and a twelve month high of $186.91. The firm has a market cap of $44.34 billion, a P/E ratio of 25.48, a price-to-earnings-growth ratio of 1.47 and a beta of 1.32.
Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.08. The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The firm’s revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.75 EPS. As a group, sell-side analysts expect that Norfolk Southern Corp. will post 9.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 2nd will be given a $0.80 dividend. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $3.20 dividend on an annualized basis and a yield of 1.90%. Norfolk Southern’s payout ratio is currently 48.41%.
NSC has been the subject of several research reports. Stifel Nicolaus set a $180.00 price objective on shares of Norfolk Southern and gave the company a “hold” rating in a research note on Wednesday, August 8th. Deutsche Bank raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a research note on Tuesday, August 14th. Loop Capital upped their price target on shares of Norfolk Southern to $179.00 and gave the stock a “hold” rating in a research report on Thursday, August 16th. Barclays reaffirmed a “hold” rating and set a $190.00 price target on shares of Norfolk Southern in a research report on Wednesday, September 26th. Finally, Zacks Investment Research cut shares of Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Wednesday, September 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $176.11.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 801 shares of the company’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total value of $138,212.55. Following the completion of the transaction, the chief operating officer now directly owns 9,406 shares of the company’s stock, valued at approximately $1,623,005.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.36% 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. 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.
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