HM Payson & Co. Cuts Position in Norfolk Southern Co. (NYSE:NSC)

HM Payson & Co. cut its position in Norfolk Southern Co. (NYSE:NSC) by 59.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,146 shares of the railroad operator’s stock after selling 21,783 shares during the period. HM Payson & Co.’s holdings in Norfolk Southern were worth $3,764,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Norfolk Southern by 20.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,428 shares of the railroad operator’s stock worth $3,556,000 after acquiring an additional 2,453 shares during the last quarter. Pathway Financial Advisers LLC boosted its stake in shares of Norfolk Southern by 25,181.8% during the third quarter. Pathway Financial Advisers LLC now owns 893,459 shares of the railroad operator’s stock worth $222,025,000 after buying an additional 889,925 shares during the period. Seven Eight Capital LP purchased a new position in shares of Norfolk Southern during the second quarter worth about $1,676,000. Dakota Wealth Management grew its stake in shares of Norfolk Southern by 2.1% in the 3rd quarter. Dakota Wealth Management now owns 7,206 shares of the railroad operator’s stock valued at $1,791,000 after purchasing an additional 150 shares during the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in Norfolk Southern during the second quarter worth about $13,627,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Norfolk Southern Trading Up 0.1 %

Shares of NSC stock traded up $0.25 during mid-day trading on Thursday, reaching $252.99. The company’s stock had a trading volume of 14,765 shares, compared to its average volume of 1,249,443. The company’s 50 day simple moving average is $249.93 and its 200-day simple moving average is $236.98. The company has a quick ratio of 0.65, a current ratio of 0.73 and a debt-to-equity ratio of 1.21. Norfolk Southern Co. has a 12-month low of $187.75 and a 12-month high of $263.66. The firm has a market capitalization of $57.24 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 2.38 and a beta of 1.31.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $3.11 by $0.14. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The company had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the firm posted $2.65 earnings per share. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. On average, research analysts predict that Norfolk Southern Co. will post 11.82 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Friday, November 1st will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Friday, November 1st. Norfolk Southern’s dividend payout ratio (DPR) is 50.70%.

Insider Activity

In other news, CEO Alan H. Shaw sold 51,325 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $255.98, for a total value of $13,138,173.50. Following the completion of the transaction, the chief executive officer now directly owns 35,045 shares in the company, valued at approximately $8,970,819.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Norfolk Southern news, Director Sameh Fahmy bought 1,000 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were bought at an average cost of $255.00 per share, with a total value of $255,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $2,550,000. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Alan H. Shaw sold 51,325 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the completion of the sale, the chief executive officer now directly owns 35,045 shares in the company, valued at $8,970,819.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on NSC shares. Barclays upped their price target on shares of Norfolk Southern from $275.00 to $290.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Citigroup boosted their price target on Norfolk Southern from $294.00 to $302.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Stifel Nicolaus upped their target price on shares of Norfolk Southern from $241.00 to $245.00 and gave the company a “hold” rating in a report on Friday, October 11th. Stephens reiterated an “equal weight” rating and set a $263.00 price target on shares of Norfolk Southern in a report on Wednesday, October 23rd. Finally, Benchmark raised their target price on shares of Norfolk Southern from $270.00 to $285.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $274.16.

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, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; 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.