Cohen Klingenstein LLC purchased a new position in Norfolk Southern Corp. (NYSE:NSC) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 42,750 shares of the railroad operator’s stock, valued at approximately $7,990,000.
A number of other hedge funds also recently made changes to their positions in NSC. Oregon Public Employees Retirement Fund raised its position in shares of Norfolk Southern by 14,153.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 22,774,792 shares of the railroad operator’s stock valued at $152,000 after buying an additional 22,615,008 shares in the last quarter. Vanguard Group Inc raised its position in shares of Norfolk Southern by 1.6% during the 3rd quarter. Vanguard Group Inc now owns 21,159,132 shares of the railroad operator’s stock valued at $3,819,223,000 after buying an additional 336,725 shares in the last quarter. BlackRock Inc. raised its position in shares of Norfolk Southern by 0.9% during the 4th quarter. BlackRock Inc. now owns 20,052,895 shares of the railroad operator’s stock valued at $2,998,712,000 after buying an additional 169,821 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Norfolk Southern by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 3,364,851 shares of the railroad operator’s stock valued at $502,245,000 after buying an additional 221,780 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Norfolk Southern by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,210,893 shares of the railroad operator’s stock valued at $480,144,000 after buying an additional 17,877 shares in the last quarter. Institutional investors and hedge funds own 74.39% of the company’s stock.
Norfolk Southern stock opened at $193.22 on Wednesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.64 and a current ratio of 0.72. The stock has a market capitalization of $51.86 billion, a P/E ratio of 20.32, a PEG ratio of 1.67 and a beta of 1.43. Norfolk Southern Corp. has a 1-year low of $133.47 and a 1-year high of $196.57.
Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, January 24th. The railroad operator reported $2.57 EPS for the quarter, topping the Zacks’ consensus estimate of $2.30 by $0.27. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.85 billion. Norfolk Southern had a net margin of 23.27% and a return on equity of 16.71%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.69 EPS. Sell-side analysts expect that Norfolk Southern Corp. will post 10.39 EPS for the current fiscal year.
Several analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $200.00 target price on the stock in a research report on Friday, March 8th. Morgan Stanley increased their price objective on shares of Norfolk Southern from $115.00 to $116.00 and gave the stock an “underweight” rating in a research report on Monday, January 7th. Royal Bank of Canada lowered shares of Norfolk Southern from a “sector perform” rating to an “underperform” rating and reduced their price objective for the stock from $180.00 to $178.00 in a research report on Tuesday, February 19th. TD Securities increased their price objective on shares of Norfolk Southern from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, January 25th. Finally, Loop Capital increased their price objective on shares of Norfolk Southern to $210.00 and gave the stock a “buy” rating in a research report on Monday, February 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the company. Norfolk Southern currently has an average rating of “Hold” and an average target price of $190.47.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 4,761 shares of the company’s stock in a transaction dated Tuesday, February 12th. The shares were sold at an average price of $180.23, for a total value of $858,075.03. Following the transaction, the chief operating officer now directly owns 19,724 shares in the company, valued at approximately $3,554,856.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jason Andrew Zampi sold 519 shares of the company’s stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $181.34, for a total transaction of $94,115.46. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.
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Norfolk Southern 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.
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