Family Legacy Inc. Raises Position in Norfolk Southern Corp. (NYSE:NSC)

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Family Legacy Inc. grew its position in Norfolk Southern Corp. (NYSE:NSC) by 12.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,969 shares of the railroad operator’s stock after acquiring an additional 321 shares during the period. Family Legacy Inc.’s holdings in Norfolk Southern were worth $592,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of NSC. FMR LLC boosted its holdings in shares of Norfolk Southern by 27.4% in the first quarter. FMR LLC now owns 9,875,360 shares of the railroad operator’s stock valued at $1,845,606,000 after acquiring an additional 2,123,713 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Norfolk Southern by 27.7% in the first quarter. Lazard Asset Management LLC now owns 7,333,967 shares of the railroad operator’s stock valued at $1,370,644,000 after acquiring an additional 1,592,303 shares in the last quarter. Ronna Sue Cohen boosted its holdings in shares of Norfolk Southern by 18,679.2% in the first quarter. Ronna Sue Cohen now owns 491,076 shares of the railroad operator’s stock valued at $491,000 after acquiring an additional 488,461 shares in the last quarter. Ellis Investment Partners LLC boosted its holdings in shares of Norfolk Southern by 15,974.1% in the first quarter. Ellis Investment Partners LLC now owns 435,609 shares of the railroad operator’s stock valued at $435,000 after acquiring an additional 432,899 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Norfolk Southern by 3.5% in the first quarter. JPMorgan Chase & Co. now owns 12,864,410 shares of the railroad operator’s stock valued at $2,404,230,000 after purchasing an additional 430,110 shares during the period. 73.30% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages recently commented on NSC. BMO Capital Markets raised their price objective on shares of Norfolk Southern from $185.00 to $210.00 and gave the company a “market perform” rating in a research note on Thursday, April 25th. Argus raised their price objective on shares of Norfolk Southern from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Morgan Stanley set a $130.00 price objective on shares of Norfolk Southern and gave the company a “sell” rating in a research note on Monday, July 8th. Goldman Sachs Group began coverage on shares of Norfolk Southern in a research note on Wednesday, July 10th. They issued a “buy” rating and a $237.00 price objective for the company. Finally, Zacks Investment Research upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $226.00 price objective for the company in a research note on Thursday, May 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $205.83.

In other Norfolk Southern news, Chairman James A. Squires sold 3,024 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $204.71, for a total transaction of $619,043.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jennifer F. Scanlon bought 525 shares of the company’s stock in a transaction on Monday, July 29th. The shares were acquired at an average cost of $191.52 per share, for a total transaction of $100,548.00. Following the completion of the acquisition, the director now directly owns 525 shares of the company’s stock, valued at approximately $100,548. The disclosure for this purchase can be found here. Insiders own 0.19% of the company’s stock.

Shares of NSC opened at $182.02 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $47.95 billion, a PE ratio of 19.14, a P/E/G ratio of 1.47 and a beta of 1.32. The business’s 50-day simple moving average is $196.18. Norfolk Southern Corp. has a 12-month low of $138.65 and a 12-month high of $211.46.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Wednesday, July 24th. The railroad operator reported $2.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.77 by ($0.07). The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.95 billion. Norfolk Southern had a return on equity of 18.24% and a net margin of 24.15%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.50 EPS. Research analysts predict that Norfolk Southern Corp. will post 10.67 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 5th will be given a dividend of $0.94 per share. The ex-dividend date is Friday, August 2nd. This represents a $3.76 dividend on an annualized basis and a yield of 2.07%. This is a boost from Norfolk Southern’s previous quarterly dividend of $0.86. Norfolk Southern’s payout ratio is presently 36.17%.

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

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