Tredje AP fonden Sells 41,737 Shares of Norfolk Southern Corporation (NYSE:NSC)

Key Points

• Tredje AP fonden has reduced its stake in Norfolk Southern Corporation by 59.6%, selling 41,737 shares to own 28,312 shares valued at $6.7 million at the end of the most recent quarter.
• Norfolk Southern reported earnings per share of $3.29 for the last quarter, exceeding analysts' expectations of $3.24, and had a revenue of $3.11 billion against expectations of $3.10 billion.
• The company has announced a quarterly dividend of $1.35 per share, with an annualized dividend yield of 1.93%, set to be paid on August 20th.

Tredje AP fonden lowered its holdings in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 59.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,312 shares of the railroad operator's stock after selling 41,737 shares during the quarter. Tredje AP fonden's holdings in Norfolk Southern were worth $6,706,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NSC. Geode Capital Management LLC increased its holdings in Norfolk Southern by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 4,694,573 shares of the railroad operator's stock worth $1,098,472,000 after acquiring an additional 113,648 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in Norfolk Southern by 883.3% in the 1st quarter. Golden State Wealth Management LLC now owns 177 shares of the railroad operator's stock worth $42,000 after acquiring an additional 159 shares in the last quarter. Dynamic Advisor Solutions LLC increased its holdings in Norfolk Southern by 1.9% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 3,571 shares of the railroad operator's stock worth $846,000 after acquiring an additional 65 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Norfolk Southern by 4.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 71,463 shares of the railroad operator's stock worth $16,925,000 after acquiring an additional 2,782 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Norfolk Southern by 8.3% in the 1st quarter. GAMMA Investing LLC now owns 4,179 shares of the railroad operator's stock worth $990,000 after acquiring an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 75.10% of the company's stock.

Norfolk Southern Trading Down 1.2%

Shares of NYSE:NSC traded down $3.43 on Friday, hitting $274.57. 2,727,424 shares of the company's stock were exchanged, compared to its average volume of 2,852,299. Norfolk Southern Corporation has a 12 month low of $201.63 and a 12 month high of $288.11. The stock has a market capitalization of $61.67 billion, a price-to-earnings ratio of 18.55, a price-to-earnings-growth ratio of 2.46 and a beta of 1.31. The business's 50 day simple moving average is $259.97 and its two-hundred day simple moving average is $244.70. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.70.

Norfolk Southern (NYSE:NSC - Get Free Report) last released its earnings results on Tuesday, July 29th. The railroad operator reported $3.29 earnings per share for the quarter, topping the consensus estimate of $3.24 by $0.05. Norfolk Southern had a return on equity of 19.35% and a net margin of 27.51%. The business 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 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Friday, August 1st will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, August 1st. Norfolk Southern's payout ratio is presently 36.49%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Baird R W raised shares of Norfolk Southern to a "hold" rating in a report on Tuesday, July 1st. TD Cowen raised shares of Norfolk Southern from a "hold" rating to a "buy" rating and increased their price objective for the company from $263.00 to $323.00 in a report on Monday, July 21st. Bank of America increased their price objective on shares of Norfolk Southern from $290.00 to $305.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Sanford C. Bernstein increased their price objective on shares of Norfolk Southern from $295.00 to $305.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Finally, Robert W. Baird increased their price objective on shares of Norfolk Southern from $255.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Fourteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Norfolk Southern presently has an average rating of "Hold" and a consensus price target of $285.15.

Norfolk Southern 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.