Maryland State Retirement & Pension System Sells 1,503 Shares of Norfolk Southern Corporation (NYSE:NSC)

Key Points

• Maryland State Retirement & Pension System reduced its holdings in Norfolk Southern Corporation by 12.5% in the first quarter, now owning 10,566 shares valued at approximately $2.5 million.
• Notable institutional investors, including Brighton Jones LLC and Renaissance Technologies LLC, have recently increased their positions in Norfolk Southern, highlighting a significant interest among hedge funds.
• Norfolk Southern announced a quarterly dividend of $1.35 per share, translating to an annualized yield of 1.9%, reflecting its strong financial performance with a recent EPS of $3.29, surpassing estimates.

Maryland State Retirement & Pension System reduced its position in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 12.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 10,566 shares of the railroad operator's stock after selling 1,503 shares during the period. Maryland State Retirement & Pension System's holdings in Norfolk Southern were worth $2,503,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in shares of Norfolk Southern by 4.9% in the fourth quarter. Brighton Jones LLC now owns 1,706 shares of the railroad operator's stock worth $400,000 after acquiring an additional 79 shares during the period. Wellington Management Group LLP lifted its holdings in Norfolk Southern by 3.6% during the 4th quarter. Wellington Management Group LLP now owns 23,882 shares of the railroad operator's stock worth $5,605,000 after purchasing an additional 820 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Norfolk Southern by 168.3% during the 4th quarter. Renaissance Technologies LLC now owns 128,000 shares of the railroad operator's stock worth $30,042,000 after purchasing an additional 80,300 shares in the last quarter. Advisory Services Network LLC boosted its stake in Norfolk Southern by 4.1% in the 4th quarter. Advisory Services Network LLC now owns 12,499 shares of the railroad operator's stock worth $2,933,000 after purchasing an additional 487 shares during the period. Finally, Bessemer Group Inc. grew its holdings in Norfolk Southern by 1.6% during the 4th quarter. Bessemer Group Inc. now owns 15,897 shares of the railroad operator's stock valued at $3,732,000 after buying an additional 255 shares in the last quarter. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Trading Down 0.6%

Shares of NYSE NSC traded down $1.74 during midday trading on Monday, reaching $278.29. The company had a trading volume of 1,280,888 shares, compared to its average volume of 1,554,855. 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 one year low of $201.63 and a one year high of $288.11. The firm's fifty day moving average price is $263.58 and its 200-day moving average price is $245.76. The stock has a market cap of $62.51 billion, a PE ratio of 18.80, a price-to-earnings-growth ratio of 2.48 and a beta of 1.31.

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

Norfolk Southern Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have commented on NSC. Baird R W raised shares of Norfolk Southern to a "hold" rating in a report on Tuesday, July 1st. Susquehanna reissued a "neutral" rating and set a $260.00 price objective (up previously from $250.00) on shares of Norfolk Southern in a research note on Tuesday, June 24th. Jefferies Financial Group restated a "hold" rating and issued a $300.00 target price on shares of Norfolk Southern in a research note on Friday, July 25th. The Goldman Sachs Group reiterated a "neutral" rating and set a $278.00 price target on shares of Norfolk Southern in a research report on Monday, June 2nd. Finally, Barclays upped their price objective on shares of Norfolk Southern from $290.00 to $300.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Fourteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $285.15.

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.