Primecap Management Co. CA cut its stake in Norfolk Southern Corp. (NYSE:NSC) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 202,300 shares of the railroad operator’s stock after selling 22,700 shares during the period. Primecap Management Co. CA owned approximately 0.08% of Norfolk Southern worth $29,536,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd acquired a new position in Norfolk Southern in the 1st quarter worth $30,000. Tarbox Family Office Inc. lifted its stake in Norfolk Southern by 54.4% in the 1st quarter. Tarbox Family Office Inc. now owns 230 shares of the railroad operator’s stock valued at $34,000 after purchasing an additional 81 shares during the last quarter. Royal Fund Management LLC acquired a new stake in Norfolk Southern in the 1st quarter valued at about $38,000. Lloyd Advisory Services LLC. acquired a new stake in Norfolk Southern in the 4th quarter valued at about $39,000. Finally, Verus Capital Partners LLC acquired a new stake in Norfolk Southern in the 4th quarter valued at about $43,000. 73.15% of the stock is owned by hedge funds and other institutional investors.
In related news, COO Michael Joseph Wheeler sold 10,080 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $182.96, for a total transaction of $1,844,236.80. Following the sale, the chief operating officer now owns 31,844 shares in the company, valued at approximately $5,826,178.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Clyde H. Allison, Jr. sold 1,593 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $192.65, for a total transaction of $306,891.45. Following the sale, the vice president now owns 41,146 shares in the company, valued at approximately $7,926,776.90. The disclosure for this sale can be found here. Insiders have sold a total of 71,388 shares of company stock worth $13,616,926 in the last quarter. 0.32% of the stock is currently owned by company insiders.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Wednesday, April 29th. The railroad operator reported $2.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.25 by $0.33. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.57 billion. Norfolk Southern had a net margin of 21.89% and a return on equity of 18.12%. The firm’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same quarter last year, the business posted $2.51 EPS. Analysts forecast that Norfolk Southern Corp. will post 8.93 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 8th will be given a dividend of $0.94 per share. The ex-dividend date is Thursday, May 7th. This represents a $3.76 annualized dividend and a dividend yield of 1.98%. Norfolk Southern’s dividend payout ratio is 36.36%.
Several equities research analysts recently issued reports on NSC shares. Barclays downgraded shares of Norfolk Southern from an “equal weight” rating to an “underweight” rating and set a $150.00 target price for the company. in a research note on Friday, April 17th. Credit Suisse Group raised their target price on shares of Norfolk Southern from $182.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, April 30th. Zacks Investment Research upgraded shares of Norfolk Southern from a “sell” rating to a “hold” rating and set a $189.00 target price for the company in a research note on Friday, May 29th. Deutsche Bank lowered their price target on shares of Norfolk Southern from $179.00 to $172.00 and set a “hold” rating on the stock in a report on Thursday, April 9th. Finally, Cowen lowered their price target on shares of Norfolk Southern from $200.00 to $197.00 and set an “outperform” rating on the stock in a report on Thursday, April 30th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $190.59.
About Norfolk Southern
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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