Berkshire Bank Takes $204,000 Position in Norfolk Southern Co. (NYSE:NSC)

Berkshire Bank purchased a new stake in Norfolk Southern Co. (NYSE:NSCFree Report) during the first quarter, HoldingsChannel reports. The institutional investor purchased 800 shares of the railroad operator’s stock, valued at approximately $204,000.

A number of other hedge funds also recently made changes to their positions in NSC. Provence Wealth Management Group bought a new position in Norfolk Southern in the 3rd quarter valued at approximately $28,000. Exchange Traded Concepts LLC raised its holdings in Norfolk Southern by 662.5% in the 4th quarter. Exchange Traded Concepts LLC now owns 122 shares of the railroad operator’s stock valued at $29,000 after buying an additional 106 shares during the last quarter. Operose Advisors LLC bought a new position in Norfolk Southern in the 3rd quarter valued at approximately $32,000. Orion Capital Management LLC bought a new position in Norfolk Southern in the 3rd quarter valued at approximately $32,000. Finally, Turtle Creek Wealth Advisors LLC bought a new position in Norfolk Southern in the 4th quarter valued at approximately $32,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NSC has been the subject of a number of research reports. Barclays dropped their price objective on shares of Norfolk Southern from $305.00 to $275.00 and set an “overweight” rating for the company in a report on Monday, May 13th. JPMorgan Chase & Co. boosted their price target on shares of Norfolk Southern from $240.00 to $275.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Citigroup boosted their price target on shares of Norfolk Southern from $253.00 to $286.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. TD Cowen boosted their price target on shares of Norfolk Southern from $236.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, March 21st. Finally, Morgan Stanley downgraded shares of Norfolk Southern from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $185.00 to $175.00 in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $261.78.

Read Our Latest Research Report on Norfolk Southern

Norfolk Southern Stock Down 2.4 %

NSC stock traded down $5.62 during midday trading on Tuesday, reaching $224.71. 901,621 shares of the company’s stock traded hands, compared to its average volume of 1,373,093. The company has a market cap of $50.77 billion, a price-to-earnings ratio of 36.19, a P/E/G ratio of 3.23 and a beta of 1.30. The firm’s fifty day moving average price is $243.43 and its 200-day moving average price is $237.20. The company has a quick ratio of 0.61, a current ratio of 0.68 and a debt-to-equity ratio of 1.37. Norfolk Southern Co. has a 52 week low of $183.09 and a 52 week high of $263.66.

Norfolk Southern (NYSE:NSCGet Free Report) last posted its earnings results on Wednesday, April 24th. The railroad operator reported $2.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by ($0.09). Norfolk Southern had a return on equity of 19.61% and a net margin of 11.76%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the company earned $3.32 EPS. The business’s revenue was down 4.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Norfolk Southern Co. will post 11.66 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Friday, May 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.40%. Norfolk Southern’s payout ratio is 86.96%.

Insider Transactions at Norfolk Southern

In other news, CMO Claude E. Elkins sold 8,329 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $228.43, for a total value of $1,902,593.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.19% of the company’s stock.

Norfolk Southern Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Southern Co. (NYSE:NSCFree Report).

Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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