Monetary Management Group Inc. increased its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 11.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,250 shares of the railroad operator’s stock after acquiring an additional 125 shares during the period. Monetary Management Group Inc.’s holdings in Norfolk Southern were worth $182,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of NSC. Norges Bank acquired a new position in Norfolk Southern during the fourth quarter worth $504,354,000. Viking Global Investors LP raised its holdings in Norfolk Southern by 183.5% during the first quarter. Viking Global Investors LP now owns 1,767,825 shares of the railroad operator’s stock worth $258,102,000 after purchasing an additional 1,144,243 shares during the last quarter. Franklin Resources Inc. raised its holdings in Norfolk Southern by 84.2% during the first quarter. Franklin Resources Inc. now owns 1,855,918 shares of the railroad operator’s stock worth $270,964,000 after purchasing an additional 848,186 shares during the last quarter. State Street Corp raised its holdings in Norfolk Southern by 6.3% during the fourth quarter. State Street Corp now owns 11,721,095 shares of the railroad operator’s stock worth $2,275,416,000 after purchasing an additional 692,117 shares during the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in Norfolk Southern during the first quarter worth $64,634,000. 73.15% of the stock is owned by hedge funds and other institutional investors.
In other Norfolk Southern news, CEO James A. Squires sold 50,797 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $191.48, for a total transaction of $9,726,609.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael Joseph Wheeler sold 10,080 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $182.96, for a total value of $1,844,236.80. Following the sale, the chief operating officer now directly owns 31,844 shares of the company’s stock, valued at approximately $5,826,178.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,388 shares of company stock valued at $13,616,926. 0.32% of the stock is owned by company insiders.
Norfolk Southern stock traded down $9.08 during trading on Thursday, hitting $179.47. The company’s stock had a trading volume of 43,317 shares, compared to its average volume of 1,835,256. The stock has a market capitalization of $53.10 billion, a price-to-earnings ratio of 20.47, a P/E/G ratio of 3.12 and a beta of 1.38. The stock’s fifty day moving average is $172.86 and its 200 day moving average is $181.00. Norfolk Southern Corp. has a 1-year low of $112.62 and a 1-year high of $219.88. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.78 and a current ratio of 0.90.
Norfolk Southern (NYSE:NSC) last released its earnings results on Wednesday, April 29th. The railroad operator reported $2.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.25 by $0.33. Norfolk Southern had a return on equity of 18.12% and a net margin of 21.89%. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same period in the prior year, the firm posted $2.51 earnings per share. The business’s quarterly revenue was down 7.6% compared to the same quarter last year. On average, research analysts anticipate that Norfolk Southern Corp. will post 8.93 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 8th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Thursday, May 7th. Norfolk Southern’s dividend payout ratio (DPR) is presently 36.36%.
Several equities analysts recently issued reports on the company. Morgan Stanley lifted their price objective on Norfolk Southern from $116.00 to $122.00 and gave the stock an “underweight” rating in a report on Tuesday, May 12th. Susquehanna Bancshares cut their price target on Norfolk Southern from $247.00 to $189.00 and set a “positive” rating for the company in a report on Wednesday, April 8th. Barclays cut Norfolk Southern from an “equal weight” rating to an “underweight” rating and set a $150.00 price target for the company. in a report on Friday, April 17th. Wells Fargo & Co boosted their price target on Norfolk Southern from $183.00 to $194.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, Deutsche Bank cut their price target on Norfolk Southern from $179.00 to $172.00 and set a “hold” rating for the company in a report on Thursday, April 9th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $190.59.
Norfolk Southern Company Profile
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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