Pacer Advisors Inc. raised its stake in Norfolk Southern Corp. (NYSE:NSC) by 1,475.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,984 shares of the railroad operator’s stock after purchasing an additional 20,589 shares during the quarter. Pacer Advisors Inc.’s holdings in Norfolk Southern were worth $3,860,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in NSC. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Norfolk Southern during the second quarter worth about $335,000. Chicago Capital LLC purchased a new stake in shares of Norfolk Southern during the second quarter worth about $228,000. Intact Investment Management Inc. increased its position in shares of Norfolk Southern by 15.9% during the second quarter. Intact Investment Management Inc. now owns 12,400 shares of the railroad operator’s stock worth $2,177,000 after acquiring an additional 1,700 shares during the last quarter. GWM Advisors LLC increased its position in shares of Norfolk Southern by 1.7% during the second quarter. GWM Advisors LLC now owns 7,900 shares of the railroad operator’s stock worth $1,387,000 after acquiring an additional 129 shares during the last quarter. Finally, Cornerstone Advisors Inc. increased its position in shares of Norfolk Southern by 21.0% during the second quarter. Cornerstone Advisors Inc. now owns 1,310 shares of the railroad operator’s stock worth $230,000 after acquiring an additional 227 shares during the last quarter. 67.67% of the stock is currently owned by institutional investors.
A number of equities analysts recently commented on NSC shares. Cowen decreased their price target on Norfolk Southern from $200.00 to $197.00 and set an “outperform” rating for the company in a research note on Thursday, April 30th. UBS Group lifted their price target on Norfolk Southern from $166.00 to $197.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Stifel Nicolaus started coverage on Norfolk Southern in a research note on Monday, April 6th. They issued a “hold” rating and a $163.00 price target for the company. Zacks Investment Research upgraded Norfolk Southern from a “sell” rating to a “hold” rating and set a $189.00 price target for the company in a research note on Friday, May 29th. Finally, Susquehanna Bancshares decreased their target price on Norfolk Southern from $247.00 to $189.00 and set a “positive” rating for the company in a research note on Wednesday, April 8th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company. Norfolk Southern currently has a consensus rating of “Hold” and an average price target of $193.29.
In related news, CEO James A. Squires sold 50,797 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $191.48, for a total transaction of $9,726,609.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Clyde H. Allison, Jr. sold 1,593 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $192.65, for a total value of $306,891.45. Following the sale, the vice president now directly owns 41,146 shares in the company, valued at approximately $7,926,776.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,388 shares of company stock valued at $13,616,926. Insiders own 0.32% of the company’s stock.
Shares of NYSE NSC opened at $192.21 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.78 and a debt-to-equity ratio of 0.85. The stock has a 50 day simple moving average of $178.04 and a 200-day simple moving average of $177.16. The company has a market cap of $52.02 billion, a PE ratio of 23.91, a P/E/G ratio of 3.32 and a beta of 1.37. Norfolk Southern Corp. has a 12-month low of $112.62 and a 12-month high of $219.88.
Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Wednesday, July 29th. The railroad operator reported $1.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.20. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.06 billion. Norfolk Southern had a return on equity of 16.06% and a net margin of 20.47%. The business’s revenue was down 28.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.70 earnings per share. Sell-side analysts forecast that Norfolk Southern Corp. will post 8.72 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 7th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $3.76 annualized dividend and a dividend yield of 1.96%. Norfolk Southern’s dividend payout ratio is presently 36.36%.
About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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