Horizon Bancorp Inc. IN Has $222,000 Position in Norfolk Southern Co. (NYSE:NSC)

Horizon Bancorp Inc. IN boosted its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 14.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 871 shares of the railroad operator’s stock after acquiring an additional 109 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in Norfolk Southern were worth $222,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC increased its holdings in Norfolk Southern by 662.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 122 shares of the railroad operator’s stock valued at $29,000 after purchasing an additional 106 shares during the period. Orion Capital Management LLC acquired a new position in Norfolk Southern in the third quarter valued at $32,000. Turtle Creek Wealth Advisors LLC acquired a new position in Norfolk Southern in the fourth quarter valued at $32,000. Financial Connections Group Inc. acquired a new stake in Norfolk Southern during the 4th quarter worth about $34,000. Finally, Rise Advisors LLC acquired a new stake in Norfolk Southern during the 1st quarter worth about $34,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Norfolk Southern

In related news, CMO Claude E. Elkins sold 8,329 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $228.43, for a total transaction of $1,902,593.47. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CMO Claude E. Elkins sold 8,329 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $228.43, for a total value of $1,902,593.47. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sameh Fahmy acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $219.25 per share, with a total value of $438,500.00. Following the acquisition, the director now directly owns 7,000 shares of the company’s stock, valued at $1,534,750. The disclosure for this purchase can be found here. 0.19% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NSC. The Goldman Sachs Group boosted their price target on Norfolk Southern from $252.00 to $283.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Jefferies Financial Group assumed coverage on shares of Norfolk Southern in a report on Monday, April 8th. They issued a “buy” rating and a $300.00 price target for the company. TD Cowen lifted their price target on shares of Norfolk Southern from $236.00 to $253.00 and gave the company a “market perform” rating in a research note on Thursday, March 21st. JPMorgan Chase & Co. raised their price objective on Norfolk Southern from $240.00 to $275.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Finally, Susquehanna lowered their target price on Norfolk Southern from $265.00 to $245.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $262.89.

Norfolk Southern Trading Up 0.3 %

Shares of NSC traded up $0.75 during mid-day trading on Thursday, hitting $216.30. 410,016 shares of the company’s stock traded hands, compared to its average volume of 1,100,940. The company has a quick ratio of 0.61, a current ratio of 0.68 and a debt-to-equity ratio of 1.37. Norfolk Southern Co. has a 1 year low of $183.09 and a 1 year high of $263.66. The firm has a market capitalization of $48.86 billion, a P/E ratio of 34.83, a PEG ratio of 2.03 and a beta of 1.32. The business’s 50-day moving average price is $225.50 and its 200-day moving average price is $238.60.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.09). The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.05 billion. Norfolk Southern had a return on equity of 19.61% and a net margin of 11.76%. Norfolk Southern’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.32 EPS. As a group, sell-side analysts forecast that Norfolk Southern Co. will post 11.88 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Friday, May 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.50%. Norfolk Southern’s payout ratio is presently 86.96%.

Norfolk Southern Company Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.