Concurrent Investment Advisors LLC Sells 662 Shares of Norfolk Southern Co. (NYSE:NSC)

Concurrent Investment Advisors LLC trimmed its position in Norfolk Southern Co. (NYSE:NSC) by 7.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,335 shares of the railroad operator’s stock after selling 662 shares during the period. Concurrent Investment Advisors LLC’s holdings in Norfolk Southern were worth $2,124,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Exchange Traded Concepts LLC grew its position in Norfolk Southern by 662.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 122 shares of the railroad operator’s stock worth $29,000 after buying an additional 106 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Norfolk Southern during the fourth quarter worth about $32,000. Financial Connections Group Inc. bought a new position in shares of Norfolk Southern in the fourth quarter worth approximately $34,000. Rise Advisors LLC purchased a new stake in Norfolk Southern in the first quarter valued at approximately $34,000. Finally, Creative Financial Designs Inc. ADV lifted its position in Norfolk Southern by 317.1% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 146 shares of the railroad operator’s stock valued at $35,000 after purchasing an additional 111 shares during the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Norfolk Southern news, CMO Claude E. Elkins sold 8,329 shares of the stock in a transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Norfolk Southern news, Director Claude Mongeau bought 5,650 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was acquired at an average price of $221.00 per share, with a total value of $1,248,650.00. Following the completion of the purchase, the director now owns 20,000 shares of the company’s stock, valued at $4,420,000. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Claude E. Elkins sold 8,329 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $228.43, for a total transaction of $1,902,593.47. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Norfolk Southern Trading Up 2.9 %

NYSE NSC traded up $6.41 on Monday, hitting $227.76. The company’s stock had a trading volume of 1,058,356 shares, compared to its average volume of 1,306,520. The firm has a market cap of $51.45 billion, a P/E ratio of 35.64, a PEG ratio of 2.17 and a beta of 1.32. Norfolk Southern Co. has a 52-week low of $183.09 and a 52-week high of $263.66. The company’s 50-day simple moving average is $222.80 and its 200 day simple moving average is $237.79. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 1.37.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, April 24th. The railroad operator reported $2.49 earnings per share for the quarter, missing the consensus estimate of $2.58 by ($0.09). Norfolk Southern had a net margin of 11.76% and a return on equity of 19.61%. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the firm earned $3.32 EPS. The business’s revenue was down 4.1% on a year-over-year basis. Research analysts predict that Norfolk Southern Co. will post 11.68 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Shareholders of record on Friday, May 3rd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $5.40 annualized dividend and a yield of 2.37%. Norfolk Southern’s payout ratio is 86.96%.

Analysts Set New Price Targets

Several research firms have recently weighed in on NSC. JPMorgan Chase & Co. raised their price objective on shares of Norfolk Southern from $240.00 to $275.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Susquehanna dropped their price target on Norfolk Southern from $265.00 to $245.00 and set a “neutral” rating for the company in a research note on Tuesday, June 25th. Stifel Nicolaus upped their price objective on Norfolk Southern from $233.00 to $244.00 and gave the stock a “hold” rating in a report on Friday, April 12th. Jefferies Financial Group initiated coverage on Norfolk Southern in a report on Monday, April 8th. They set a “buy” rating and a $300.00 price objective on the stock. Finally, Wells Fargo & Company cut their target price 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. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $263.82.

Norfolk Southern 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.