Norfolk Southern Co. (NYSE:NSC) Shares Purchased by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC raised its position in shares of Norfolk Southern Co. (NYSE:NSC) by 31.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,844 shares of the railroad operator’s stock after purchasing an additional 675 shares during the period. Clear Harbor Asset Management LLC’s holdings in Norfolk Southern were worth $611,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Norfolk Southern in the 4th quarter worth approximately $556,797,000. Boston Partners raised its holdings in shares of Norfolk Southern by 157.1% in the 1st quarter. Boston Partners now owns 2,890,665 shares of the railroad operator’s stock worth $735,749,000 after purchasing an additional 1,766,135 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Norfolk Southern by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 19,623,690 shares of the railroad operator’s stock worth $5,001,490,000 after purchasing an additional 1,088,072 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Norfolk Southern by 600.3% in the 4th quarter. Stifel Financial Corp now owns 1,021,312 shares of the railroad operator’s stock worth $241,421,000 after purchasing an additional 875,473 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its holdings in shares of Norfolk Southern by 1,956.8% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 451,226 shares of the railroad operator’s stock worth $106,661,000 after purchasing an additional 429,288 shares in the last quarter. 75.10% of the stock is currently owned by institutional investors.

Norfolk Southern Price Performance

Shares of NSC stock traded down $0.31 during mid-day trading on Friday, reaching $240.84. The company’s stock had a trading volume of 508,819 shares, compared to its average volume of 1,286,388. Norfolk Southern Co. has a 1-year low of $183.09 and a 1-year high of $263.66. The company has a market cap of $54.41 billion, a P/E ratio of 38.83, a PEG ratio of 2.41 and a beta of 1.32. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.54 and a current ratio of 0.63. The firm’s 50-day moving average is $227.74 and its two-hundred day moving average is $238.49.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Thursday, July 25th. The railroad operator reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.86 by $0.20. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. The company had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the company posted $2.95 EPS. The business’s revenue was up 2.1% on a year-over-year basis. On average, research analysts predict that Norfolk Southern Co. will post 11.78 earnings per share for the current year.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd will be issued a dividend of $1.35 per share. The ex-dividend date is Friday, August 2nd. This represents a $5.40 annualized dividend and a yield of 2.24%. Norfolk Southern’s dividend payout ratio (DPR) is currently 86.96%.

Insider Buying and Selling

In other Norfolk Southern news, Director Sameh Fahmy bought 2,000 shares of Norfolk Southern stock in a transaction dated Friday, June 14th. The stock was bought at an average price of $219.25 per share, with a total value of $438,500.00. Following the completion of the transaction, the director now owns 7,000 shares in the company, valued at approximately $1,534,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Nabanita C. Nag sold 355 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $249.38, for a total value of $88,529.90. Following the transaction, the executive vice president now directly owns 1,488 shares in the company, valued at approximately $371,077.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Sameh Fahmy bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average price of $219.25 per share, for a total transaction of $438,500.00. Following the completion of the acquisition, the director now owns 7,000 shares in the company, valued at $1,534,750. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 10,350 shares of company stock worth $2,353,715. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on NSC shares. Stifel Nicolaus lifted their target price on shares of Norfolk Southern from $239.00 to $241.00 and gave the stock a “hold” rating in a research report on Friday, July 26th. Loop Capital lifted their target price on shares of Norfolk Southern from $261.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. TD Cowen boosted their price objective on shares of Norfolk Southern from $251.00 to $253.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Morgan Stanley reaffirmed an “underweight” rating and set a $175.00 price objective on shares of Norfolk Southern in a research report on Monday, July 8th. Finally, Royal Bank of Canada lowered their price objective on shares of Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $264.24.

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.