The Manufacturers Life Insurance Company Sells 5,140 Shares of Norfolk Southern Co. (NYSE:NSC)

The Manufacturers Life Insurance Company trimmed its holdings in Norfolk Southern Co. (NYSE:NSC) by 2.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 170,627 shares of the railroad operator’s stock after selling 5,140 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Norfolk Southern were worth $42,401,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in NSC. Mizuho Securities USA LLC raised its holdings in shares of Norfolk Southern by 18,831.2% in the third quarter. Mizuho Securities USA LLC now owns 3,298,000 shares of the railroad operator’s stock valued at $819,553,000 after buying an additional 3,280,579 shares during the last quarter. Pathway Financial Advisers LLC increased its position in Norfolk Southern by 25,181.8% in the third quarter. Pathway Financial Advisers LLC now owns 893,459 shares of the railroad operator’s stock worth $222,025,000 after purchasing an additional 889,925 shares during the period. American Century Companies Inc. increased its position in Norfolk Southern by 17.3% in the second quarter. American Century Companies Inc. now owns 3,356,590 shares of the railroad operator’s stock worth $720,626,000 after purchasing an additional 496,088 shares during the period. International Assets Investment Management LLC increased its position in Norfolk Southern by 23,037.4% in the third quarter. International Assets Investment Management LLC now owns 349,143 shares of the railroad operator’s stock worth $86,762,000 after purchasing an additional 347,634 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Norfolk Southern by 4,083.0% in the third quarter. Assenagon Asset Management S.A. now owns 325,270 shares of the railroad operator’s stock worth $80,830,000 after purchasing an additional 317,494 shares during the period. 75.10% of the stock is owned by institutional investors.

Norfolk Southern Trading Down 0.3 %

NYSE NSC opened at $275.38 on Friday. The stock has a market capitalization of $62.30 billion, a price-to-earnings ratio of 25.86, a PEG ratio of 2.62 and a beta of 1.30. The stock’s 50 day moving average price is $256.07 and its two-hundred day moving average price is $241.11. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.65 and a current ratio of 0.73. Norfolk Southern Co. has a 52 week low of $206.71 and a 52 week high of $277.60.

Norfolk Southern (NYSE:NSC) last released its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating the consensus estimate of $3.11 by $0.14. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The firm 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 business posted $2.65 EPS. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, analysts anticipate that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Friday, November 1st. Norfolk Southern’s dividend payout ratio is currently 50.70%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Loop Capital boosted their target price on Norfolk Southern from $285.00 to $287.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Evercore ISI decreased their target price on Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Stifel Nicolaus boosted their target price on Norfolk Southern from $241.00 to $245.00 and gave the stock a “hold” rating in a research report on Friday, October 11th. Susquehanna boosted their target price on Norfolk Southern from $280.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Finally, TD Cowen boosted their target price on Norfolk Southern from $253.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Norfolk Southern has an average rating of “Moderate Buy” and an average target price of $275.68.

Insider Transactions at Norfolk Southern

In related news, CEO Alan H. Shaw sold 51,325 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the transaction, the chief executive officer now directly owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. The trade was a 59.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sameh Fahmy bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were acquired at an average cost of $255.00 per share, for a total transaction of $255,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at $2,550,000. The trade was a 11.11 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.19% 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 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.