Norfolk Southern Co. (NYSE:NSC) Stock Position Decreased by Ascent Group LLC

Ascent Group LLC lowered its holdings in Norfolk Southern Co. (NYSE:NSC) by 13.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,910 shares of the railroad operator’s stock after selling 1,060 shares during the period. Ascent Group LLC’s holdings in Norfolk Southern were worth $1,717,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Highline Wealth Partners LLC acquired a new position in Norfolk Southern during the 3rd quarter valued at approximately $25,000. 1620 Investment Advisors Inc. bought a new position in shares of Norfolk Southern during the second quarter worth about $27,000. Coastline Trust Co bought a new position in shares of Norfolk Southern during the third quarter worth about $32,000. Capital Performance Advisors LLP acquired a new stake in shares of Norfolk Southern in the 3rd quarter worth about $33,000. Finally, Financial Connections Group Inc. bought a new stake in Norfolk Southern in the 2nd quarter valued at about $31,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Alan H. Shaw sold 51,325 shares of Norfolk Southern stock in a transaction on Friday, September 13th. The stock was sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the completion of the sale, the chief executive officer now owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. This trade represents a 59.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sameh Fahmy bought 1,000 shares of the stock in a transaction on Thursday, October 24th. The stock was purchased at an average price of $255.00 per share, for a total transaction of $255,000.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $2,550,000. This represents a 11.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NSC shares. Sanford C. Bernstein raised their price target on shares of Norfolk Southern from $285.00 to $286.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Benchmark raised their target price on Norfolk Southern from $270.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Stephens reiterated an “equal weight” rating and set a $263.00 price target on shares of Norfolk Southern in a research report on Wednesday, October 23rd. Jefferies Financial Group increased their price target on Norfolk Southern from $275.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, UBS Group lifted their price objective on shares of Norfolk Southern from $289.00 to $309.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $275.68.

Norfolk Southern Stock Performance

Shares of NSC opened at $272.60 on Tuesday. The company has a 50-day moving average of $256.63 and a two-hundred day moving average of $241.57. The stock has a market cap of $61.67 billion, a price-to-earnings ratio of 25.60, a PEG ratio of 2.62 and a beta of 1.31. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.73 and a quick ratio of 0.65. Norfolk Southern Co. has a one year low of $206.71 and a one year high of $277.60.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $3.11 by $0.14. The firm had revenue of $3.10 billion during the quarter, compared to analyst estimates of $3.08 billion. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business posted $2.65 EPS. On average, equities research analysts expect that Norfolk Southern Co. will post 11.82 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Investors of record on Friday, November 1st were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Friday, November 1st. Norfolk Southern’s dividend payout ratio is currently 50.70%.

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.