Allspring Global Investments Holdings LLC Trims Stake in Norfolk Southern Co. (NYSE:NSC)

Allspring Global Investments Holdings LLC cut its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 3.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,869 shares of the railroad operator’s stock after selling 365 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Norfolk Southern were worth $2,770,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Exchange Traded Concepts LLC lifted its holdings in shares of Norfolk Southern by 662.5% in the 4th quarter. Exchange Traded Concepts LLC now owns 122 shares of the railroad operator’s stock worth $29,000 after acquiring an additional 106 shares during the last quarter. Orion Capital Management LLC purchased a new stake in Norfolk Southern in the third quarter valued at approximately $32,000. Turtle Creek Wealth Advisors LLC acquired a new position in Norfolk Southern during the fourth quarter worth $32,000. Financial Connections Group Inc. purchased a new position in shares of Norfolk Southern during the fourth quarter worth $34,000. Finally, Rise Advisors LLC acquired a new stake in shares of Norfolk Southern in the first quarter valued at $34,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Stock Up 0.7 %

Shares of NYSE:NSC opened at $215.55 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 1.37. The firm has a 50 day simple moving average of $226.49 and a 200-day simple moving average of $238.87. The company has a market capitalization of $48.69 billion, a PE ratio of 34.71, a P/E/G ratio of 2.03 and a beta of 1.32. Norfolk Southern Co. has a twelve month low of $183.09 and a twelve month high of $263.66.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Wednesday, April 24th. The railroad operator reported $2.49 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.09). The company had revenue of $3 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Norfolk Southern had a net margin of 11.76% and a return on equity of 19.61%. Norfolk Southern’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the firm earned $3.32 earnings per share. On average, equities analysts predict that Norfolk Southern Co. will post 11.88 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 20th. Investors of record on Friday, May 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.51%. Norfolk Southern’s dividend payout ratio is presently 86.96%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NSC shares. Benchmark reissued a “buy” rating and set a $277.00 target price on shares of Norfolk Southern in a research note on Thursday, April 25th. Wells Fargo & Company lowered their price objective on shares of Norfolk Southern from $270.00 to $260.00 and set an “overweight” rating for the company in a research note on Tuesday, June 25th. Royal Bank of Canada upgraded shares of Norfolk Southern from a “sector perform” rating to an “outperform” rating and set a $270.00 price objective for the company in a report on Thursday, May 23rd. TD Cowen raised their price target on shares of Norfolk Southern from $236.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, March 21st. Finally, Barclays dropped their price target on shares of Norfolk Southern from $305.00 to $275.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Norfolk Southern currently has an average rating of “Moderate Buy” and an average target price of $262.89.

Insiders Place Their Bets

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

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.