Eagle Ridge Investment Management Purchases 1,178 Shares of Norfolk Southern Co. (NYSE:NSC)

Eagle Ridge Investment Management raised its position in Norfolk Southern Co. (NYSE:NSC) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 104,732 shares of the railroad operator’s stock after purchasing an additional 1,178 shares during the period. Norfolk Southern accounts for 2.3% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 15th biggest position. Eagle Ridge Investment Management’s holdings in Norfolk Southern were worth $26,026,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Cedar Wealth Management LLC purchased a new position in Norfolk Southern during the first quarter worth about $27,000. 1620 Investment Advisors Inc. bought a new position in shares of Norfolk Southern in the second quarter worth approximately $27,000. Financial Connections Group Inc. bought a new position in shares of Norfolk Southern in the second quarter worth approximately $31,000. HWG Holdings LP bought a new stake in Norfolk Southern during the second quarter valued at approximately $31,000. Finally, Hobbs Group Advisors LLC purchased a new position in Norfolk Southern in the 2nd quarter worth approximately $34,000. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Norfolk Southern

In other Norfolk Southern news, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $249.38, for a total transaction of $88,529.90. Following the sale, the executive vice president now directly owns 1,488 shares of the company’s stock, valued at approximately $371,077.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Norfolk Southern news, EVP Nabanita C. Nag sold 355 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $249.38, for a total transaction of $88,529.90. Following the completion of the transaction, the executive vice president now owns 1,488 shares of the company’s stock, valued at approximately $371,077.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale 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 dated 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 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. 0.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

NSC has been the topic of several research reports. UBS Group raised their price objective on shares of Norfolk Southern from $289.00 to $309.00 and gave the company a “buy” rating in a research report on Wednesday. Benchmark raised their price target on Norfolk Southern from $270.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday. Loop Capital upped their price objective on Norfolk Southern from $285.00 to $287.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen raised their price objective on Norfolk Southern from $253.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on Norfolk Southern from $283.00 to $288.00 and gave the stock an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $274.16.

Norfolk Southern Stock Down 1.4 %

Shares of NYSE:NSC opened at $253.42 on Friday. Norfolk Southern Co. has a 1 year low of $183.09 and a 1 year high of $263.66. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.73 and a quick ratio of 0.54. The stock’s 50-day moving average is $248.76 and its 200 day moving average is $236.88. The company has a market cap of $57.30 billion, a PE ratio of 23.80, a P/E/G ratio of 2.48 and a beta of 1.31.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating analysts’ consensus estimates of $3.11 by $0.14. The company had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.08 billion. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 earnings per share. Sell-side analysts anticipate that Norfolk Southern Co. will post 11.78 EPS for the current year.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, November 1st. Norfolk Southern’s payout ratio is 50.70%.

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.