Salem Investment Counselors Inc. Sells 270 Shares of Norfolk Southern Co. (NYSE:NSC)

Salem Investment Counselors Inc. reduced its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 6.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,191 shares of the railroad operator’s stock after selling 270 shares during the period. Salem Investment Counselors Inc.’s holdings in Norfolk Southern were worth $984,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NSC. Mizuho Securities USA LLC raised its holdings in Norfolk Southern by 18,831.2% in the 3rd quarter. Mizuho Securities USA LLC now owns 3,298,000 shares of the railroad operator’s stock worth $819,553,000 after purchasing an additional 3,280,579 shares during the period. Pathway Financial Advisers LLC raised its stake in shares of Norfolk Southern by 25,181.8% in the third quarter. Pathway Financial Advisers LLC now owns 893,459 shares of the railroad operator’s stock worth $222,025,000 after buying an additional 889,925 shares during the period. FMR LLC lifted its position in shares of Norfolk Southern by 48.4% during the 3rd quarter. FMR LLC now owns 2,702,344 shares of the railroad operator’s stock valued at $671,532,000 after buying an additional 881,415 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Norfolk Southern during the 3rd quarter valued at approximately $207,830,000. Finally, Holocene Advisors LP purchased a new stake in Norfolk Southern in the 3rd quarter worth approximately $122,798,000. 75.10% of the stock is currently owned by institutional investors.

Insider Activity

In other Norfolk Southern news, Director Sameh Fahmy bought 1,000 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were purchased at an average price of $255.00 per share, with a total value of $255,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $2,550,000. This represents a 11.11 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Norfolk Southern Stock Up 1.5 %

Shares of NYSE:NSC opened at $237.48 on Tuesday. The company has a 50-day moving average price of $253.07 and a 200 day moving average price of $246.06. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21. Norfolk Southern Co. has a 12 month low of $206.71 and a 12 month high of $277.60. The company has a market cap of $53.73 billion, a price-to-earnings ratio of 22.30, a PEG ratio of 2.34 and a beta of 1.34.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data 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. The business had revenue of $3.10 billion during the quarter, compared to analyst estimates of $3.08 billion. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the company earned $2.65 EPS. As a group, equities research analysts predict that Norfolk Southern Co. will post 11.82 earnings per share for the current 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 given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date was Friday, November 1st. Norfolk Southern’s dividend payout ratio (DPR) is 50.70%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. TD Cowen lifted 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. Jefferies Financial Group upped their target price on shares of Norfolk Southern from $275.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Citigroup increased their price target on Norfolk Southern from $302.00 to $316.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Bank of America boosted their price objective on Norfolk Southern from $276.00 to $291.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their target price on Norfolk Southern from $283.00 to $288.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. 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 company. Based on data from MarketBeat.com, Norfolk Southern has an average rating of “Moderate Buy” and an average price target of $275.68.

Norfolk Southern 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.