Clear Harbor Asset Management LLC Grows Stock Holdings in Norfolk Southern Co. (NYSE:NSC)

Clear Harbor Asset Management LLC lifted its stake in Norfolk Southern Co. (NYSE:NSC) by 7.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,048 shares of the railroad operator’s stock after purchasing an additional 204 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Norfolk Southern were worth $757,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Norfolk Southern by 5.9% during the first quarter. Vanguard Group Inc. now owns 19,623,690 shares of the railroad operator’s stock valued at $5,001,490,000 after buying an additional 1,088,072 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Norfolk Southern by 2.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,986,180 shares of the railroad operator’s stock worth $1,525,699,000 after acquiring an additional 124,362 shares during the period. EdgePoint Investment Group Inc. raised its holdings in shares of Norfolk Southern by 1.0% during the second quarter. EdgePoint Investment Group Inc. now owns 3,789,436 shares of the railroad operator’s stock valued at $813,554,000 after purchasing an additional 37,386 shares during the last quarter. American Century Companies Inc. lifted its position in Norfolk Southern by 17.3% during the second quarter. American Century Companies Inc. now owns 3,356,590 shares of the railroad operator’s stock valued at $720,626,000 after purchasing an additional 496,088 shares during the period. Finally, Boston Partners grew its position in 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 during the period. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Stock Down 0.9 %

Shares of NYSE:NSC opened at $251.09 on Monday. The company has a quick ratio of 0.54, a current ratio of 0.73 and a debt-to-equity ratio of 1.21. The business’s 50 day moving average is $249.22 and its 200 day moving average is $236.79. The stock has a market cap of $56.72 billion, a P/E ratio of 40.43, a price-to-earnings-growth ratio of 2.48 and a beta of 1.31. Norfolk Southern Co. has a 52-week low of $183.76 and a 52-week high of $263.66.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $0.14. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The business had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the firm earned $2.65 EPS. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Sell-side analysts predict that Norfolk Southern Co. will post 11.78 EPS for the current year.

Norfolk Southern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Friday, November 1st. Norfolk Southern’s payout ratio is presently 86.96%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NSC. JPMorgan Chase & Co. raised their price target on Norfolk Southern from $283.00 to $288.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Evercore ISI decreased their price objective on Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Morgan Stanley reissued an “underweight” rating and issued a $175.00 price objective on shares of Norfolk Southern in a research note on Monday, July 8th. Loop Capital boosted their price objective on Norfolk Southern from $285.00 to $287.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Citigroup increased their target price on Norfolk Southern from $294.00 to $302.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $274.16.

Insider Activity

In other Norfolk Southern news, Director Sameh Fahmy bought 700 shares of Norfolk Southern stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average cost of $245.15 per share, with a total value of $171,605.00. Following the transaction, the director now directly owns 7,700 shares of the company’s stock, valued at approximately $1,887,655. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Alan H. Shaw sold 51,325 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $255.98, for a total value of $13,138,173.50. Following the transaction, the chief executive officer now owns 35,045 shares in the company, valued at approximately $8,970,819.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sameh Fahmy bought 700 shares of Norfolk Southern stock in a transaction that occurred on Thursday, August 1st. The shares were acquired at an average cost of $245.15 per share, with a total value of $171,605.00. Following the acquisition, the director now owns 7,700 shares of the company’s stock, valued at $1,887,655. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.19% of the company’s stock.

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.