Covington Capital Management Sells 54 Shares of Norfolk Southern Co. (NYSE:NSC)

Covington Capital Management cut its holdings in Norfolk Southern Co. (NYSE:NSCGet Rating) by 6.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 770 shares of the railroad operator’s stock after selling 54 shares during the period. Covington Capital Management’s holdings in Norfolk Southern were worth $175,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Eagle Asset Management Inc. grew its stake in Norfolk Southern by 4.4% in the 4th quarter. Eagle Asset Management Inc. now owns 6,772 shares of the railroad operator’s stock worth $1,995,000 after acquiring an additional 288 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in Norfolk Southern by 16.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,039 shares of the railroad operator’s stock worth $1,798,000 after acquiring an additional 838 shares in the last quarter. Level Four Advisory Services LLC grew its stake in Norfolk Southern by 7.9% in the 4th quarter. Level Four Advisory Services LLC now owns 1,380 shares of the railroad operator’s stock worth $411,000 after acquiring an additional 101 shares in the last quarter. Hoylecohen LLC grew its stake in Norfolk Southern by 2.5% in the 4th quarter. Hoylecohen LLC now owns 3,723 shares of the railroad operator’s stock worth $1,108,000 after acquiring an additional 90 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new position in Norfolk Southern in the 4th quarter worth about $15,549,000. 73.44% of the stock is currently owned by institutional investors.

Norfolk Southern Stock Down 2.0 %

NSC stock opened at $233.98 on Monday. The firm has a market cap of $54.96 billion, a PE ratio of 18.63, a P/E/G ratio of 1.73 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.98 and a current ratio of 1.10. The firm’s fifty day moving average is $245.82 and its 200 day moving average is $249.52. Norfolk Southern Co. has a one year low of $217.00 and a one year high of $299.20.

Norfolk Southern (NYSE:NSCGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The railroad operator reported $3.45 EPS for the quarter, missing the consensus estimate of $3.48 by ($0.03). The firm had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.14 billion. Norfolk Southern had a net margin of 25.57% and a return on equity of 22.42%. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.28 EPS. On average, research analysts forecast that Norfolk Southern Co. will post 13.69 EPS for the current year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, August 20th. Shareholders of record on Monday, August 8th were issued a dividend of $1.24 per share. This represents a $4.96 annualized dividend and a yield of 2.12%. The ex-dividend date was Friday, August 5th. Norfolk Southern’s payout ratio is 39.49%.

Insider Buying and Selling at Norfolk Southern

In other news, Director James A. Squires sold 105,420 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $248.81, for a total value of $26,229,550.20. Following the transaction, the director now directly owns 42,728 shares of the company’s stock, valued at $10,631,153.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NSC. Credit Suisse Group began coverage on shares of Norfolk Southern in a research report on Monday, June 27th. They issued an “outperform” rating and a $267.00 price target for the company. Evercore ISI lowered their price target on shares of Norfolk Southern from $278.00 to $266.00 and set an “outperform” rating for the company in a research report on Tuesday, July 12th. JPMorgan Chase & Co. cut shares of Norfolk Southern from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $306.00 to $258.00 in a research report on Tuesday, July 12th. Stifel Nicolaus raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and decreased their target price for the company from $289.00 to $275.00 in a research report on Friday, July 15th. They noted that the move was a valuation call. Finally, Barclays decreased their target price on shares of Norfolk Southern from $300.00 to $255.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 14th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Norfolk Southern has a consensus rating of “Moderate Buy” and a consensus target price of $283.10.

Norfolk Southern Company Profile

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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, scrap paper, beverages, canned goods, and consumer products; chemicals consist of sulfur and related chemicals, petroleum products, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, and sand; 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.

Further Reading

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

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