Norfolk Southern Co. (NYSE:NSC) Shares Bought by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co grew its stake in Norfolk Southern Co. (NYSE:NSC) by 57.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 173,976 shares of the railroad operator’s stock after purchasing an additional 63,789 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Norfolk Southern were worth $44,320,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Norfolk Southern in the 4th quarter worth approximately $556,797,000. Vanguard Group Inc. increased its holdings in Norfolk Southern by 5.9% in the first quarter. Vanguard Group Inc. now owns 19,623,690 shares of the railroad operator’s stock valued at $5,001,490,000 after buying an additional 1,088,072 shares in the last quarter. Stifel Financial Corp raised its position in shares of Norfolk Southern by 600.3% in the fourth quarter. Stifel Financial Corp now owns 1,021,312 shares of the railroad operator’s stock worth $241,421,000 after acquiring an additional 875,473 shares during the period. Public Employees Retirement Association of Colorado boosted its stake in shares of Norfolk Southern by 1,956.8% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 451,226 shares of the railroad operator’s stock worth $106,661,000 after acquiring an additional 429,288 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of Norfolk Southern by 23,585.8% during the 4th quarter. International Assets Investment Management LLC now owns 351,261 shares of the railroad operator’s stock valued at $83,031,000 after acquiring an additional 349,778 shares during the period. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Up 2.6 %

NSC traded up $5.73 during trading hours on Thursday, reaching $227.07. The company’s stock had a trading volume of 1,001,345 shares, compared to its average volume of 1,294,340. The stock has a market cap of $51.30 billion, a PE ratio of 35.64, a P/E/G ratio of 2.21 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. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.61. The business’s 50-day moving average is $222.50 and its 200-day moving average is $237.46.

Norfolk Southern (NYSE:NSC) last announced 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 business 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 business’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period last year, the company earned $3.32 EPS. As a group, equities research analysts predict that Norfolk Southern Co. will post 11.62 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, August 2nd. Norfolk Southern’s dividend payout ratio (DPR) is presently 86.96%.

Insider Buying and Selling at Norfolk Southern

In related news, CMO Claude E. Elkins sold 8,329 shares of the stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Claude Mongeau bought 5,650 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were purchased at an average price of $221.00 per share, with a total value of $1,248,650.00. Following the purchase, the director now owns 20,000 shares in the company, valued at $4,420,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Claude E. Elkins sold 8,329 shares of Norfolk Southern stock in a transaction dated 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. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

NSC has been the topic of a number of recent analyst reports. Barclays lowered their price target on Norfolk Southern from $305.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, May 13th. Jefferies Financial Group began coverage on shares of Norfolk Southern in a research report on Monday, April 8th. They set a “buy” rating and a $300.00 price objective for the company. Wells Fargo & Company dropped their target price on shares of Norfolk Southern from $270.00 to $260.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 25th. Loop Capital upped their price target on shares of Norfolk Southern from $261.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $175.00 price objective on shares of Norfolk Southern in a report on Monday, July 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $263.53.

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.