Kentucky Retirement Systems Insurance Trust Fund Lowers Stock Position in Norfolk Southern Co. (NYSE:NSC)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in Norfolk Southern Co. (NYSE:NSC) by 7.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,454 shares of the railroad operator’s stock after selling 602 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Norfolk Southern were worth $1,900,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Norfolk Southern by 2.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,986,180 shares of the railroad operator’s stock valued at $1,525,699,000 after purchasing an additional 124,362 shares during the last quarter. BOKF NA increased its holdings in Norfolk Southern by 46.5% during the first quarter. BOKF NA now owns 39,983 shares of the railroad operator’s stock worth $10,076,000 after buying an additional 12,692 shares during the last quarter. Magnetar Financial LLC purchased a new stake in Norfolk Southern during the first quarter worth about $4,461,000. LRI Investments LLC purchased a new stake in Norfolk Southern during the first quarter worth about $76,000. Finally, 1832 Asset Management L.P. purchased a new stake in Norfolk Southern during the first quarter worth about $46,090,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Insider Activity

In other Norfolk Southern news, Director Sameh Fahmy acquired 2,000 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was bought at an average price of $219.25 per share, with a total value of $438,500.00. Following the purchase, the director now owns 7,000 shares of the company’s stock, valued at $1,534,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Norfolk Southern news, Director Claude Mongeau acquired 5,650 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $221.00 per share, with a total value of $1,248,650.00. Following the purchase, the director now owns 20,000 shares of the company’s stock, valued at $4,420,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sameh Fahmy purchased 2,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were purchased at an average price of $219.25 per share, with a total value of $438,500.00. Following the completion of the acquisition, the director now directly owns 7,000 shares in the company, valued at $1,534,750. The disclosure for this purchase can be found here. 0.19% of the stock is owned by corporate insiders.

Norfolk Southern Price Performance

NSC stock traded up $24.32 during midday trading on Friday, reaching $247.22. The company had a trading volume of 2,993,456 shares, compared to its average volume of 1,060,314. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.61. Norfolk Southern Co. has a 1 year low of $183.09 and a 1 year high of $263.66. The company has a market capitalization of $55.85 billion, a P/E ratio of 39.81, a P/E/G ratio of 2.44 and a beta of 1.32. The firm has a 50-day moving average price of $222.63 and a 200-day moving average price of $237.55.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Thursday, July 25th. The railroad operator reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.86 by $0.20. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.77%. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the previous year, the company earned $2.95 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, research analysts anticipate that Norfolk Southern Co. will post 11.6 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Friday, August 2nd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.18%. Norfolk Southern’s dividend payout ratio (DPR) is 86.96%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Barclays decreased their price objective on shares of Norfolk Southern from $305.00 to $275.00 and set an “overweight” rating for the company in a report on Monday, May 13th. Royal Bank of Canada decreased their price objective on shares of Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating for the company in a report on Friday. Sanford C. Bernstein decreased their price objective on shares of Norfolk Southern from $288.00 to $285.00 and set an “outperform” rating for the company in a report on Monday, July 8th. JPMorgan Chase & Co. boosted their price target on shares of Norfolk Southern from $240.00 to $275.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Finally, UBS Group lowered their price target on shares of Norfolk Southern from $302.00 to $294.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $264.65.

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.