ZWJ Investment Counsel Inc. boosted its holdings in Norfolk Southern Corp. (NYSE:NSC) by 7.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,188 shares of the railroad operator’s stock after buying an additional 889 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in Norfolk Southern were worth $2,190,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in NSC. Nuveen Asset Management LLC boosted its stake in Norfolk Southern by 4,303.6% in the second quarter. Nuveen Asset Management LLC now owns 1,491,367 shares of the railroad operator’s stock valued at $297,275,000 after buying an additional 1,457,500 shares in the last quarter. Balyasny Asset Management LLC boosted its stake in Norfolk Southern by 609.5% in the second quarter. Balyasny Asset Management LLC now owns 552,879 shares of the railroad operator’s stock valued at $110,205,000 after buying an additional 474,951 shares in the last quarter. Thoroughbred Financial Services LLC boosted its stake in Norfolk Southern by 19,302.3% in the second quarter. Thoroughbred Financial Services LLC now owns 378,926 shares of the railroad operator’s stock valued at $37,893,000 after buying an additional 376,973 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Norfolk Southern in the second quarter valued at about $64,623,000. Finally, Public Employees Retirement Association of Colorado boosted its stake in Norfolk Southern by 579.0% in the second quarter. Public Employees Retirement Association of Colorado now owns 358,092 shares of the railroad operator’s stock valued at $71,378,000 after buying an additional 305,356 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.
Shares of Norfolk Southern stock traded down $4.55 during midday trading on Wednesday, reaching $184.41. The company had a trading volume of 1,780,907 shares, compared to its average volume of 1,655,519. The stock has a fifty day moving average price of $178.16 and a 200 day moving average price of $189.70. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.78 and a quick ratio of 0.68. The firm has a market cap of $49.04 billion, a PE ratio of 19.39, a P/E/G ratio of 1.69 and a beta of 1.36. Norfolk Southern Corp. has a fifty-two week low of $138.65 and a fifty-two week high of $211.46.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 1st will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.04%. Norfolk Southern’s dividend payout ratio is currently 39.54%.
A number of analysts have recently commented on the company. Zacks Investment Research raised Norfolk Southern from a “sell” rating to a “hold” rating and set a $182.00 price target on the stock in a research note on Friday, October 11th. TD Securities cut their price target on Norfolk Southern from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. UBS Group cut their price target on Norfolk Southern from $230.00 to $216.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Cascend Securities lowered Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, ValuEngine lowered Norfolk Southern from a “hold” rating to a “sell” rating in a research note on Saturday. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $203.78.
In related news, Director Jennifer F. Scanlon acquired 525 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were bought at an average cost of $191.52 per share, with a total value of $100,548.00. Following the completion of the purchase, the director now directly owns 525 shares in the company, valued at $100,548. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by insiders.
About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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