Louisiana State Employees Retirement System Cuts Stake in Norfolk Southern Co. (NYSE:NSC)

Louisiana State Employees Retirement System reduced its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 2.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,800 shares of the railroad operator’s stock after selling 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Norfolk Southern were worth $2,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cedar Wealth Management LLC purchased a new position in shares of Norfolk Southern in the first quarter valued at $27,000. 1620 Investment Advisors Inc. bought a new stake in shares of Norfolk Southern during the second quarter worth $27,000. Rise Advisors LLC bought a new stake in shares of Norfolk Southern during the first quarter worth $34,000. Hobbs Group Advisors LLC bought a new stake in shares of Norfolk Southern during the second quarter worth $34,000. Finally, Central Valley Advisors LLC bought a new stake in shares of Norfolk Southern during the second quarter worth $36,000. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Trading Up 1.5 %

Norfolk Southern stock opened at $240.65 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. Norfolk Southern Co. has a 52 week low of $183.09 and a 52 week high of $263.66. The company has a market capitalization of $54.37 billion, a price-to-earnings ratio of 38.75, a price-to-earnings-growth ratio of 2.41 and a beta of 1.32. The stock has a 50-day moving average price of $229.77 and a 200 day moving average price of $238.33.

Norfolk Southern (NYSE:NSC) last released its earnings results on Thursday, July 25th. The railroad operator reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.86 by $0.20. Norfolk Southern had a return on equity of 19.64% and a net margin of 14.85%. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the previous year, the company posted $2.95 earnings per share. The company’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts anticipate that Norfolk Southern Co. will post 11.78 EPS for the current year.

Norfolk Southern Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Friday, August 2nd. Norfolk Southern’s payout ratio is presently 86.96%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Morgan Stanley restated an “underweight” rating and issued a $175.00 price objective on shares of Norfolk Southern in a report on Monday, July 8th. Benchmark lifted their target price on Norfolk Southern from $266.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Sanford C. Bernstein cut their target price on Norfolk Southern from $288.00 to $285.00 and set an “outperform” rating on the stock in a research note on Monday, July 8th. Royal Bank of Canada cut their target price on Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Finally, Barclays cut their target price on Norfolk Southern from $305.00 to $275.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Norfolk Southern has a consensus rating of “Moderate Buy” and a consensus target price of $264.24.

Insider Buying and Selling at Norfolk Southern

In related news, Director Claude Mongeau purchased 5,650 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average cost of $221.00 per share, with a total value of $1,248,650.00. Following the completion of the acquisition, the director now owns 20,000 shares of the company’s stock, valued at approximately $4,420,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Norfolk Southern news, Director Claude Mongeau bought 5,650 shares of Norfolk Southern stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average cost of $221.00 per share, with a total value of $1,248,650.00. Following the purchase, the director now directly owns 20,000 shares in the company, valued at approximately $4,420,000. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Sameh Fahmy bought 700 shares of Norfolk Southern stock in a transaction dated Thursday, August 1st. The shares were acquired at an average cost of $245.15 per share, with a total value of $171,605.00. Following the completion of the purchase, the director now owns 7,700 shares in the company, valued at $1,887,655. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 10,350 shares of company stock valued at $2,353,715. 0.19% of the stock is owned by company insiders.

Norfolk Southern Company 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.