WESCAP Management Group Inc. reduced its stake in Norfolk Southern Corp. (NYSE:NSC) by 1.9% in the second quarter, HoldingsChannel reports. The fund owned 3,414 shares of the railroad operator’s stock after selling 65 shares during the quarter. WESCAP Management Group Inc.’s holdings in Norfolk Southern were worth $680,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Joseph P. Lucia & Associates LLC bought a new stake in Norfolk Southern in the 1st quarter valued at $25,000. Weaver Consulting Group acquired a new position in Norfolk Southern during the first quarter worth about $30,000. AGF Investments LLC increased its position in Norfolk Southern by 173.5% during the 2nd quarter. AGF Investments LLC now owns 186 shares of the railroad operator’s stock valued at $37,000 after purchasing an additional 118 shares during the period. Coastal Capital Group Inc. acquired a new stake in Norfolk Southern during the 2nd quarter valued at approximately $40,000. Finally, Bedel Financial Consulting Inc. acquired a new stake in Norfolk Southern during the 2nd quarter valued at approximately $41,000. 73.26% of the stock is owned by institutional investors and hedge funds.
NSC stock traded up $0.16 during midday trading on Thursday, reaching $174.36. 36,671 shares of the company’s stock traded hands, compared to its average volume of 2,137,484. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.72. The firm’s fifty day moving average price is $188.81 and its 200-day moving average price is $190.52. Norfolk Southern Corp. has a 52 week low of $138.65 and a 52 week high of $211.46. The company has a market cap of $45.93 billion, a price-to-earnings ratio of 18.32, a P/E/G ratio of 1.41 and a beta of 1.31.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 5th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, August 2nd. This is a positive change from Norfolk Southern’s previous quarterly dividend of $0.86. Norfolk Southern’s dividend payout ratio is currently 39.54%.
In other Norfolk Southern news, Director Jennifer F. Scanlon purchased 525 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 525 shares in the company, valued at $100,548. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.19% of the company’s stock.
A number of analysts have weighed in on the stock. Goldman Sachs Group assumed coverage on shares of Norfolk Southern in a research report on Wednesday, July 10th. They set a “buy” rating and a $237.00 target price for the company. Cascend Securities downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Barclays increased their target price on shares of Norfolk Southern from $200.00 to $210.00 and gave the company an “equal weight” rating in a research report on Thursday, April 25th. Morgan Stanley set a $130.00 price target on Norfolk Southern and gave the stock a “sell” rating in a report on Monday, July 8th. Finally, Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $226.00 price target on the stock in a report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus 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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