Legacy Capital Group California Inc. Sells 187 Shares of Norfolk Southern Co. (NYSE:NSC)

Legacy Capital Group California Inc. cut its position in shares of Norfolk Southern Co. (NYSE:NSC) by 5.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,151 shares of the railroad operator’s stock after selling 187 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Norfolk Southern were worth $783,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC lifted its position in Norfolk Southern by 72.7% during the first quarter. Wealthcare Advisory Partners LLC now owns 2,900 shares of the railroad operator’s stock valued at $739,000 after purchasing an additional 1,221 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Norfolk Southern by 6.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,527 shares of the railroad operator’s stock valued at $10,584,000 after buying an additional 2,483 shares in the last quarter. Register Financial Advisors LLC bought a new stake in shares of Norfolk Southern during the first quarter valued at approximately $171,000. Independence Bank of Kentucky lifted its holdings in shares of Norfolk Southern by 82.4% in the first quarter. Independence Bank of Kentucky now owns 6,440 shares of the railroad operator’s stock worth $1,641,000 after buying an additional 2,910 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. grew its stake in Norfolk Southern by 69.4% during the first quarter. Kathleen S. Wright Associates Inc. now owns 615 shares of the railroad operator’s stock valued at $157,000 after acquiring an additional 252 shares in the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Sanford C. Bernstein boosted their price target on shares of Norfolk Southern from $285.00 to $286.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Stephens reissued an “equal weight” rating and set a $263.00 price objective on shares of Norfolk Southern in a research note on Wednesday. Wells Fargo & Company increased their price target on Norfolk Southern from $270.00 to $280.00 and gave the company an “overweight” rating in a report on Wednesday. Royal Bank of Canada boosted their target price on Norfolk Southern from $272.00 to $282.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Barclays upped their price target on shares of Norfolk Southern from $275.00 to $290.00 and gave the stock an “overweight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.16.

Norfolk Southern Price Performance

Shares of NSC stock opened at $253.42 on Friday. The firm’s 50-day moving average is $248.76 and its two-hundred day moving average is $236.88. Norfolk Southern Co. has a 12 month low of $183.09 and a 12 month high of $263.66. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.73 and a quick ratio of 0.54. The company has a market capitalization of $57.30 billion, a PE ratio of 23.80, a price-to-earnings-growth ratio of 2.48 and a beta of 1.31.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share for the quarter, beating analysts’ consensus estimates of $3.11 by $0.14. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. The business had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business earned $2.65 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts predict that Norfolk Southern Co. will post 11.78 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date is Friday, November 1st. Norfolk Southern’s dividend payout ratio is currently 50.70%.

Insider Activity

In other news, EVP Nabanita C. Nag sold 355 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $249.38, for a total transaction of $88,529.90. Following the completion of the transaction, the executive vice president now directly owns 1,488 shares of the company’s stock, valued at approximately $371,077.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Norfolk Southern news, EVP Nabanita C. Nag sold 355 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $249.38, for a total transaction of $88,529.90. Following the completion of the transaction, the executive vice president now owns 1,488 shares in the company, valued at $371,077.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the completion of the sale, the chief executive officer now owns 35,045 shares in the company, valued at $8,970,819.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

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.