Glenmede Trust Co. NA Trims Stock Position in Norfolk Southern Corporation $NSC

Key Points

• Glenmede Trust reduced its Norfolk Southern stake by 7.5% in the first quarter, selling 3,018 shares and retaining 37,063 shares valued at approximately $10.6 million. Institutional investors collectively own 75.1% of the company.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 in EPS and $3.46 billion in revenue, with revenue up 12.5% year over year.
• The company declared a quarterly dividend of $1.35 per share, or $5.40 annualized, representing a 1.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $348.

Glenmede Trust Co. NA lessened its stake in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 7.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,063 shares of the railroad operator's stock after selling 3,018 shares during the period. Glenmede Trust Co. NA's holdings in Norfolk Southern were worth $10,637,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Louisiana State Employees Retirement System purchased a new stake in Norfolk Southern in the first quarter worth about $3,272,000. O Shaughnessy Asset Management LLC grew its holdings in Norfolk Southern by 9.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 43,408 shares of the railroad operator's stock worth $12,533,000 after acquiring an additional 3,887 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. increased its position in Norfolk Southern by 49.3% during the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 50,620 shares of the railroad operator's stock valued at $14,615,000 after purchasing an additional 16,720 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Norfolk Southern by 8.6% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 138,194 shares of the railroad operator's stock valued at $39,899,000 after purchasing an additional 10,910 shares during the period. Finally, Gabelli Funds LLC raised its holdings in shares of Norfolk Southern by 54.4% in the 4th quarter. Gabelli Funds LLC now owns 51,112 shares of the railroad operator's stock valued at $14,757,000 after purchasing an additional 18,012 shares in the last quarter. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Stock Performance

Shares of Norfolk Southern stock opened at $335.89 on Monday. The company has a market capitalization of $75.45 billion, a PE ratio of 28.66, a P/E/G ratio of 5.97 and a beta of 1.27. The company has a 50-day simple moving average of $319.64 and a two-hundred day simple moving average of $308.03. Norfolk Southern Corporation has a one year low of $268.23 and a one year high of $358.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.73 and a current ratio of 0.83.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share for the quarter, beating analysts' consensus estimates of $3.32 by $0.20. Norfolk Southern had a net margin of 21.02% and a return on equity of 18.21%. The business had revenue of $3.46 billion for the quarter, compared to analysts' expectations of $3.38 billion. During the same period last year, the business earned $3.29 EPS. The company's revenue was up 12.5% compared to the same quarter last year. Research analysts expect that Norfolk Southern Corporation will post 12.6 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Friday, August 7th will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.6%. Norfolk Southern's dividend payout ratio is presently 46.08%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets upped their price target on shares of Norfolk Southern from $310.00 to $355.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Royal Bank Of Canada lifted their price objective on shares of Norfolk Southern from $320.00 to $360.00 and gave the company a "sector perform" rating in a report on Friday, July 24th. UBS Group reissued a "neutral" rating and issued a $363.00 price objective on shares of Norfolk Southern in a research note on Friday, July 24th. Wells Fargo & Company upped their target price on Norfolk Southern from $365.00 to $385.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Finally, Wolfe Research increased their target price on Norfolk Southern from $350.00 to $355.00 and gave the company an "outperform" rating in a research report on Tuesday, April 7th. Seven investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $348.00.

About Norfolk Southern

Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.

The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.

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