Magellan Asset Management Ltd Sells 60,053 Shares of Norfolk Southern Corporation $NSC

Magellan Asset Management Ltd cut its holdings in Norfolk Southern Corporation (NYSE:NSC) by 13.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 398,267 shares of the railroad operator’s stock after selling 60,053 shares during the quarter. Magellan Asset Management Ltd owned 0.18% of Norfolk Southern worth $101,944,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in NSC. Morningstar Investment Management LLC purchased a new position in Norfolk Southern in the second quarter worth $597,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Norfolk Southern by 682.1% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 56,012 shares of the railroad operator’s stock valued at $14,337,000 after purchasing an additional 48,850 shares during the period. Teacher Retirement System of Texas boosted its holdings in Norfolk Southern by 10.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 116,795 shares of the railroad operator’s stock worth $29,896,000 after buying an additional 10,990 shares during the period. GC Wealth Management RIA LLC grew its stake in Norfolk Southern by 52.5% in the 2nd quarter. GC Wealth Management RIA LLC now owns 4,441 shares of the railroad operator’s stock valued at $1,137,000 after buying an additional 1,528 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in shares of Norfolk Southern by 4.6% in the second quarter. Sequoia Financial Advisors LLC now owns 76,057 shares of the railroad operator’s stock valued at $19,468,000 after purchasing an additional 3,367 shares in the last quarter. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on NSC. TD Cowen decreased their price target on Norfolk Southern from $320.00 to $314.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Sanford C. Bernstein lifted their price objective on Norfolk Southern from $295.00 to $305.00 and gave the company an “outperform” rating in a research note on Monday, July 21st. Bank of America boosted their target price on Norfolk Southern from $290.00 to $305.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. UBS Group dropped their price target on Norfolk Southern from $321.00 to $320.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Norfolk Southern from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Seven equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Norfolk Southern has a consensus rating of “Hold” and an average price target of $299.70.

Norfolk Southern Trading Up 0.8%

Shares of NSC opened at $284.23 on Friday. Norfolk Southern Corporation has a twelve month low of $201.63 and a twelve month high of $302.24. The stock has a market capitalization of $63.78 billion, a P/E ratio of 21.68, a PEG ratio of 2.52 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.86 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $286.13 and a two-hundred day simple moving average of $266.97.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.31 by ($0.01). Norfolk Southern had a net margin of 24.22% and a return on equity of 18.93%. The company had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter last year, the firm earned $3.25 EPS. The business’s revenue was up .0% on a year-over-year basis. On average, research analysts anticipate that Norfolk Southern Corporation will post 13 EPS for the current year.

Norfolk Southern Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Friday, November 7th will be paid a $1.35 dividend. The ex-dividend date is Friday, November 7th. This represents a $5.40 annualized dividend and a dividend yield of 1.9%. Norfolk Southern’s dividend payout ratio is presently 41.19%.

Insider Buying and Selling

In related news, Director Richard H. Anderson acquired 2,600 shares of the stock in a transaction on Monday, October 27th. The stock was acquired at an average price of $281.86 per share, for a total transaction of $732,836.00. Following the completion of the purchase, the director owned 7,000 shares of the company’s stock, valued at $1,973,020. This represents a 59.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sameh Fahmy bought 1,650 shares of the company’s stock in a transaction on Wednesday, November 5th. The stock was bought at an average cost of $282.97 per share, for a total transaction of $466,900.50. Following the completion of the acquisition, the director directly owned 12,000 shares of the company’s stock, valued at approximately $3,395,640. This represents a 15.94% increase in their position. The SEC filing for this purchase provides additional information. 0.06% of the stock is owned by company insiders.

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.