Prudential PLC Trims Stock Holdings in Norfolk Southern Co. (NYSE:NSC)

Prudential PLC decreased its position in Norfolk Southern Co. (NYSE:NSC) by 65.9% in the second quarter, HoldingsChannel.com reports. The fund owned 3,589 shares of the railroad operator’s stock after selling 6,930 shares during the period. Prudential PLC’s holdings in Norfolk Southern were worth $771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gryphon Financial Partners LLC raised its stake in shares of Norfolk Southern by 7.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 2,840 shares of the railroad operator’s stock valued at $672,000 after buying an additional 198 shares during the last quarter. Avantax Advisory Services Inc. raised its stake in shares of Norfolk Southern by 18.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 7,355 shares of the railroad operator’s stock valued at $1,738,000 after buying an additional 1,149 shares during the last quarter. Foundations Investment Advisors LLC raised its stake in shares of Norfolk Southern by 6.7% during the 4th quarter. Foundations Investment Advisors LLC now owns 2,514 shares of the railroad operator’s stock valued at $642,000 after buying an additional 158 shares during the last quarter. Jag Capital Management LLC purchased a new position in shares of Norfolk Southern during the 4th quarter valued at about $213,000. Finally, Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Norfolk Southern during the 4th quarter valued at about $558,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Susquehanna lifted their price objective on Norfolk Southern from $245.00 to $255.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Stifel Nicolaus lifted their price target on Norfolk Southern from $239.00 to $241.00 and gave the company a “hold” rating 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. Wells Fargo & Company lifted their price target on Norfolk Southern from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Benchmark lifted their price target on Norfolk Southern from $266.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Norfolk Southern has a consensus rating of “Moderate Buy” and a consensus target price of $264.24.

Norfolk Southern Trading Up 0.3 %

Shares of Norfolk Southern stock opened at $254.59 on Friday. The stock has a market cap of $57.52 billion, a P/E ratio of 41.00, a P/E/G ratio of 2.44 and a beta of 1.31. The stock’s 50 day simple moving average is $239.77 and its 200-day simple moving average is $238.28. Norfolk Southern Co. has a 1-year low of $183.09 and a 1-year high of $263.66. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.54.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.86 by $0.20. The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Norfolk Southern had a return on equity of 19.64% and a net margin of 14.85%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.95 EPS. Analysts predict that Norfolk Southern Co. will post 11.8 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

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

Insider Activity

In other news, Director Sameh Fahmy purchased 700 shares of Norfolk Southern stock in a transaction dated Thursday, August 1st. The shares were purchased at an average price of $245.15 per share, with a total value of $171,605.00. Following the transaction, the director now owns 7,700 shares in the company, valued at $1,887,655. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Sameh Fahmy purchased 700 shares of Norfolk Southern stock in a transaction dated Thursday, August 1st. The shares were purchased at an average price of $245.15 per share, with a total value of $171,605.00. Following the transaction, the director now owns 7,700 shares in the company, valued at $1,887,655. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $249.38, for a total transaction of $88,529.90. Following the sale, the executive vice president now directly owns 1,488 shares in the company, valued at approximately $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.