Norfolk Southern Corp. (NYSE:NSC) Shares Sold by Toronto Dominion Bank

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Toronto Dominion Bank lessened its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 99.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,065 shares of the railroad operator’s stock after selling 165,235 shares during the quarter. Toronto Dominion Bank’s holdings in Norfolk Southern were worth $26,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its position in Norfolk Southern by 4.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 109,520 shares of the railroad operator’s stock worth $19,230,000 after purchasing an additional 4,300 shares in the last quarter. State of Michigan Retirement System increased its position in Norfolk Southern by 9.5% during the 2nd quarter. State of Michigan Retirement System now owns 65,411 shares of the railroad operator’s stock worth $11,484,000 after purchasing an additional 5,662 shares in the last quarter. APG Asset Management N.V. increased its position in Norfolk Southern by 405.8% during the 1st quarter. APG Asset Management N.V. now owns 154,918 shares of the railroad operator’s stock worth $22,618,000 after purchasing an additional 124,287 shares in the last quarter. Clearbridge Investments LLC increased its position in Norfolk Southern by 4.4% during the 1st quarter. Clearbridge Investments LLC now owns 4,113 shares of the railroad operator’s stock worth $600,000 after purchasing an additional 174 shares in the last quarter. Finally, Cigna Investments Inc. New increased its position in Norfolk Southern by 6.5% during the 1st quarter. Cigna Investments Inc. New now owns 7,397 shares of the railroad operator’s stock worth $1,079,000 after purchasing an additional 450 shares in the last quarter. 67.67% of the stock is owned by institutional investors and hedge funds.

In related news, CEO James A. Squires sold 50,797 shares of the company’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Clyde H. Allison, Jr. sold 1,593 shares of the company’s stock in a transaction 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 transaction, the vice president now owns 41,146 shares of the company’s stock, valued at $7,926,776.90. The disclosure for this sale can be found here. Insiders sold a total of 75,891 shares of company stock valued at $14,500,154 over the last quarter. Company insiders own 0.32% of the company’s stock.

A number of research firms recently commented on NSC. BMO Capital Markets lifted their price objective on Norfolk Southern from $185.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, June 3rd. Zacks Investment Research upgraded Norfolk Southern from a “sell” rating to a “hold” rating and set a $189.00 price objective for the company in a research report on Friday, May 29th. Argus dropped their price objective on Norfolk Southern from $235.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Deutsche Bank lifted their price target on Norfolk Southern from $176.00 to $190.00 and gave the company a “hold” rating in a report on Thursday, July 30th. Finally, TD Securities upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a report on Thursday, July 2nd. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company’s stock. Norfolk Southern has a consensus rating of “Hold” and an average target price of $193.76.

Shares of NYSE:NSC traded up $1.48 during trading on Thursday, reaching $206.88. 18,963 shares of the stock were exchanged, compared to its average volume of 1,436,854. The firm’s 50-day moving average price is $188.04 and its 200 day moving average price is $176.63. The firm has a market cap of $56.83 billion, a price-to-earnings ratio of 25.73, a price-to-earnings-growth ratio of 3.28 and a beta of 1.38. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.08 and a current ratio of 1.21. Norfolk Southern Corp. has a 12-month low of $112.62 and a 12-month high of $219.88.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, July 29th. The railroad operator reported $1.53 EPS for the quarter, topping the consensus estimate of $1.33 by $0.20. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.06 billion. Norfolk Southern had a return on equity of 16.06% and a net margin of 20.47%. Norfolk Southern’s revenue for the quarter was down 28.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.70 EPS. As a group, equities research analysts forecast that Norfolk Southern Corp. will post 8.83 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 7th will be issued a $0.94 dividend. The ex-dividend date is Thursday, August 6th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.82%. Norfolk Southern’s dividend payout ratio (DPR) is 36.36%.

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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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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