Checchi Capital Advisers LLC cut its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 3.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,857 shares of the railroad operator’s stock after selling 116 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Norfolk Southern were worth $534,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in NSC. Martingale Asset Management L P bought a new stake in Norfolk Southern in the 1st quarter valued at about $476,000. Piedmont Investment Advisors Inc. increased its position in Norfolk Southern by 1.0% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 48,518 shares of the railroad operator’s stock valued at $9,068,000 after buying an additional 472 shares in the last quarter. Clear Perspective Advisors LLC bought a new stake in Norfolk Southern in the 1st quarter valued at about $229,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Norfolk Southern by 13.1% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 187,275 shares of the railroad operator’s stock valued at $35,000,000 after buying an additional 21,725 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its position in Norfolk Southern by 14.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 226,406 shares of the railroad operator’s stock valued at $42,214,000 after buying an additional 27,750 shares in the last quarter. 73.03% of the stock is currently owned by institutional investors.
NSC has been the subject of several recent analyst reports. Deutsche Bank lowered Norfolk Southern from a “buy” rating to a “hold” rating and set a $177.00 target price for the company. in a report on Friday, January 25th. Loop Capital upped their price objective on Norfolk Southern to $197.00 and gave the company a “buy” rating in a research note on Friday, January 25th. TD Securities upped their price objective on Norfolk Southern from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, January 25th. ValuEngine upgraded Norfolk Southern from a “hold” rating to a “buy” rating in a research note on Tuesday, February 12th. Finally, Cowen reiterated an “outperform” rating and issued a $200.00 price objective (up previously from $194.00) on shares of Norfolk Southern in a research note on Tuesday, February 12th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $202.06.
Norfolk Southern stock opened at $199.95 on Friday. Norfolk Southern Corp. has a 12 month low of $138.65 and a 12 month high of $211.46. The company has a current ratio of 0.67, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $54.43 billion, a P/E ratio of 21.03, a PEG ratio of 1.57 and a beta of 1.44.
Norfolk Southern (NYSE:NSC) last posted its earnings results on Wednesday, April 24th. The railroad operator reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.17 by $0.34. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.82 billion. Norfolk Southern had a return on equity of 17.80% and a net margin of 24.10%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.93 earnings per share. On average, analysts predict that Norfolk Southern Corp. will post 10.82 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 3rd will be given a dividend of $0.86 per share. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $3.44 annualized dividend and a dividend yield of 1.72%. Norfolk Southern’s dividend payout ratio is currently 36.17%.
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.
Further Reading: Special Dividends
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