World Asset Management Inc raised its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 6.4% in the 1st quarter, Holdings Channel reports. The firm owned 17,356 shares of the railroad operator’s stock after purchasing an additional 1,045 shares during the quarter. World Asset Management Inc’s holdings in Norfolk Southern were worth $3,244,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Coho Partners Ltd. acquired a new stake in shares of Norfolk Southern in the first quarter worth $207,000. Inlet Private Wealth LLC increased its position in shares of Norfolk Southern by 30.3% in the first quarter. Inlet Private Wealth LLC now owns 8,600 shares of the railroad operator’s stock worth $1,607,000 after acquiring an additional 2,000 shares in the last quarter. Glenview State Bank Trust DEPT. acquired a new stake in shares of Norfolk Southern in the first quarter worth $225,000. James Investment Research Inc. acquired a new stake in shares of Norfolk Southern in the first quarter worth $721,000. Finally, Nicolet Bankshares Inc. increased its position in shares of Norfolk Southern by 51.5% in the first quarter. Nicolet Bankshares Inc. now owns 3,475 shares of the railroad operator’s stock worth $649,000 after acquiring an additional 1,181 shares in the last quarter. 74.57% of the stock is owned by hedge funds and other institutional investors.
In other Norfolk Southern news, VP Jason Andrew Zampi sold 519 shares of the stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $181.34, for a total transaction of $94,115.46. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Michael Joseph Wheeler sold 4,761 shares of the stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $180.23, for a total transaction of $858,075.03. Following the transaction, the chief operating officer now owns 19,724 shares in the company, valued at $3,554,856.52. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.51 EPS for the quarter, beating the Zacks’ consensus estimate of $2.17 by $0.34. Norfolk Southern had a net margin of 24.10% and a return on equity of 17.80%. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the firm posted $1.93 EPS. The firm’s revenue was up 4.5% compared to the same quarter last year. On average, research analysts expect that Norfolk Southern Corp. will post 10.67 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 3rd will be paid a dividend of $0.86 per share. The ex-dividend date is Thursday, May 2nd. This represents a $3.44 dividend on an annualized basis and a yield of 1.69%. Norfolk Southern’s dividend payout ratio (DPR) is 36.17%.
NSC has been the subject of several recent research reports. Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $200.00 price objective for the company in a research report on Friday, March 8th. Loop Capital increased their price objective on shares of Norfolk Southern to $210.00 and gave the stock a “buy” rating in a research report on Monday, February 11th. Morgan Stanley increased their price objective on shares of Norfolk Southern from $116.00 to $133.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 12th. Argus reissued a “buy” rating on shares of Norfolk Southern in a research report on Thursday, January 3rd. Finally, Royal Bank of Canada lowered shares of Norfolk Southern from a “sector perform” rating to an “underperform” rating and dropped their price objective for the stock from $180.00 to $178.00 in a research report on Tuesday, February 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $199.78.
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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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