Westpac Banking Corp Cuts Position in Norfolk Southern Co. (NYSE:NSC)

Westpac Banking Corp trimmed its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 59.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,259 shares of the railroad operator’s stock after selling 21,276 shares during the period. Westpac Banking Corp’s holdings in Norfolk Southern were worth $3,233,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Private Advisor Group LLC acquired a new stake in Norfolk Southern in the 1st quarter valued at $6,214,000. Lineweaver Wealth Advisors LLC grew its stake in shares of Norfolk Southern by 8.0% in the second quarter. Lineweaver Wealth Advisors LLC now owns 3,975 shares of the railroad operator’s stock valued at $904,000 after buying an additional 295 shares in the last quarter. Cedar Brook Financial Partners LLC purchased a new stake in shares of Norfolk Southern during the 2nd quarter valued at about $220,000. Crewe Advisors LLC lifted its position in Norfolk Southern by 9.1% during the 1st quarter. Crewe Advisors LLC now owns 1,168 shares of the railroad operator’s stock worth $248,000 after acquiring an additional 97 shares in the last quarter. Finally, EA Series Trust acquired a new position in Norfolk Southern during the 2nd quarter worth approximately $420,000. 72.37% of the stock is currently owned by hedge funds and other institutional investors.

Norfolk Southern Stock Performance

Shares of NYSE NSC traded up $1.17 during midday trading on Thursday, hitting $208.18. 324,372 shares of the company’s stock were exchanged, compared to its average volume of 1,383,812. Norfolk Southern Co. has a twelve month low of $183.09 and a twelve month high of $261.71. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.08 and a quick ratio of 0.97. The firm has a market cap of $47.08 billion, a P/E ratio of 22.70, a PEG ratio of 2.75 and a beta of 1.29. The stock’s 50 day moving average price is $197.48 and its 200-day moving average price is $211.19.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, October 25th. The railroad operator reported $2.65 earnings per share (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 during the quarter, compared to the consensus estimate of $2.94 billion. Equities research analysts anticipate that Norfolk Southern Co. will post 11.81 EPS for the current year.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Friday, November 3rd will be paid 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 2.59%. Norfolk Southern’s payout ratio is 59.21%.

Analyst Ratings Changes

A number of research firms have recently issued reports on NSC. Citigroup dropped their price objective on shares of Norfolk Southern from $235.00 to $225.00 and set a “buy” rating on the stock in a research note on Thursday, October 26th. JPMorgan Chase & Co. dropped their price target on shares of Norfolk Southern from $279.00 to $245.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 11th. Wells Fargo & Company decreased their price objective on shares of Norfolk Southern from $245.00 to $220.00 and set an “overweight” rating for the company in a research report on Thursday, October 26th. Barclays lowered their target price on Norfolk Southern from $215.00 to $205.00 and set an “equal weight” rating for the company in a research note on Thursday, October 26th. Finally, StockNews.com began coverage on Norfolk Southern in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Norfolk Southern has a consensus rating of “Moderate Buy” and a consensus target price of $237.15.

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.