Canandaigua National Corp cut its position in Norfolk Southern Co. (NYSE:NSC) by 6.7% in the first quarter, Holdings Channel reports. The firm owned 19,616 shares of the railroad operator’s stock after selling 1,412 shares during the period. Canandaigua National Corp’s holdings in Norfolk Southern were worth $5,267,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in NSC. Clear Perspectives Financial Planning LLC acquired a new stake in shares of Norfolk Southern in the 4th quarter valued at about $30,000. Vantage Consulting Group Inc acquired a new stake in shares of Norfolk Southern in the 4th quarter valued at about $31,000. Norway Savings Bank boosted its position in shares of Norfolk Southern by 416.7% in the 4th quarter. Norway Savings Bank now owns 155 shares of the railroad operator’s stock valued at $37,000 after purchasing an additional 125 shares during the period. Orion Capital Management LLC acquired a new stake in shares of Norfolk Southern in the 4th quarter valued at about $38,000. Finally, Advisory Alpha LLC acquired a new stake in shares of Norfolk Southern in the 3rd quarter valued at about $41,000. 67.25% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Ann A. Adams sold 1,417 shares of the firm’s stock in a transaction on Monday, February 1st. The stock was sold at an average price of $239.00, for a total transaction of $338,663.00. Following the sale, the executive vice president now owns 8,710 shares in the company, valued at $2,081,690. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann A. Adams sold 2,460 shares of the firm’s stock in a transaction on Friday, February 19th. The stock was sold at an average price of $255.00, for a total value of $627,300.00. Following the sale, the executive vice president now owns 9,601 shares in the company, valued at approximately $2,448,255. The disclosure for this sale can be found here. Insiders have sold 4,147 shares of company stock valued at $1,030,541 in the last three months. 0.32% of the stock is currently owned by company insiders.
Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Tuesday, January 26th. The railroad operator reported $2.64 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.16. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.54 billion. Norfolk Southern had a return on equity of 15.83% and a net margin of 20.27%. Norfolk Southern’s revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.55 earnings per share. Equities research analysts predict that Norfolk Southern Co. will post 9.1 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 10th. Shareholders of record on Friday, February 5th were given a dividend of $0.99 per share. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.94. The ex-dividend date was Thursday, February 4th. This represents a $3.96 annualized dividend and a yield of 1.47%. Norfolk Southern’s dividend payout ratio (DPR) is presently 38.30%.
A number of analysts have weighed in on the company. Vertical Research assumed coverage on Norfolk Southern in a research report on Friday, March 26th. They set a “hold” rating and a $240.00 price objective for the company. Cowen increased their price objective on Norfolk Southern from $224.00 to $254.00 and gave the stock an “outperform” rating in a research report on Thursday, January 28th. Morgan Stanley increased their price objective on Norfolk Southern from $145.00 to $165.00 and gave the stock an “underweight” rating in a research report on Tuesday. Argus increased their price objective on Norfolk Southern from $225.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, February 1st. Finally, Smith Barney Citigroup increased their target price on Norfolk Southern from $250.00 to $290.00 in a research note on Monday, January 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $238.57.
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 industrial products, including agriculture, forest and consumer products, chemicals, and metals and construction materials; and coal, automobiles, and automotive parts.
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