State of New Jersey Common Pension Fund D Has $23.50 Million Stock Holdings in Norfolk Southern Corporation $NSC

State of New Jersey Common Pension Fund D boosted its position in Norfolk Southern Corporation (NYSE:NSC) by 2.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,224 shares of the railroad operator’s stock after acquiring an additional 2,046 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Norfolk Southern were worth $23,499,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ORG Partners LLC boosted its stake in shares of Norfolk Southern by 75.0% in the 3rd quarter. ORG Partners LLC now owns 84 shares of the railroad operator’s stock valued at $25,000 after purchasing an additional 36 shares during the last quarter. Westside Investment Management Inc. lifted its holdings in Norfolk Southern by 207.1% in the third quarter. Westside Investment Management Inc. now owns 86 shares of the railroad operator’s stock valued at $26,000 after buying an additional 58 shares during the period. BNP Paribas bought a new position in Norfolk Southern in the second quarter valued at approximately $26,000. True Wealth Design LLC grew its holdings in Norfolk Southern by 423.8% during the 2nd quarter. True Wealth Design LLC now owns 110 shares of the railroad operator’s stock worth $28,000 after acquiring an additional 89 shares during the period. Finally, MMA Asset Management LLC bought a new stake in shares of Norfolk Southern during the 3rd quarter valued at $28,000. 75.10% of the stock is owned by institutional investors.

Norfolk Southern Price Performance

Shares of NSC opened at $315.13 on Monday. The stock has a 50 day simple moving average of $293.78 and a 200 day simple moving average of $288.06. Norfolk Southern Corporation has a 52-week low of $201.63 and a 52-week high of $319.94. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.78 and a current ratio of 0.85. The firm has a market capitalization of $70.77 billion, a PE ratio of 24.72, a P/E/G ratio of 5.60 and a beta of 1.34.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Thursday, January 29th. The railroad operator reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.46. The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $3.03 billion. Norfolk Southern had a net margin of 23.59% and a return on equity of 18.78%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.04 earnings per share. Sell-side analysts predict that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, February 6th will be paid a $1.35 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $5.40 dividend on an annualized basis and a yield of 1.7%. Norfolk Southern’s dividend payout ratio is presently 42.35%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NSC. Deutsche Bank Aktiengesellschaft lowered Norfolk Southern from a “buy” rating to a “hold” rating and reduced their price target for the stock from $354.00 to $297.00 in a research report on Thursday, December 11th. Citigroup reduced their target price on Norfolk Southern from $317.00 to $300.00 and set a “neutral” rating on the stock in a report on Friday, January 30th. Susquehanna upped their price target on Norfolk Southern from $304.00 to $305.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Zacks Research downgraded shares of Norfolk Southern from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 19th. Finally, Morgan Stanley upgraded shares of Norfolk Southern from an “equal weight” rating to a “buy” rating in a report on Thursday, December 18th. Seven equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $304.47.

Insider Transactions at Norfolk Southern

In related news, EVP Anil Bhatt sold 900 shares of Norfolk Southern stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $281.60, for a total value of $253,440.00. Following the sale, the executive vice president owned 1,413 shares of the company’s stock, valued at approximately $397,900.80. This trade represents a 38.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Jr. Clyburn purchased 204 shares of Norfolk Southern stock in a transaction on Friday, December 5th. The shares were purchased at an average cost of $294.79 per share, with a total value of $60,137.16. Following the transaction, the director owned 405 shares in the company, valued at approximately $119,389.95. The trade was a 101.49% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.06% of the stock is currently owned by corporate insiders.

About Norfolk Southern

Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.

The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.