DNB Asset Management AS Boosts Stake in Norfolk Southern Corp. (NYSE:NSC)

DNB Asset Management AS grew its stake in Norfolk Southern Corp. (NYSE:NSC) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,776 shares of the railroad operator’s stock after buying an additional 3,874 shares during the period. DNB Asset Management AS’s holdings in Norfolk Southern were worth $8,915,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd purchased a new position in shares of Norfolk Southern in the first quarter worth $30,000. Tarbox Family Office Inc. raised its holdings in shares of Norfolk Southern by 54.4% in the first quarter. Tarbox Family Office Inc. now owns 230 shares of the railroad operator’s stock worth $34,000 after buying an additional 81 shares during the last quarter. Royal Fund Management LLC acquired a new stake in shares of Norfolk Southern in the first quarter worth $38,000. Verus Capital Partners LLC acquired a new stake in shares of Norfolk Southern in the fourth quarter worth $43,000. Finally, Ballast Advisors LLC acquired a new stake in shares of Norfolk Southern in the first quarter worth $48,000. 73.15% of the stock is owned by institutional investors and hedge funds.

A number of research firms have recently weighed in on NSC. Susquehanna Bancshares cut their price objective on shares of Norfolk Southern from $247.00 to $189.00 and set a “positive” rating on the stock in a research note on Wednesday, April 8th. Zacks Investment Research upgraded shares of Norfolk Southern from a “sell” rating to a “hold” rating and set a $189.00 price target on the stock in a research report on Friday, May 29th. Royal Bank of Canada restated a “sell” rating and set a $140.00 price target on shares of Norfolk Southern in a research report on Sunday, April 12th. Citigroup increased their price objective on shares of Norfolk Southern from $196.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Finally, JPMorgan Chase & Co. increased 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. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $192.36.

In related news, CEO James A. Squires sold 50,797 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $191.48, for a total value of $9,726,609.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Michael Joseph Wheeler sold 8,918 shares of the stock in a transaction dated 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 completion of the sale, the chief operating officer now directly owns 12,846 shares in the company, valued at $2,505,226.92. The disclosure for this sale can be found here. Insiders have sold a total of 71,388 shares of company stock valued at $13,616,926 in the last quarter. 0.32% of the stock is currently owned by company insiders.

Shares of NSC stock opened at $175.26 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.78 and a current ratio of 0.90. The stock has a market capitalization of $48.14 billion, a P/E ratio of 19.03, a price-to-earnings-growth ratio of 2.84 and a beta of 1.37. The company has a 50 day moving average price of $177.60 and a 200 day moving average price of $178.61. Norfolk Southern Corp. has a fifty-two week low of $112.62 and a fifty-two week high of $219.88.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Wednesday, April 29th. The railroad operator reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.25 by $0.33. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.57 billion. Norfolk Southern had a net margin of 21.89% and a return on equity of 18.12%. The business’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.51 earnings per share. On average, research analysts forecast that Norfolk Southern Corp. will post 8.79 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 8th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.15%. The ex-dividend date was Thursday, May 7th. Norfolk Southern’s dividend payout ratio (DPR) is presently 36.36%.

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

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