Heritage Investors Management Corp Lowers Holdings in Norfolk Southern Corp. (NSC)

Heritage Investors Management Corp lessened its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 6.8% in the third quarter, HoldingsChannel reports. The firm owned 65,538 shares of the railroad operator’s stock after selling 4,797 shares during the period. Heritage Investors Management Corp’s holdings in Norfolk Southern were worth $11,830,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Norfolk Southern by 8.6% in the 2nd quarter. FMR LLC now owns 7,036,787 shares of the railroad operator’s stock valued at $1,061,640,000 after acquiring an additional 555,871 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Norfolk Southern by 196.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 725,813 shares of the railroad operator’s stock valued at $109,503,000 after acquiring an additional 481,013 shares in the last quarter. PointState Capital LP bought a new position in shares of Norfolk Southern in the 2nd quarter valued at about $63,296,000. Marshall Wace LLP grew its holdings in shares of Norfolk Southern by 11,222.3% in the 2nd quarter. Marshall Wace LLP now owns 193,046 shares of the railroad operator’s stock valued at $29,125,000 after acquiring an additional 191,341 shares in the last quarter. Finally, Smith Asset Management Group LP bought a new position in shares of Norfolk Southern in the 3rd quarter valued at about $34,090,000. Hedge funds and other institutional investors own 74.38% of the company’s stock.

In related news, COO Michael Joseph Wheeler sold 801 shares of the business’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total value of $138,212.55. Following the sale, the chief operating officer now owns 9,406 shares of the company’s stock, valued at $1,623,005.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman James A. Squires sold 34,077 shares of the business’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $171.73, for a total transaction of $5,852,043.21. Following the completion of the sale, the chairman now directly owns 63,958 shares in the company, valued at approximately $10,983,507.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,248 shares of company stock worth $6,405,219. Insiders own 0.36% of the company’s stock.

Several equities analysts have recently weighed in on NSC shares. Credit Suisse Group decreased their price objective on Norfolk Southern from $188.00 to $187.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. Scotiabank set a $175.00 price objective on Norfolk Southern and gave the company a “buy” rating in a report on Wednesday, July 25th. Edward Jones cut Norfolk Southern from a “buy” rating to a “hold” rating in a report on Friday, September 28th. Loop Capital upgraded Norfolk Southern from a “hold” rating to a “buy” rating and raised their price objective for the company from $179.00 to $190.00 in a report on Wednesday, October 24th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $158.00 price objective on shares of Norfolk Southern in a report on Friday, July 13th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $174.40.

NYSE NSC opened at $172.35 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.86 and a quick ratio of 0.75. Norfolk Southern Corp. has a 1-year low of $125.59 and a 1-year high of $186.91. The company has a market capitalization of $45.50 billion, a PE ratio of 26.07, a price-to-earnings-growth ratio of 1.51 and a beta of 1.32.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.08. The business had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period last year, the firm posted $1.75 earnings per share. On average, sell-side analysts anticipate that Norfolk Southern Corp. will post 9.24 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 2nd will be paid a dividend of $0.80 per share. The ex-dividend date is Thursday, November 1st. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.86%. Norfolk Southern’s payout ratio is presently 48.41%.

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Norfolk Southern Company Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.

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

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