New York State Common Retirement Fund Sells 40,000 Shares of Norfolk Southern Co. (NYSE:NSC)

New York State Common Retirement Fund decreased its position in shares of Norfolk Southern Co. (NYSE:NSC) by 12.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 269,620 shares of the railroad operator’s stock after selling 40,000 shares during the period. New York State Common Retirement Fund owned approximately 0.12% of Norfolk Southern worth $67,001,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Highline Wealth Partners LLC acquired a new stake in Norfolk Southern in the 3rd quarter worth about $25,000. Cedar Wealth Management LLC bought a new position in shares of Norfolk Southern during the first quarter worth approximately $27,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Norfolk Southern in the second quarter valued at approximately $27,000. Financial Connections Group Inc. bought a new stake in shares of Norfolk Southern in the second quarter valued at approximately $31,000. Finally, HWG Holdings LP acquired a new stake in Norfolk Southern during the second quarter worth approximately $31,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Insider Buying and Selling

In related news, Director Sameh Fahmy purchased 1,000 shares of Norfolk Southern stock in a transaction on Thursday, October 24th. The shares were purchased at an average price of $255.00 per share, for a total transaction of $255,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $2,550,000. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Sameh Fahmy purchased 1,000 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were purchased at an average price of $255.00 per share, for a total transaction of $255,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $2,550,000. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Alan H. Shaw sold 51,325 shares of the stock in a transaction on Friday, September 13th. The stock was 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 of the company’s stock, valued at approximately $8,970,819.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Norfolk Southern Price Performance

Norfolk Southern stock opened at $250.09 on Friday. The company has a market capitalization of $56.58 billion, a PE ratio of 23.48, a P/E/G ratio of 2.40 and a beta of 1.31. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21. The stock has a 50-day moving average price of $250.38 and a two-hundred day moving average price of $237.10. Norfolk Southern Co. has a 12 month low of $190.01 and a 12 month high of $263.66.

Norfolk Southern (NYSE:NSC) last posted its 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. 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 for the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the company earned $2.65 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. Analysts expect that Norfolk Southern Co. will post 11.82 EPS for the current year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Friday, November 1st will be issued a $1.35 dividend. The ex-dividend date is Friday, November 1st. This represents a $5.40 dividend on an annualized basis and a yield of 2.16%. Norfolk Southern’s payout ratio is 50.70%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Wells Fargo & Company upped their target price on Norfolk Southern from $270.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Benchmark upped their price objective 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. Evercore ISI decreased their target price on shares of Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Susquehanna upped their price target on shares of Norfolk Southern from $280.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Norfolk Southern from $283.00 to $288.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. One equities research 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $274.16.

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.