Resona Asset Management Co. Ltd. Cuts Holdings in Norfolk Southern Corporation $NSC

Resona Asset Management Co. Ltd. lowered its position in Norfolk Southern Corporation (NYSE:NSC) by 5.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 70,062 shares of the railroad operator’s stock after selling 4,105 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Norfolk Southern were worth $21,038,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of NSC. Aberdeen Group plc grew its holdings in Norfolk Southern by 6.4% in the second quarter. Aberdeen Group plc now owns 529,726 shares of the railroad operator’s stock valued at $135,610,000 after purchasing an additional 31,878 shares during the period. Park Place Capital Corp raised its stake in shares of Norfolk Southern by 13,000.0% during the 3rd quarter. Park Place Capital Corp now owns 3,668 shares of the railroad operator’s stock worth $1,102,000 after buying an additional 3,640 shares during the period. Morningstar Investment Management LLC purchased a new position in shares of Norfolk Southern during the 2nd quarter valued at approximately $597,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Norfolk Southern by 682.1% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 56,012 shares of the railroad operator’s stock valued at $14,337,000 after acquiring an additional 48,850 shares during the period. Finally, First Horizon Corp acquired a new stake in Norfolk Southern in the 3rd quarter valued at $565,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Norfolk Southern Stock Down 0.6%

Shares of NYSE NSC opened at $287.31 on Friday. The stock has a market cap of $64.47 billion, a PE ratio of 21.92, a P/E/G ratio of 5.03 and a beta of 1.33. The company has a current ratio of 0.86, a quick ratio of 0.78 and a debt-to-equity ratio of 1.09. Norfolk Southern Corporation has a 12-month low of $201.63 and a 12-month high of $302.24. The company has a 50-day moving average of $289.75 and a 200 day moving average of $284.93.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share for the quarter, missing the consensus estimate of $3.31 by ($0.01). The company had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.11 billion. Norfolk Southern had a return on equity of 18.93% and a net margin of 24.22%.The company’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.25 earnings per share. As a group, sell-side analysts predict that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard H. Anderson bought 2,600 shares of the business’s stock in a transaction on Monday, October 27th. The stock was acquired at an average cost of $281.86 per share, with a total value of $732,836.00. Following the purchase, the director directly owned 7,000 shares of the company’s stock, valued at $1,973,020. The trade was a 59.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William Jr. Clyburn purchased 204 shares of Norfolk Southern stock in a transaction dated Friday, December 5th. The shares were bought at an average price of $294.79 per share, for a total transaction of $60,137.16. Following the acquisition, the director owned 405 shares in the company, valued at approximately $119,389.95. This trade represents a 101.49% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 4,454 shares of company stock worth $1,259,874 in the last three months. Company insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

NSC has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating and decreased their price objective for the company from $354.00 to $297.00 in a report on Thursday, December 11th. Weiss Ratings restated a “hold (c+)” rating on shares of Norfolk Southern in a research report on Thursday. JPMorgan Chase & Co. lowered their price objective on Norfolk Southern from $303.00 to $301.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. Morgan Stanley upgraded Norfolk Southern from an “equal weight” rating to a “buy” rating in a research note on Thursday, December 18th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $325.00 target price on shares of Norfolk Southern in a research report on Thursday, December 18th. Eight research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $303.52.

Norfolk Southern Profile

Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.

The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.