CIBC Asset Management Inc Increases Stock Position in Norfolk Southern Co. (NYSE:NSC)

CIBC Asset Management Inc increased its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 3.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,746 shares of the railroad operator’s stock after buying an additional 1,582 shares during the period. CIBC Asset Management Inc’s holdings in Norfolk Southern were worth $10,871,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Highline Wealth Partners LLC purchased a new stake in Norfolk Southern during the third quarter worth about $25,000. Cedar Wealth Management LLC purchased a new stake in Norfolk Southern during the first quarter worth about $27,000. 1620 Investment Advisors Inc. purchased a new stake in Norfolk Southern during the second quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in Norfolk Southern during the third quarter worth about $33,000. Finally, Financial Connections Group Inc. bought a new position in Norfolk Southern during the second quarter worth about $31,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Analysts Set New Price Targets

NSC has been the subject of a number of research reports. Wells Fargo & Company increased their target price on shares of Norfolk Southern from $270.00 to $280.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Benchmark increased their target price on shares of Norfolk Southern from $270.00 to $285.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. UBS Group increased their target price on shares of Norfolk Southern from $289.00 to $309.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Bank of America increased their target price on shares of Norfolk Southern from $276.00 to $291.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Evercore ISI cut their target price on shares of Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $275.68.

Insider Buying and Selling

In other news, CEO Alan H. Shaw sold 51,325 shares of the business’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 sale, the chief executive officer now owns 35,045 shares in the company, valued at approximately $8,970,819.10. The trade was a 59.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sameh Fahmy bought 1,000 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were acquired at an average price of $255.00 per share, for a total transaction of $255,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $2,550,000. This represents a 11.11 % increase in their position. The disclosure for this purchase can be found here. 0.19% of the stock is owned by insiders.

Norfolk Southern Trading Down 1.3 %

NSC stock opened at $261.26 on Friday. The company has a market capitalization of $59.11 billion, a PE ratio of 24.53, a price-to-earnings-growth ratio of 2.55 and a beta of 1.30. Norfolk Southern Co. has a one year low of $205.70 and a one year high of $277.60. The company’s 50 day moving average price is $252.99 and its two-hundred day moving average price is $238.84. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.65 and a current ratio of 0.73.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, topping the consensus estimate of $3.11 by $0.14. The firm had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.08 billion. Norfolk Southern had a net margin of 19.85% and a return on equity of 20.25%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $2.65 earnings per share. As a group, analysts predict that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Friday, November 1st will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, November 1st. Norfolk Southern’s payout ratio is 50.70%.

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.