Kendall Capital Management Acquires 780 Shares of Norfolk Southern Corp. (NYSE:NSC)

Kendall Capital Management boosted its holdings in Norfolk Southern Corp. (NYSE:NSC) by 11.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,871 shares of the railroad operator’s stock after purchasing an additional 780 shares during the quarter. Norfolk Southern accounts for about 1.3% of Kendall Capital Management’s portfolio, making the stock its 25th largest holding. Kendall Capital Management’s holdings in Norfolk Southern were worth $1,382,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in NSC. Brinker Capital Inc. lifted its position in shares of Norfolk Southern by 13.0% during the 2nd quarter. Brinker Capital Inc. now owns 25,665 shares of the railroad operator’s stock valued at $4,506,000 after acquiring an additional 2,947 shares during the period. Dearborn Partners LLC raised its stake in Norfolk Southern by 5.4% in the second quarter. Dearborn Partners LLC now owns 5,684 shares of the railroad operator’s stock valued at $998,000 after purchasing an additional 293 shares in the last quarter. Community Bank N.A. raised its stake in Norfolk Southern by 13.7% in the second quarter. Community Bank N.A. now owns 10,429 shares of the railroad operator’s stock valued at $1,831,000 after purchasing an additional 1,255 shares in the last quarter. EFG Asset Management Americas Corp. lifted its position in Norfolk Southern by 36.0% during the second quarter. EFG Asset Management Americas Corp. now owns 39,740 shares of the railroad operator’s stock worth $6,974,000 after purchasing an additional 10,526 shares during the period. Finally, State of Michigan Retirement System increased its holdings in Norfolk Southern by 9.5% in the 2nd quarter. State of Michigan Retirement System now owns 65,411 shares of the railroad operator’s stock valued at $11,484,000 after buying an additional 5,662 shares during the period. Hedge funds and other institutional investors own 67.67% of the company’s stock.

Several analysts recently issued reports on NSC shares. BMO Capital Markets increased their price target on shares of Norfolk Southern from $185.00 to $195.00 and gave the stock a “market perform” rating in a research report on Wednesday, June 3rd. Wells Fargo & Co lifted their price target on Norfolk Southern from $201.00 to $213.00 and gave the company an “overweight” rating in a research note on Thursday. Susquehanna Bancshares dropped their price objective on Norfolk Southern from $247.00 to $189.00 and set a “positive” rating for the company in a research report on Wednesday, April 8th. Barclays cut Norfolk Southern from an “equal weight” rating to an “underweight” rating and set a $150.00 target price on the stock. in a research report on Friday, April 17th. Finally, TD Securities raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a report on Thursday, July 2nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $193.29.

In other Norfolk Southern news, CEO James A. Squires sold 50,797 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $191.48, for a total transaction of $9,726,609.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Clyde H. Allison, Jr. sold 1,593 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $192.65, for a total value of $306,891.45. Following the sale, the vice president now owns 41,146 shares of the company’s stock, valued at $7,926,776.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,388 shares of company stock valued at $13,616,926. 0.32% of the stock is currently owned by corporate insiders.

NSC traded up $3.34 during midday trading on Friday, hitting $192.21. 1,746,247 shares of the company were exchanged, compared to its average volume of 1,422,300. The firm’s 50 day moving average price is $178.04 and its 200-day moving average price is $177.16. Norfolk Southern Corp. has a 1-year low of $112.62 and a 1-year high of $219.88. The firm has a market capitalization of $52.94 billion, a P/E ratio of 23.91, a P/E/G ratio of 3.38 and a beta of 1.37. 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 (NYSE:NSC) last posted its quarterly earnings data on Wednesday, July 29th. The railroad operator reported $1.53 EPS for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.20. The company had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.06 billion. Norfolk Southern had a return on equity of 16.06% and a net margin of 20.47%. The firm’s quarterly revenue was down 28.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.70 earnings per share. On average, sell-side analysts predict that Norfolk Southern Corp. will post 8.71 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 7th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, August 6th. Norfolk Southern’s dividend payout ratio is currently 36.36%.

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

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