Zimmer Partners LP Lowers Position in Norfolk Southern Co. (NYSE:NSC)

Zimmer Partners LP trimmed its position in shares of Norfolk Southern Co. (NYSE:NSC) by 49.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,000 shares of the railroad operator’s stock after selling 49,200 shares during the quarter. Zimmer Partners LP’s holdings in Norfolk Southern were worth $12,425,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Park Avenue Securities LLC grew its stake in Norfolk Southern by 6.2% during the 2nd quarter. Park Avenue Securities LLC now owns 5,067 shares of the railroad operator’s stock worth $1,088,000 after buying an additional 295 shares during the last quarter. SG Americas Securities LLC grew its stake in Norfolk Southern by 31.6% during the 2nd quarter. SG Americas Securities LLC now owns 48,625 shares of the railroad operator’s stock worth $10,439,000 after buying an additional 11,679 shares during the last quarter. Czech National Bank grew its stake in Norfolk Southern by 8.3% during the 2nd quarter. Czech National Bank now owns 43,050 shares of the railroad operator’s stock worth $9,242,000 after buying an additional 3,306 shares during the last quarter. Greenhouse Wealth Management LLC purchased a new position in Norfolk Southern during the 2nd quarter worth approximately $580,000. Finally, Bridge Creek Capital Management LLC grew its stake in Norfolk Southern by 1.4% during the 2nd quarter. Bridge Creek Capital Management LLC now owns 10,560 shares of the railroad operator’s stock worth $2,267,000 after buying an additional 141 shares during the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Norfolk Southern

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

Norfolk Southern Stock Performance

NYSE NSC opened at $260.70 on Friday. Norfolk Southern Co. has a fifty-two week low of $206.71 and a fifty-two week high of $277.60. The stock has a market cap of $58.98 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 2.54 and a beta of 1.31. The business has a fifty day moving average of $258.51 and a 200-day moving average of $242.46. The company has a quick ratio of 0.65, a current ratio of 0.73 and a debt-to-equity ratio of 1.21.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share for the quarter, topping 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 company had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the business earned $2.65 earnings per share. The company’s revenue was up 3.3% compared to the same quarter last year. As a group, analysts predict that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Friday, November 1st were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Friday, November 1st. Norfolk Southern’s payout ratio is currently 50.70%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Evercore ISI lowered their target price 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. Citigroup lifted their target price on Norfolk Southern from $302.00 to $316.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Jefferies Financial Group lifted their target price on Norfolk Southern from $275.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. UBS Group lifted their target price on Norfolk Southern from $289.00 to $309.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company lifted their target price on Norfolk Southern from $270.00 to $280.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Norfolk Southern has a consensus rating of “Moderate Buy” and an average target price of $275.68.

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.