Norfolk Southern Corporation (NYSE:NSC) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden has reduced its stake in Norfolk Southern Corporation by 5.3%, selling 2,400 shares during the first quarter, leaving it with 42,900 shares valued at approximately $10.16 million.
• Several institutional investors have increased their holdings, with Vanguard Group and Price T Rowe Associates significantly raising their positions in the company in recent quarters.
• Norfolk Southern announced a quarterly dividend of $1.35 per share, representing an annualized yield of 1.9%, with a payout ratio of 36.49%.

Forsta AP Fonden cut its stake in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 5.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,900 shares of the railroad operator's stock after selling 2,400 shares during the quarter. Forsta AP Fonden's holdings in Norfolk Southern were worth $10,161,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NSC. Vanguard Group Inc. grew its stake in shares of Norfolk Southern by 1.2% during the first quarter. Vanguard Group Inc. now owns 20,321,359 shares of the railroad operator's stock valued at $4,813,114,000 after acquiring an additional 232,195 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Norfolk Southern by 11.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,608,080 shares of the railroad operator's stock valued at $2,020,318,000 after acquiring an additional 918,559 shares in the last quarter. EdgePoint Investment Group Inc. grew its stake in shares of Norfolk Southern by 1.9% during the fourth quarter. EdgePoint Investment Group Inc. now owns 3,968,582 shares of the railroad operator's stock valued at $931,426,000 after acquiring an additional 75,865 shares in the last quarter. Northern Trust Corp grew its stake in shares of Norfolk Southern by 8.9% during the fourth quarter. Northern Trust Corp now owns 2,870,443 shares of the railroad operator's stock valued at $673,693,000 after acquiring an additional 233,927 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Norfolk Southern by 13.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,916,261 shares of the railroad operator's stock valued at $449,730,000 after acquiring an additional 230,225 shares in the last quarter. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Stock Performance

NSC stock traded down $0.35 during midday trading on Tuesday, reaching $277.97. The company had a trading volume of 1,650,880 shares, compared to its average volume of 3,225,570. The company has a quick ratio of 0.71, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The stock has a 50 day moving average price of $264.83 and a 200 day moving average price of $246.15. Norfolk Southern Corporation has a fifty-two week low of $201.63 and a fifty-two week high of $288.11. The firm has a market capitalization of $62.44 billion, a PE ratio of 18.78, a P/E/G ratio of 2.47 and a beta of 1.31.

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

Norfolk Southern Dividend Announcement

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

Wall Street Analysts Forecast Growth

NSC has been the subject of several recent analyst reports. Jefferies Financial Group restated a "hold" rating and set a $300.00 target price on shares of Norfolk Southern in a research note on Friday, July 25th. Citigroup raised their target price on Norfolk Southern from $288.00 to $305.00 and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Sanford C. Bernstein boosted their price objective on Norfolk Southern from $295.00 to $305.00 and gave the company an "outperform" rating in a report on Monday, July 21st. The Goldman Sachs Group reissued a "neutral" rating and issued a $278.00 price objective on shares of Norfolk Southern in a report on Monday, June 2nd. Finally, Evercore ISI reissued an "in-line" rating and issued a $289.00 price objective (up from $279.00) on shares of Norfolk Southern in a report on Wednesday, July 30th. Fourteen research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Norfolk Southern has an average rating of "Hold" and an average price target 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.