Desjardins Global Asset Management Inc. decreased its position in Norfolk Southern Co. (NYSE:NSC – Free Report) by 7.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,194 shares of the railroad operator’s stock after selling 102 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Norfolk Southern were worth $271,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. American National Bank lifted its stake in Norfolk Southern by 143.5% in the second quarter. American National Bank now owns 112 shares of the railroad operator’s stock valued at $25,000 after buying an additional 66 shares during the period. Headlands Technologies LLC acquired a new position in Norfolk Southern in the second quarter valued at about $26,000. Morton Brown Family Wealth LLC acquired a new position in Norfolk Southern in the first quarter valued at about $29,000. Nemes Rush Group LLC acquired a new position in Norfolk Southern in the second quarter valued at about $30,000. Finally, Worth Asset Management LLC acquired a new position in Norfolk Southern in the first quarter valued at about $30,000. Institutional investors own 72.37% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on NSC shares. Citigroup cut their target price on Norfolk Southern from $235.00 to $225.00 and set a “buy” rating on the stock in a research note on Thursday, October 26th. Wells Fargo & Company dropped their price target on Norfolk Southern from $245.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, October 26th. Morgan Stanley dropped their price target on Norfolk Southern from $174.00 to $170.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 26th. StockNews.com initiated coverage on Norfolk Southern in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Royal Bank of Canada dropped their target price on Norfolk Southern from $223.00 to $201.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 26th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $237.15.
Norfolk Southern Stock Performance
Shares of NYSE NSC opened at $195.24 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.28. Norfolk Southern Co. has a 12 month low of $183.09 and a 12 month high of $261.71. The stock has a 50 day moving average of $198.68 and a 200-day moving average of $211.70. The company has a market capitalization of $44.15 billion, a P/E ratio of 21.41, a P/E/G ratio of 2.66 and a beta of 1.29.
Norfolk Southern (NYSE:NSC – Get Free Report) last issued its earnings results on Wednesday, October 25th. The railroad operator reported $2.65 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.09). Norfolk Southern had a return on equity of 22.26% and a net margin of 16.96%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. As a group, equities research analysts predict that Norfolk Southern Co. will post 11.94 EPS for the current year.
Norfolk Southern Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Friday, November 3rd will be issued a dividend of $1.35 per share. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $5.40 annualized dividend and a yield of 2.77%. Norfolk Southern’s payout ratio is currently 59.21%.
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.
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