Baxter Bros Inc. cut its holdings in Norfolk Southern Co. (NYSE:NSC – Get Rating) by 0.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,837 shares of the railroad operator’s stock after selling 204 shares during the period. Baxter Bros Inc.’s holdings in Norfolk Southern were worth $6,228,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of NSC. Xponance Inc. raised its stake in shares of Norfolk Southern by 3.3% during the first quarter. Xponance Inc. now owns 16,865 shares of the railroad operator’s stock valued at $4,810,000 after acquiring an additional 545 shares during the last quarter. Uncommon Cents Investing LLC raised its stake in shares of Norfolk Southern by 0.3% during the first quarter. Uncommon Cents Investing LLC now owns 24,375 shares of the railroad operator’s stock valued at $6,952,000 after acquiring an additional 65 shares during the last quarter. Concord Wealth Partners raised its stake in shares of Norfolk Southern by 2,300.0% during the first quarter. Concord Wealth Partners now owns 120 shares of the railroad operator’s stock valued at $34,000 after acquiring an additional 115 shares during the last quarter. JB Capital LLC raised its stake in shares of Norfolk Southern by 8.3% during the first quarter. JB Capital LLC now owns 3,420 shares of the railroad operator’s stock valued at $976,000 after acquiring an additional 261 shares during the last quarter. Finally, Relyea Zuckerberg Hanson LLC raised its stake in shares of Norfolk Southern by 3.1% during the first quarter. Relyea Zuckerberg Hanson LLC now owns 1,751 shares of the railroad operator’s stock valued at $457,000 after acquiring an additional 52 shares during the last quarter. 73.63% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:NSC traded down $3.04 during trading on Thursday, reaching $224.09. 318 shares of the stock traded hands, compared to its average volume of 1,374,136. The stock has a 50-day moving average of $241.21 and a two-hundred day moving average of $263.70. Norfolk Southern Co. has a 52-week low of $219.31 and a 52-week high of $299.20. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.87 and a current ratio of 0.96. The stock has a market cap of $53.41 billion, a P/E ratio of 18.33, a price-to-earnings-growth ratio of 1.58 and a beta of 1.37.
Norfolk Southern declared that its Board of Directors has authorized a share buyback plan on Tuesday, March 29th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the railroad operator to buy up to 14.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, May 20th. Stockholders of record on Friday, May 6th were issued a dividend of $1.24 per share. This represents a $4.96 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Thursday, May 5th. Norfolk Southern’s payout ratio is 40.03%.
In related news, CEO Alan H. Shaw sold 1,000 shares of the stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $241.84, for a total transaction of $241,840.00. Following the transaction, the chief executive officer now owns 34,255 shares in the company, valued at $8,284,229.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.31% of the stock is owned by corporate insiders.
Several brokerages have recently commented on NSC. Barclays lowered their price objective on shares of Norfolk Southern from $300.00 to $255.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 14th. Credit Suisse Group initiated coverage on shares of Norfolk Southern in a research note on Monday. They issued an “outperform” rating and a $267.00 price target for the company. TD Securities increased their price target on shares of Norfolk Southern from $300.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday, April 28th. StockNews.com initiated coverage on shares of Norfolk Southern in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Susquehanna decreased their price target on shares of Norfolk Southern from $356.00 to $350.00 and set a “positive” rating for the company in a research note on Thursday, April 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $299.89.
Norfolk Southern Profile (Get Rating)
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, scrap paper, beverages, canned goods, and consumer products; chemicals consist of sulfur and related chemicals, petroleum products, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, and sand; 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.
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