Fayez Sarofim & Co Sells 1,244 Shares of Norfolk Southern Corporation (NYSE:NSC)

Key Points

• Fayez Sarofim & Co has reduced its holdings in Norfolk Southern Corporation by 23.4% in the first quarter, now owning 4,075 shares valued at approximately $965,000 after selling 1,244 shares.
• Other institutional investors like Mitsubishi UFJ Asset Management Co. Ltd. and Chicago Partners Investment Group LLC have increased their stakes in Norfolk Southern during the same period, reflecting a broader investment interest in the company.
• Norfolk Southern announced a quarterly dividend of $1.35 per share, to be paid on August 20th, representing a 1.9% yield based on a payout ratio of 36.49%.

Fayez Sarofim & Co trimmed its holdings in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 23.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,075 shares of the railroad operator's stock after selling 1,244 shares during the quarter. Fayez Sarofim & Co's holdings in Norfolk Southern were worth $965,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of NSC. Brighton Jones LLC increased its position in shares of Norfolk Southern by 4.9% during the fourth quarter. Brighton Jones LLC now owns 1,706 shares of the railroad operator's stock valued at $400,000 after acquiring an additional 79 shares during the last quarter. Wellington Management Group LLP grew its holdings in Norfolk Southern by 3.6% during the fourth quarter. Wellington Management Group LLP now owns 23,882 shares of the railroad operator's stock valued at $5,605,000 after purchasing an additional 820 shares during the period. Bank of Montreal Can grew its holdings in Norfolk Southern by 0.9% during the fourth quarter. Bank of Montreal Can now owns 265,880 shares of the railroad operator's stock valued at $62,402,000 after purchasing an additional 2,374 shares during the period. Renaissance Technologies LLC grew its holdings in Norfolk Southern by 168.3% during the fourth quarter. Renaissance Technologies LLC now owns 128,000 shares of the railroad operator's stock valued at $30,042,000 after purchasing an additional 80,300 shares during the period. Finally, Advisory Services Network LLC grew its holdings in Norfolk Southern by 4.1% during the fourth quarter. Advisory Services Network LLC now owns 12,499 shares of the railroad operator's stock valued at $2,933,000 after purchasing an additional 487 shares during the period. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Trading Up 0.2%

Shares of NSC traded up $0.58 during trading hours on Tuesday, hitting $278.90. The company had a trading volume of 488,724 shares, compared to its average volume of 1,547,550. The firm has a market cap of $62.65 billion, a P/E ratio of 18.84, a P/E/G ratio of 2.48 and a beta of 1.31. The stock's 50 day moving average price is $264.24 and its 200 day moving average price is $245.92. The company has a quick ratio of 0.71, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Norfolk Southern Corporation has a 52-week low of $201.63 and a 52-week high of $288.11.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its earnings results on Tuesday, July 29th. The railroad operator reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $0.05. The company had revenue of $3.11 billion for the quarter, compared to analysts' expectations of $3.10 billion. Norfolk Southern had a return on equity of 19.35% and a net margin of 27.51%. On average, research analysts predict that Norfolk Southern Corporation will post 13 EPS for the current year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Friday, August 1st will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 1st. Norfolk Southern's payout ratio is presently 36.49%.

Analysts Set New Price Targets

A number of research firms have recently commented on NSC. Robert W. Baird raised their price target on Norfolk Southern from $255.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Citigroup raised their price target on Norfolk Southern from $288.00 to $305.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $255.00 price target on shares of Norfolk Southern in a report on Thursday, April 24th. TD Cowen raised Norfolk Southern from a "hold" rating to a "buy" rating and raised their price target for the stock from $263.00 to $323.00 in a report on Monday, July 21st. Finally, Baird R W raised Norfolk Southern to a "hold" rating in a report on Tuesday, July 1st. Fourteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $285.15.

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.