M&R Capital Management Inc. trimmed its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,809 shares of the railroad operator’s stock after selling 295 shares during the period. Norfolk Southern makes up 1.5% of M&R Capital Management Inc.’s portfolio, making the stock its 19th biggest holding. M&R Capital Management Inc.’s holdings in Norfolk Southern were worth $5,954,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Public Employees Retirement Association of Colorado raised its position in shares of Norfolk Southern by 32.1% during the first quarter. Public Employees Retirement Association of Colorado now owns 469,192 shares of the railroad operator’s stock valued at $68,502,000 after buying an additional 114,049 shares during the last quarter. Vident Investment Advisory LLC acquired a new position in shares of Norfolk Southern during the first quarter valued at about $598,000. Sontag Advisory LLC acquired a new position in shares of Norfolk Southern during the first quarter valued at about $1,033,000. OPSEU Pension Plan Trust Fund acquired a new position in Norfolk Southern in the first quarter worth about $605,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Norfolk Southern in the first quarter worth about $2,555,000. Institutional investors own 66.94% of the company’s stock.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 1,788 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $210.51, for a total value of $376,391.88. Following the sale, the chief operating officer now directly owns 11,058 shares in the company, valued at $2,327,819.58. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James A. Squires sold 2,715 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $186.68, for a total transaction of $506,836.20. Following the sale, the chief executive officer now owns 66,357 shares in the company, valued at $12,387,524.76. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.
Norfolk Southern (NYSE:NSC) last posted its earnings results on Wednesday, July 29th. The railroad operator reported $1.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.20. The company had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.06 billion. Norfolk Southern had a net margin of 20.47% and a return on equity of 16.06%. The business’s revenue for the quarter was down 28.7% compared to the same quarter last year. During the same period last year, the business posted $2.70 earnings per share. As a group, equities analysts forecast that Norfolk Southern Corp. will post 8.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Friday, August 7th were issued a $0.94 dividend. The ex-dividend date was Thursday, August 6th. This represents a $3.76 annualized dividend and a yield of 1.77%. Norfolk Southern’s dividend payout ratio (DPR) is presently 36.36%.
NSC has been the subject of several recent research reports. Benchmark raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $250.00 price target for the company in a research report on Friday, September 25th. BMO Capital Markets increased their price target on shares of Norfolk Southern from $185.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, June 3rd. TD Securities raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a research report on Thursday, July 2nd. Deutsche Bank upped their price objective on shares of Norfolk Southern from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Thursday, July 30th. Finally, Citigroup upped their price objective on shares of Norfolk Southern from $200.00 to $214.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $199.39.
Norfolk Southern Company Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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