Price T Rowe Associates Inc. MD Buys 124,362 Shares of Norfolk Southern Co. (NYSE:NSC)

Price T Rowe Associates Inc. MD raised its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 2.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 5,986,180 shares of the railroad operator’s stock after acquiring an additional 124,362 shares during the period. Price T Rowe Associates Inc. MD owned approximately 2.65% of Norfolk Southern worth $1,525,699,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State of Tennessee Treasury Department increased its position in shares of Norfolk Southern by 209.3% in the 4th quarter. State of Tennessee Treasury Department now owns 111,914 shares of the railroad operator’s stock valued at $26,454,000 after buying an additional 75,729 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Norfolk Southern by 37.1% during the 4th quarter. Cerity Partners LLC now owns 150,998 shares of the railroad operator’s stock worth $35,692,000 after buying an additional 40,861 shares during the last quarter. Catalytic Wealth RIA LLC acquired a new position in shares of Norfolk Southern during the 4th quarter worth about $608,000. Tyche Wealth Partners LLC acquired a new position in shares of Norfolk Southern during the 4th quarter worth about $984,000. Finally, Commonwealth Retirement Investments LLC acquired a new position in shares of Norfolk Southern during the 4th quarter worth about $1,442,000. Institutional investors own 75.10% of the company’s stock.

Insider Transactions at Norfolk Southern

In other Norfolk Southern news, Director Sameh Fahmy bought 2,000 shares of the stock in a transaction dated Friday, June 14th. The shares were bought at an average cost of $219.25 per share, with a total value of $438,500.00. Following the completion of the acquisition, the director now owns 7,000 shares of the company’s stock, valued at $1,534,750. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Sameh Fahmy purchased 2,000 shares of Norfolk Southern stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average price of $219.25 per share, for a total transaction of $438,500.00. Following the transaction, the director now owns 7,000 shares of the company’s stock, valued at approximately $1,534,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Claude E. Elkins sold 8,329 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was 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. Insiders own 0.19% of the company’s stock.

Norfolk Southern Stock Performance

Norfolk Southern stock traded up $24.32 during trading hours on Friday, hitting $247.22. The company had a trading volume of 2,993,456 shares, compared to its average volume of 1,060,314. Norfolk Southern Co. has a one year low of $183.09 and a one year high of $263.66. The firm has a 50-day moving average of $222.63 and a 200 day moving average of $237.55. The firm has a market cap of $55.85 billion, a PE ratio of 39.81, a PEG ratio of 2.44 and a beta of 1.32. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.61.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Thursday, July 25th. The railroad operator reported $3.06 EPS for the quarter, topping the consensus estimate of $2.86 by $0.20. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.77%. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period last year, the firm earned $2.95 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, sell-side analysts expect that Norfolk Southern Co. will post 11.6 earnings per share for the current year.

Norfolk Southern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Friday, August 2nd will be issued a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.18%. Norfolk Southern’s dividend payout ratio is presently 86.96%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NSC. Barclays reduced their price objective on shares of Norfolk Southern from $305.00 to $275.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Benchmark reiterated a “buy” rating and issued a $277.00 target price on shares of Norfolk Southern in a research note on Thursday, April 25th. Jefferies Financial Group began coverage on shares of Norfolk Southern in a research note on Monday, April 8th. They issued a “buy” rating and a $300.00 target price for the company. Morgan Stanley reiterated an “underweight” rating and issued a $175.00 target price on shares of Norfolk Southern in a research note on Monday, July 8th. Finally, UBS Group cut their target price on shares of Norfolk Southern from $302.00 to $294.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. One investment 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $264.65.

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.