State of New Jersey Common Pension Fund D Lowers Stock Position in Norfolk Southern Corporation (NYSE:NSC)

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Norfolk Southern Corporation by 8.0%, owning 76,313 shares valued at $18,075,000 after selling 6,604 shares in Q1.
• Analysts have varied views on Norfolk Southern, with the stock receiving a mix of hold and buy ratings, leading to a consensus target price of $285.15.
• Norfolk Southern announced a quarterly dividend of $1.35 per share, with a yield of 1.9%, set to be paid on August 20th, 2023.

State of New Jersey Common Pension Fund D decreased its position in shares of Norfolk Southern Corporation (NYSE:NSC - Free Report) by 8.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 76,313 shares of the railroad operator's stock after selling 6,604 shares during the period. State of New Jersey Common Pension Fund D's holdings in Norfolk Southern were worth $18,075,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL lifted its position in Norfolk Southern by 16.9% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 304 shares of the railroad operator's stock valued at $71,000 after acquiring an additional 44 shares during the last quarter. CoreCap Advisors LLC lifted its position in Norfolk Southern by 1.5% during the fourth quarter. CoreCap Advisors LLC now owns 3,097 shares of the railroad operator's stock valued at $727,000 after acquiring an additional 45 shares during the last quarter. Canandaigua National Trust Co of Florida lifted its position in Norfolk Southern by 4.9% during the first quarter. Canandaigua National Trust Co of Florida now owns 956 shares of the railroad operator's stock valued at $226,000 after acquiring an additional 45 shares during the last quarter. Capital Investment Advisory Services LLC lifted its position in Norfolk Southern by 1.8% during the first quarter. Capital Investment Advisory Services LLC now owns 2,556 shares of the railroad operator's stock valued at $605,000 after acquiring an additional 45 shares during the last quarter. Finally, Certified Advisory Corp lifted its position in Norfolk Southern by 1.0% during the first quarter. Certified Advisory Corp now owns 4,644 shares of the railroad operator's stock valued at $1,100,000 after acquiring an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 75.10% of the company's stock.

Analyst Upgrades and Downgrades

NSC has been the subject of a number of analyst reports. Baird R W raised shares of Norfolk Southern to a "hold" rating in a research report on Tuesday, July 1st. Citigroup upped their price target on shares of Norfolk Southern from $288.00 to $305.00 and gave the company a "neutral" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. restated a "neutral" rating and set a $288.00 price target (up previously from $282.00) on shares of Norfolk Southern in a research note on Wednesday, July 30th. Benchmark lowered shares of Norfolk Southern from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Barclays upped their price target on shares of Norfolk Southern from $290.00 to $300.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Fourteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $285.15.

Norfolk Southern Stock Performance

Shares of NYSE NSC opened at $280.86 on Friday. The company's fifty day moving average price is $266.84 and its 200 day moving average price is $246.75. Norfolk Southern Corporation has a 1 year low of $201.63 and a 1 year high of $288.11. The company has a market capitalization of $63.09 billion, a PE ratio of 18.98, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.71 and a current ratio of 0.79.

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

Norfolk Southern Dividend Announcement

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

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.

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