Eliot Finkel Investment Counsel LLC trimmed its position in Norfolk Southern Corp. (NYSE:NSC) by 4.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,655 shares of the railroad operator’s stock after selling 2,540 shares during the quarter. Norfolk Southern comprises approximately 5.7% of Eliot Finkel Investment Counsel LLC’s holdings, making the stock its largest position. Eliot Finkel Investment Counsel LLC’s holdings in Norfolk Southern were worth $8,963,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of NSC. FMR LLC lifted its stake in shares of Norfolk Southern by 14.8% in the third quarter. FMR LLC now owns 8,080,231 shares of the railroad operator’s stock worth $1,458,480,000 after buying an additional 1,043,444 shares during the last quarter. FIL Ltd increased its position in Norfolk Southern by 8,233.6% during the third quarter. FIL Ltd now owns 842,360 shares of the railroad operator’s stock worth $152,046,000 after acquiring an additional 832,252 shares during the period. Point72 Asset Management L.P. increased its position in Norfolk Southern by 196.5% during the second quarter. Point72 Asset Management L.P. now owns 725,813 shares of the railroad operator’s stock worth $109,503,000 after acquiring an additional 481,013 shares during the period. PointState Capital LP bought a new position in Norfolk Southern during the second quarter worth $63,296,000. Finally, Artemis Investment Management LLP increased its position in Norfolk Southern by 21.3% during the third quarter. Artemis Investment Management LLP now owns 1,462,459 shares of the railroad operator’s stock worth $263,981,000 after acquiring an additional 256,367 shares during the period. Institutional investors and hedge funds own 72.97% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 target price on the stock in a research report on Monday, October 8th. Loop Capital boosted their target price on shares of Norfolk Southern to $179.00 and gave the stock a “hold” rating in a research report on Thursday, August 16th. Stifel Nicolaus raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $189.00 target price on the stock in a research report on Wednesday, October 24th. Morgan Stanley boosted their target price on shares of Norfolk Southern from $112.00 to $116.00 and gave the stock a “sell” rating in a research report on Tuesday, October 9th. Finally, Robert W. Baird dropped their target price on shares of Norfolk Southern from $186.00 to $181.00 and set a “neutral” rating on the stock in a research report on Thursday, October 25th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the stock. Norfolk Southern presently has a consensus rating of “Hold” and an average target price of $176.11.
Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.44 by $0.08. The firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.75 EPS. Analysts expect that Norfolk Southern Corp. will post 9.26 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 2nd will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.93%. The ex-dividend date is Thursday, November 1st. Norfolk Southern’s dividend payout ratio (DPR) is presently 48.41%.
In other Norfolk Southern 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 approximately $1,623,005.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.36% of the company’s stock.
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Norfolk Southern 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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