Norfolk Southern Co. (NYSE:NSC) Holdings Lifted by Massachusetts Wealth Management

Massachusetts Wealth Management increased its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 5.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,966 shares of the railroad operator’s stock after buying an additional 325 shares during the quarter. Massachusetts Wealth Management’s holdings in Norfolk Southern were worth $1,521,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Norfolk Southern during the fourth quarter valued at $2,933,000. State of Tennessee Treasury Department grew its stake in Norfolk Southern by 209.3% in the fourth quarter. State of Tennessee Treasury Department now owns 111,914 shares of the railroad operator’s stock valued at $26,454,000 after purchasing an additional 75,729 shares in the last quarter. BKM Wealth Management LLC purchased a new position in Norfolk Southern in the fourth quarter valued at about $1,444,000. Cerity Partners LLC grew its stake in Norfolk Southern by 37.1% in the fourth quarter. Cerity Partners LLC now owns 150,998 shares of the railroad operator’s stock valued at $35,692,000 after purchasing an additional 40,861 shares in the last quarter. Finally, Catalytic Wealth RIA LLC purchased a new position in Norfolk Southern in the fourth quarter valued at about $608,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on NSC. Loop Capital boosted their target price on Norfolk Southern from $261.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. The Goldman Sachs Group boosted their target price on Norfolk Southern from $252.00 to $283.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Wells Fargo & Company decreased their price target on Norfolk Southern from $270.00 to $260.00 and set an “overweight” rating for the company in a research note on Tuesday, June 25th. Jefferies Financial Group initiated coverage on Norfolk Southern in a research note on Monday, April 8th. They set a “buy” rating and a $300.00 price target for the company. Finally, Royal Bank of Canada upgraded Norfolk Southern from a “sector perform” rating to an “outperform” rating and set a $270.00 price target for the company in a research note on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $262.89.

Norfolk Southern Stock Performance

Norfolk Southern stock traded up $0.75 during trading hours on Thursday, hitting $216.30. The stock had a trading volume of 410,016 shares, compared to its average volume of 1,100,940. The company has a 50-day moving average of $225.90 and a two-hundred day moving average of $238.75. The company has a quick ratio of 0.61, a current ratio of 0.68 and a debt-to-equity ratio of 1.37. The company has a market cap of $48.86 billion, a PE ratio of 34.85, a price-to-earnings-growth ratio of 2.03 and a beta of 1.32. Norfolk Southern Co. has a fifty-two week low of $183.09 and a fifty-two week high of $263.66.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Wednesday, April 24th. The railroad operator reported $2.49 EPS for the quarter, missing the consensus estimate of $2.58 by ($0.09). The firm had revenue of $3 billion during the quarter, compared to analyst estimates of $3.05 billion. Norfolk Southern had a net margin of 11.76% and a return on equity of 19.61%. The company’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the company earned $3.32 EPS. On average, equities research analysts anticipate that Norfolk Southern Co. will post 11.88 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Friday, May 3rd were paid a $1.35 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.50%. Norfolk Southern’s dividend payout ratio is currently 86.96%.

Insider Activity

In other news, CMO Claude E. Elkins sold 8,329 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $228.43, for a total value of $1,902,593.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Norfolk Southern news, Director Sameh Fahmy purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average cost of $219.25 per share, for a total transaction of $438,500.00. Following the transaction, the director now directly owns 7,000 shares in the company, valued at $1,534,750. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Claude E. Elkins sold 8,329 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $228.43, for a total value of $1,902,593.47. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

About Norfolk Southern

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.