Ropes Wealth Advisors LLC lowered its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 1.1% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 12,001 shares of the railroad operator’s stock after selling 134 shares during the period. Ropes Wealth Advisors LLC’s holdings in Norfolk Southern were worth $2,392,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Weaver Consulting Group purchased a new position in shares of Norfolk Southern in the 1st quarter worth approximately $30,000. AGF Investments LLC boosted its stake in shares of Norfolk Southern by 173.5% in the 2nd quarter. AGF Investments LLC now owns 186 shares of the railroad operator’s stock worth $37,000 after buying an additional 118 shares during the last quarter. Coastal Capital Group Inc. purchased a new position in shares of Norfolk Southern in the 2nd quarter worth approximately $40,000. Advisory Alpha LLC purchased a new position in shares of Norfolk Southern in the 1st quarter worth approximately $42,000. Finally, Contravisory Investment Management Inc. boosted its stake in shares of Norfolk Southern by 18.4% in the 2nd quarter. Contravisory Investment Management Inc. now owns 360 shares of the railroad operator’s stock worth $72,000 after buying an additional 56 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.
Norfolk Southern stock traded up $3.35 during trading on Tuesday, hitting $177.88. The stock had a trading volume of 59,784 shares, compared to its average volume of 2,318,321. Norfolk Southern Corp. has a 1 year low of $138.65 and a 1 year high of $211.46. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.68 and a current ratio of 0.78. The company’s 50 day moving average price is $193.02. The firm has a market cap of $45.98 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 1.44 and a beta of 1.31.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 5th will be paid a $0.94 dividend. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.86. The ex-dividend date is Friday, August 2nd. This represents a $3.76 annualized dividend and a yield of 2.11%. Norfolk Southern’s dividend payout ratio is presently 39.54%.
In other Norfolk Southern news, Director Jennifer F. Scanlon bought 525 shares of the stock in a transaction on Monday, July 29th. The shares were acquired at an average price of $191.52 per share, with a total value of $100,548.00. Following the acquisition, the director now directly owns 525 shares of the company’s stock, valued at approximately $100,548. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman James A. Squires sold 3,024 shares of the business’s 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 disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.
A number of equities analysts have recently weighed in on NSC shares. BMO Capital Markets boosted their target price on Norfolk Southern from $185.00 to $210.00 and gave the stock a “market perform” rating in a research note on Thursday, April 25th. Argus boosted their target price on Norfolk Southern from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. ValuEngine downgraded Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Goldman Sachs Group started coverage on Norfolk Southern in a research note on Wednesday, July 10th. They issued a “buy” rating and a $237.00 target price on the stock. Finally, TD Securities cut their target price on Norfolk Southern from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $205.83.
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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