EFG Asset Management Americas Corp. lifted its position in Norfolk Southern Corp. (NYSE:NSC) by 36.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,740 shares of the railroad operator’s stock after acquiring an additional 10,526 shares during the quarter. Norfolk Southern accounts for 1.8% of EFG Asset Management Americas Corp.’s portfolio, making the stock its 17th largest position. EFG Asset Management Americas Corp.’s holdings in Norfolk Southern were worth $6,974,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in NSC. NuWave Investment Management LLC bought a new stake in Norfolk Southern during the 2nd quarter valued at about $29,000. Harvest Fund Management Co. Ltd bought a new stake in Norfolk Southern during the 1st quarter valued at about $30,000. Verus Capital Partners LLC bought a new stake in Norfolk Southern during the 4th quarter valued at about $43,000. Tarbox Family Office Inc. lifted its holdings in Norfolk Southern by 54.4% during the 1st quarter. Tarbox Family Office Inc. now owns 230 shares of the railroad operator’s stock valued at $34,000 after buying an additional 81 shares in the last quarter. Finally, Royal Fund Management LLC bought a new stake in Norfolk Southern during the 1st quarter valued at about $38,000. Hedge funds and other institutional investors own 67.67% of the company’s stock.
Shares of Norfolk Southern stock traded up $3.34 on Friday, reaching $192.21. The stock had a trading volume of 1,746,247 shares, compared to its average volume of 1,422,300. The company has a 50 day moving average price of $178.04 and a 200 day moving average price of $177.16. The company has a quick ratio of 0.78, a current ratio of 1.21 and a debt-to-equity ratio of 0.85. Norfolk Southern Corp. has a 1 year low of $112.62 and a 1 year high of $219.88. The stock has a market capitalization of $52.02 billion, a P/E ratio of 23.91, a P/E/G ratio of 3.32 and a beta of 1.37.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 7th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.96%. The ex-dividend date is Thursday, August 6th. Norfolk Southern’s dividend payout ratio is presently 36.36%.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 8,918 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $195.02, for a total transaction of $1,739,188.36. Following the sale, the chief operating officer now owns 12,846 shares of the company’s stock, valued at approximately $2,505,226.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James A. Squires sold 50,797 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $191.48, for a total transaction of $9,726,609.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,388 shares of company stock worth $13,616,926. 0.32% of the stock is owned by insiders.
NSC has been the subject of a number of research analyst reports. Evercore ISI upgraded shares of Norfolk Southern from an “in-line” rating to an “outperform” rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. lifted their price objective on shares of Norfolk Southern from $189.00 to $199.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Royal Bank of Canada reissued a “sell” rating and set a $140.00 target price on shares of Norfolk Southern in a research report on Sunday, April 12th. Zacks Investment Research raised shares of Norfolk Southern from a “sell” rating to a “hold” rating and set a $189.00 target price on the stock in a research report on Friday, May 29th. Finally, Wells Fargo & Co raised their target price on shares of Norfolk Southern from $201.00 to $213.00 and gave the company an “overweight” rating in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $193.29.
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.
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