Deprince Race & Zollo Inc. increased its stake in Norfolk Southern Corp. (NYSE:NSC) by 12.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 508,700 shares of the railroad operator’s stock after buying an additional 54,500 shares during the period. Deprince Race & Zollo Inc.’s holdings in Norfolk Southern Corp. were worth $43,306,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC raised its position in Norfolk Southern Corp. by 133.8% in the first quarter. Lazard Asset Management LLC now owns 7,098,296 shares of the railroad operator’s stock valued at $590,931,000 after buying an additional 4,062,019 shares during the last quarter. American Century Companies Inc. raised its position in Norfolk Southern Corp. by 69.9% in the second quarter. American Century Companies Inc. now owns 1,672,364 shares of the railroad operator’s stock valued at $142,368,000 after buying an additional 687,976 shares during the last quarter. Bank of Montreal Can bought a new position in Norfolk Southern Corp. during the second quarter valued at approximately $37,178,000. BlackRock Institutional Trust Company N.A. raised its position in Norfolk Southern Corp. by 5.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,273,342 shares of the railroad operator’s stock valued at $688,756,000 after buying an additional 402,550 shares during the last quarter. Finally, British Airways Pensions Investment Management Ltd bought a new position in Norfolk Southern Corp. during the second quarter valued at approximately $27,348,000. 67.90% of the stock is owned by hedge funds and other institutional investors.
Norfolk Southern Corp. (NYSE:NSC) traded up 2.01% during midday trading on Friday, hitting $97.06. The company had a trading volume of 1,921,332 shares. Norfolk Southern Corp. has a 52-week low of $64.51 and a 52-week high of $98.75. The stock’s 50-day moving average price is $92.36 and its 200-day moving average price is $87.43. The stock has a market cap of $28.49 billion, a PE ratio of 18.18 and a beta of 1.28.
Norfolk Southern Corp. (NYSE:NSC) last announced its quarterly earnings results on Wednesday, July 27th. The railroad operator reported $1.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.51 billion. Norfolk Southern Corp. had a return on equity of 13.34% and a net margin of 15.88%. The company’s quarterly revenue was down 9.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.41 EPS. On average, equities research analysts expect that Norfolk Southern Corp. will post $5.45 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Stockholders of record on Monday, August 8th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, August 4th. Norfolk Southern Corp.’s dividend payout ratio (DPR) is 44.19%.
Several research analysts recently issued reports on NSC shares. Citigroup Inc. upped their target price on Norfolk Southern Corp. from $87.00 to $97.00 and gave the company a “neutral” rating in a research report on Tuesday, September 13th. Credit Suisse Group AG reduced their target price on Norfolk Southern Corp. from $99.00 to $97.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Loop Capital reaffirmed a “hold” rating on shares of Norfolk Southern Corp. in a research report on Friday, September 9th. Barclays PLC reduced their target price on Norfolk Southern Corp. from $104.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, September 12th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $93.00 target price on shares of Norfolk Southern Corp. in a research report on Thursday, July 7th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have issued a buy rating to the company. Norfolk Southern Corp. currently has a consensus rating of “Hold” and an average price target of $89.49.
In other news, VP Thomas E. Hurlbut sold 528 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $88.35, for a total transaction of $46,648.80. Following the sale, the vice president now owns 11,580 shares of the company’s stock, valued at approximately $1,023,093. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP James A. Hixon sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $94.15, for a total value of $941,500.00. Following the sale, the vice president now directly owns 129,074 shares in the company, valued at approximately $12,152,317.10. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.
Norfolk Southern Corp. Company Profile
Norfolk Southern Corporation is a holding company engaged in the rail transportation business. The Company operates approximately 20,000 miles of road primarily in the East and Midwest. The Company is engaged in the rail transportation of raw materials, intermediate products and finished goods primarily in the Southeast, East and Midwest.
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