Norfolk Southern Co. (NYSE:NSC) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its position in Norfolk Southern Co. (NYSE:NSC) by 13.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,882 shares of the railroad operator’s stock after selling 15,202 shares during the quarter. Victory Capital Management Inc.’s holdings in Norfolk Southern were worth $20,800,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Cedar Wealth Management LLC acquired a new position in shares of Norfolk Southern during the first quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new position in shares of Norfolk Southern during the second quarter worth $27,000. Financial Connections Group Inc. acquired a new position in shares of Norfolk Southern during the second quarter worth $31,000. Rise Advisors LLC acquired a new position in shares of Norfolk Southern during the first quarter worth $34,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Norfolk Southern during the second quarter worth $34,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Wall Street Analyst Weigh In

NSC has been the subject of a number of research analyst reports. Susquehanna lifted their price target on shares of Norfolk Southern from $245.00 to $255.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. TD Cowen lifted their price target on shares of Norfolk Southern from $251.00 to $253.00 and gave the stock a “hold” rating in a research note on Friday, July 26th. Royal Bank of Canada dropped their price target on shares of Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Morgan Stanley restated an “underweight” rating and issued a $175.00 price target on shares of Norfolk Southern in a research note on Monday, July 8th. Finally, Wells Fargo & Company lifted their price target on shares of Norfolk Southern from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Norfolk Southern presently has a consensus rating of “Moderate Buy” and an average price target of $264.24.

Norfolk Southern Stock Performance

NSC stock opened at $254.59 on Friday. The company has a market capitalization of $57.52 billion, a P/E ratio of 41.00, a PEG ratio of 2.44 and a beta of 1.31. The company has a 50-day simple moving average of $239.77 and a 200 day simple moving average of $238.28. Norfolk Southern Co. has a fifty-two week low of $183.09 and a fifty-two week high of $263.66. 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 (NYSE:NSC) last issued its quarterly earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.86 by $0.20. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the prior year, the company earned $2.95 EPS. Norfolk Southern’s revenue was up 2.1% on a year-over-year basis. Sell-side analysts predict that Norfolk Southern Co. will post 11.8 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd were issued a dividend of $1.35 per share. The ex-dividend date was Friday, August 2nd. This represents a $5.40 annualized dividend and a yield of 2.12%. Norfolk Southern’s payout ratio is presently 86.96%.

Insiders Place Their Bets

In related news, Director Richard H. Anderson acquired 2,000 shares of the business’s stock in a transaction on Monday, July 29th. The shares were purchased at an average price of $247.48 per share, for a total transaction of $494,960.00. Following the acquisition, the director now owns 3,000 shares in the company, valued at $742,440. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Richard H. Anderson purchased 2,000 shares of Norfolk Southern stock in a transaction dated Monday, July 29th. The stock was acquired at an average cost of $247.48 per share, with a total value of $494,960.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $742,440. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nabanita C. Nag sold 355 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $249.38, for a total transaction of $88,529.90. Following the completion of the sale, the executive vice president now directly owns 1,488 shares of the company’s stock, valued at $371,077.44. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

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.