Oak Harbor Wealth Partners LLC Sells 300 Shares of Norfolk Southern Co. (NYSE:NSC)

Oak Harbor Wealth Partners LLC lessened its holdings in Norfolk Southern Co. (NYSE:NSC) by 2.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,389 shares of the railroad operator’s stock after selling 300 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Norfolk Southern were worth $2,874,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of Norfolk Southern by 2.8% in the second quarter. Blue Trust Inc. now owns 7,666 shares of the railroad operator’s stock valued at $1,646,000 after acquiring an additional 210 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in Norfolk Southern in the second quarter valued at approximately $108,000. Cordatus Wealth Management LLC acquired a new position in shares of Norfolk Southern during the 2nd quarter worth approximately $1,599,000. Triad Wealth Partners LLC purchased a new stake in shares of Norfolk Southern during the second quarter worth approximately $47,000. Finally, Clear Harbor Asset Management LLC increased its position in shares of Norfolk Southern by 31.1% during the second quarter. Clear Harbor Asset Management LLC now owns 2,844 shares of the railroad operator’s stock worth $611,000 after purchasing an additional 675 shares in the last quarter. Institutional investors own 75.10% of the company’s stock.

Wall Street Analysts Forecast Growth

NSC has been the topic of a number of research reports. Sanford C. Bernstein dropped their price target on Norfolk Southern from $288.00 to $285.00 and set an “outperform” rating on the stock in a research note on Monday, July 8th. TD Cowen increased their target price on Norfolk Southern from $251.00 to $253.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Stifel Nicolaus raised their target price on Norfolk Southern from $239.00 to $241.00 and gave the company a “hold” rating in a research report on Friday, July 26th. UBS Group decreased their target price on Norfolk Southern from $302.00 to $294.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Finally, Benchmark raised their target price on Norfolk Southern from $266.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Norfolk Southern has a consensus rating of “Moderate Buy” and a consensus target price of $264.24.

Insider Activity at Norfolk Southern

In related news, Director Claude Mongeau acquired 5,650 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was acquired at an average cost of $221.00 per share, for a total transaction of $1,248,650.00. Following the completion of the acquisition, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $4,420,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Norfolk Southern news, Director Claude Mongeau bought 5,650 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were purchased at an average price of $221.00 per share, for a total transaction of $1,248,650.00. Following the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at $4,420,000. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Nabanita C. Nag sold 355 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $249.38, for a total transaction of $88,529.90. Following the sale, the executive vice president now directly owns 1,488 shares in the company, valued at approximately $371,077.44. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 10,350 shares of company stock worth $2,353,715. Company insiders own 0.19% of the company’s stock.

Norfolk Southern Price Performance

Shares of Norfolk Southern stock traded down $0.71 during trading on Friday, hitting $240.44. The stock had a trading volume of 853,084 shares, compared to its average volume of 1,288,830. Norfolk Southern Co. has a fifty-two week low of $183.09 and a fifty-two week high of $263.66. The firm has a market cap of $54.32 billion, a P/E ratio of 38.72, a PEG ratio of 2.41 and a beta of 1.32. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.54. The business has a fifty day moving average of $228.07 and a two-hundred day moving average of $238.52.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.86 by $0.20. Norfolk Southern had a return on equity of 19.64% and a net margin of 14.85%. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the prior year, the company earned $2.95 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, sell-side analysts expect that Norfolk Southern Co. will post 11.78 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Friday, August 2nd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, August 2nd. Norfolk Southern’s dividend payout ratio (DPR) is currently 86.96%.

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.