Strategic Investment Advisors MI Increases Holdings in Norfolk Southern Corp. (NYSE:NSC)
Strategic Investment Advisors MI lifted its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 11.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,043 shares of the railroad operator’s stock after purchasing an additional 208 shares during the quarter. Strategic Investment Advisors MI’s holdings in Norfolk Southern were worth $406,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in NSC. Joseph P. Lucia & Associates LLC purchased a new position in shares of Norfolk Southern during the 1st quarter valued at about $25,000. Weaver Consulting Group purchased a new position in Norfolk Southern in the 1st quarter worth approximately $30,000. Pinnacle Bank purchased a new position in Norfolk Southern in the 4th quarter worth approximately $33,000. Advisory Alpha LLC purchased a new position in Norfolk Southern in the 1st quarter worth approximately $42,000. Finally, Executive Wealth Management LLC purchased a new position in Norfolk Southern in the 4th quarter worth approximately $65,000. 72.56% of the stock is currently owned by institutional investors.
Shares of NSC traded up $2.43 during mid-day trading on Friday, hitting $189.99. 1,957,178 shares of the company’s stock traded hands, compared to its average volume of 1,882,173. The company has a quick ratio of 0.59, a current ratio of 0.78 and a debt-to-equity ratio of 0.72. Norfolk Southern Corp. has a 1 year low of $138.65 and a 1 year high of $211.46. The stock has a market cap of $49.40 billion, a price-to-earnings ratio of 19.98, a P/E/G ratio of 1.49 and a beta of 1.32. The business has a 50-day simple moving average of $197.88.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 5th will be paid a dividend of $0.94 per share. This is a boost from Norfolk Southern’s previous quarterly dividend of $0.86. This represents a $3.76 annualized dividend and a dividend yield of 1.98%. Norfolk Southern’s payout ratio is 36.17%.
In other news, COO Michael Joseph Wheeler sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $204.57, for a total transaction of $511,425.00. Following the transaction, the chief operating officer now directly owns 12,919 shares of the company’s stock, valued at $2,642,839.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman James A. Squires sold 3,024 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $204.71, for a total value of $619,043.04. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.
A number of equities analysts have commented on NSC shares. Cowen reaffirmed an “outperform” rating and issued a $230.00 price target (up from $200.00) on shares of Norfolk Southern in a research note on Wednesday, April 24th. Zacks Investment Research cut Farmers & Merchants Bancorp, Inc. (OH) from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 9th. Morgan Stanley set a $36.00 price target on ArcBest and gave the stock a “hold” rating in a research note on Monday, July 8th. ValuEngine cut Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Barclays lifted their price target on T. Rowe Price Group from $90.00 to $95.00 and gave the stock an “underweight” rating in a research note on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have given a buy rating to the stock. Norfolk Southern has a consensus rating of “Hold” and a consensus price target of $205.83.
Norfolk Southern Company 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.
Further Reading: Total Return
Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Southern Corp. (NYSE:NSC).
Receive News & Ratings for Norfolk Southern Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Norfolk Southern and related companies with MarketBeat.com's FREE daily email newsletter.