MAI Capital Management Sells 2,535 Shares of Norfolk Southern Co. (NYSE:NSC)

MAI Capital Management cut its position in Norfolk Southern Co. (NYSE:NSC) by 11.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 19,992 shares of the railroad operator’s stock after selling 2,535 shares during the quarter. MAI Capital Management’s holdings in Norfolk Southern were worth $4,968,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Highline Wealth Partners LLC bought a new stake in Norfolk Southern during the 3rd quarter valued at approximately $25,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Norfolk Southern in the second quarter worth $27,000. Coastline Trust Co acquired a new stake in shares of Norfolk Southern in the third quarter worth $32,000. Capital Performance Advisors LLP acquired a new position in Norfolk Southern during the 3rd quarter valued at $33,000. Finally, Financial Connections Group Inc. bought a new stake in Norfolk Southern in the 2nd quarter valued at $31,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Trading Down 1.0 %

Shares of NSC opened at $259.71 on Wednesday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.65 and a current ratio of 0.73. The company has a market cap of $58.76 billion, a price-to-earnings ratio of 24.39, a PEG ratio of 2.48 and a beta of 1.30. The stock has a fifty day moving average price of $253.14 and a two-hundred day moving average price of $239.27. Norfolk Southern Co. has a 52-week low of $206.71 and a 52-week high of $277.60.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.11 by $0.14. The business had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.08 billion. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 EPS. Analysts predict that Norfolk Southern Co. will post 11.82 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $5.40 annualized dividend and a dividend yield of 2.08%. Norfolk Southern’s dividend payout ratio (DPR) is currently 50.70%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NSC shares. Stifel Nicolaus upped their price objective on shares of Norfolk Southern from $241.00 to $245.00 and gave the company a “hold” rating in a research report on Friday, October 11th. Barclays raised their price objective on Norfolk Southern from $290.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. 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. Stephens reaffirmed an “equal weight” rating and issued a $263.00 target price on shares of Norfolk Southern in a research report on Wednesday, October 23rd. Finally, TD Cowen boosted their price target on shares of Norfolk Southern from $253.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. One equities 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 stock. According to data from MarketBeat.com, Norfolk Southern has an average rating of “Moderate Buy” and an average price target of $275.68.

Insider Activity at Norfolk Southern

In other Norfolk Southern news, Director Sameh Fahmy bought 1,000 shares of Norfolk Southern stock in a transaction dated Thursday, October 24th. The shares were bought at an average price of $255.00 per share, with a total value of $255,000.00. Following the purchase, the director now owns 10,000 shares of the company’s stock, valued at $2,550,000. This trade represents a 11.11 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Alan H. Shaw sold 51,325 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the sale, the chief executive officer now directly owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. This trade represents a 59.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.

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.