Allstate Corp Makes New Investment in Norfolk Southern Co. (NYSE:NSC)

Allstate Corp purchased a new position in Norfolk Southern Co. (NYSE:NSC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 855 shares of the railroad operator’s stock, valued at approximately $218,000.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Norfolk Southern by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 19,623,690 shares of the railroad operator’s stock valued at $5,001,490,000 after purchasing an additional 1,088,072 shares during the period. Nicolet Advisory Services LLC raised its position in shares of Norfolk Southern by 6.1% during the 1st quarter. Nicolet Advisory Services LLC now owns 3,578 shares of the railroad operator’s stock valued at $907,000 after purchasing an additional 207 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Norfolk Southern by 8.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 853,694 shares of the railroad operator’s stock valued at $215,464,000 after purchasing an additional 67,024 shares during the period. First Foundation Advisors raised its position in shares of Norfolk Southern by 13.5% during the 1st quarter. First Foundation Advisors now owns 1,008 shares of the railroad operator’s stock valued at $257,000 after purchasing an additional 120 shares during the period. Finally, Wintrust Investments LLC raised its position in shares of Norfolk Southern by 8.5% during the 1st quarter. Wintrust Investments LLC now owns 7,648 shares of the railroad operator’s stock valued at $1,949,000 after purchasing an additional 600 shares during the period. 75.10% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Sameh Fahmy acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was bought at an average price of $219.25 per share, for a total transaction of $438,500.00. Following the acquisition, the director now directly owns 7,000 shares of the company’s stock, valued at approximately $1,534,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Norfolk Southern news, Director Claude Mongeau purchased 5,650 shares of Norfolk Southern stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average price of $221.00 per share, for a total transaction of $1,248,650.00. Following the acquisition, the director now owns 20,000 shares in the company, valued at approximately $4,420,000. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sameh Fahmy purchased 2,000 shares of Norfolk Southern stock in a transaction dated Friday, June 14th. The stock was acquired at an average price of $219.25 per share, with a total value of $438,500.00. Following the acquisition, the director now owns 7,000 shares in the company, valued at approximately $1,534,750. The disclosure for this purchase can be found here. 0.19% of the stock is owned by corporate insiders.

Norfolk Southern Price Performance

Shares of NYSE:NSC traded up $0.08 on Monday, reaching $228.03. The company’s stock had a trading volume of 868,919 shares, compared to its average volume of 1,297,936. Norfolk Southern Co. has a 52-week low of $183.09 and a 52-week high of $263.66. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.61 and a current ratio of 0.68. The company has a 50-day simple moving average of $222.88 and a 200 day simple moving average of $237.63. The company has a market cap of $51.51 billion, a P/E ratio of 36.71, a PEG ratio of 2.25 and a beta of 1.32.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, April 24th. The railroad operator reported $2.49 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.09). Norfolk Southern had a return on equity of 19.61% and a net margin of 11.76%. The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same period in the prior year, the firm posted $3.32 earnings per share. Norfolk Southern’s revenue for the quarter was down 4.1% on a year-over-year basis. As a group, equities research analysts anticipate that Norfolk Southern Co. will post 11.62 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 20th. Investors of record on Friday, May 3rd were paid a dividend of $1.35 per share. The ex-dividend date was Thursday, May 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.37%. Norfolk Southern’s dividend payout ratio is presently 86.96%.

Wall Street Analyst Weigh In

NSC has been the topic of several recent analyst reports. Morgan Stanley restated an “underweight” rating and set a $175.00 price objective on shares of Norfolk Southern in a research report on Monday, July 8th. JPMorgan Chase & Co. raised their price objective on shares of Norfolk Southern from $240.00 to $275.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Wells Fargo & Company cut their target price on shares of Norfolk Southern from $270.00 to $260.00 and set an “overweight” rating for the company in a research note on Tuesday, June 25th. Stifel Nicolaus cut their target price on shares of Norfolk Southern from $241.00 to $239.00 and set a “hold” rating for the company in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group initiated coverage on shares of Norfolk Southern in a research note on Monday, April 8th. They set a “buy” rating and a $300.00 target price for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $263.53.

About Norfolk Southern

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.