Norfolk Southern Co. (NYSE:NSC) Shares Sold by Oak Asset Management LLC

Oak Asset Management LLC lowered its holdings in Norfolk Southern Co. (NYSE:NSC) by 4.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,767 shares of the railroad operator’s stock after selling 610 shares during the period. Norfolk Southern comprises 1.2% of Oak Asset Management LLC’s holdings, making the stock its 27th biggest holding. Oak Asset Management LLC’s holdings in Norfolk Southern were worth $3,254,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in NSC. Norges Bank acquired a new position in shares of Norfolk Southern in the fourth quarter worth about $556,797,000. American Century Companies Inc. boosted its holdings in shares of Norfolk Southern by 69.0% in the third quarter. American Century Companies Inc. now owns 2,723,398 shares of the railroad operator’s stock worth $536,319,000 after buying an additional 1,112,261 shares during the period. Stifel Financial Corp boosted its holdings in shares of Norfolk Southern by 600.3% in the fourth quarter. Stifel Financial Corp now owns 1,021,312 shares of the railroad operator’s stock worth $241,421,000 after buying an additional 875,473 shares during the period. London Co. of Virginia boosted its holdings in shares of Norfolk Southern by 41.2% in the third quarter. London Co. of Virginia now owns 1,976,871 shares of the railroad operator’s stock worth $389,305,000 after buying an additional 577,171 shares during the period. Finally, Public Employees Retirement Association of Colorado boosted its holdings in shares of Norfolk Southern by 1,956.8% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 451,226 shares of the railroad operator’s stock worth $106,661,000 after buying an additional 429,288 shares during the period. Institutional investors and hedge funds own 75.10% of the company’s stock.

Insider Activity

In other news, Director Sameh Fahmy purchased 2,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were bought at an average price of $219.25 per share, with a total value of $438,500.00. Following the completion of the transaction, the director now directly owns 7,000 shares in the company, valued at approximately $1,534,750. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, Director Claude Mongeau bought 5,650 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were acquired at an average price of $221.00 per share, with a total value of $1,248,650.00. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $4,420,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sameh Fahmy bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were bought at an average cost of $219.25 per share, for a total transaction of $438,500.00. Following the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at approximately $1,534,750. The disclosure for this purchase can be found here. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Norfolk Southern from $240.00 to $275.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Benchmark restated a “buy” rating and set a $277.00 price target on shares of Norfolk Southern in a report on Thursday, April 25th. The Goldman Sachs Group raised their price target on shares of Norfolk Southern from $252.00 to $283.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Loop Capital raised their price target on shares of Norfolk Southern from $261.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Royal Bank of Canada upgraded shares of Norfolk Southern from a “sector perform” rating to an “outperform” rating and set a $270.00 price target for the company in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Norfolk Southern has a consensus rating of “Moderate Buy” and a consensus target price of $262.89.

Norfolk Southern Price Performance

Shares of NSC opened at $214.69 on Monday. Norfolk Southern Co. has a twelve month low of $183.09 and a twelve month high of $263.66. The firm has a market cap of $48.50 billion, a PE ratio of 34.57, a PEG ratio of 2.03 and a beta of 1.32. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.61 and a current ratio of 0.68. The firm’s 50 day moving average price is $227.10 and its 200 day moving average price is $239.01.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, April 24th. The railroad operator reported $2.49 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.09). Norfolk Southern had a net margin of 11.76% and a return on equity of 19.61%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same period in the prior year, the business earned $3.32 EPS. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. As a group, research analysts expect that Norfolk Southern Co. will post 11.88 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Friday, May 3rd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Thursday, May 2nd. Norfolk Southern’s dividend payout ratio is 86.96%.

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.