Rockland Trust Co. Cuts Position in Norfolk Southern Co. (NYSE:NSC)

Rockland Trust Co. lowered its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 1.9% during the third quarter, HoldingsChannel.com reports. The firm owned 2,582 shares of the railroad operator’s stock after selling 50 shares during the period. Rockland Trust Co.’s holdings in Norfolk Southern were worth $642,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cedar Wealth Management LLC acquired a new stake in Norfolk Southern in the 1st quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Norfolk Southern in the second quarter valued at about $27,000. Financial Connections Group Inc. purchased a new stake in shares of Norfolk Southern during the second quarter worth about $31,000. HWG Holdings LP acquired a new position in shares of Norfolk Southern during the 2nd quarter worth about $31,000. Finally, Rise Advisors LLC purchased a new position in Norfolk Southern in the 1st quarter valued at about $34,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Trading Up 1.2 %

Shares of Norfolk Southern stock traded up $3.04 during trading hours on Friday, hitting $247.92. The company’s stock had a trading volume of 1,173,056 shares, compared to its average volume of 1,263,570. The stock has a market cap of $56.01 billion, a price-to-earnings ratio of 39.92, a P/E/G ratio of 2.40 and a beta of 1.31. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.54 and a current ratio of 0.63. Norfolk Southern Co. has a twelve month low of $183.09 and a twelve month high of $263.66. The firm has a fifty day moving average of $246.80 and a 200-day moving average of $237.18.

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

Norfolk Southern Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Friday, August 2nd were paid a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.18%. Norfolk Southern’s payout ratio is presently 86.96%.

Insider Activity at Norfolk Southern

In related news, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the completion of the transaction, the chief executive officer now directly owns 35,045 shares in the company, valued at $8,970,819.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP Nabanita C. Nag sold 355 shares of the business’s stock in a transaction 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 transaction, the executive vice president now directly owns 1,488 shares of the company’s stock, valued at $371,077.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Alan H. Shaw sold 51,325 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $255.98, for a total value of $13,138,173.50. Following the completion of the sale, the chief executive officer now directly owns 35,045 shares in the company, valued at $8,970,819.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

NSC has been the subject of a number of research analyst reports. Morgan Stanley reissued an “underweight” rating and set a $175.00 target price on shares of Norfolk Southern in a report on Monday, July 8th. Evercore ISI lifted their target price on shares of Norfolk Southern from $265.00 to $276.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. Royal Bank of Canada upped their target price on shares of Norfolk Southern from $267.00 to $272.00 and gave the stock an “outperform” rating in a report on Monday, September 30th. TD Cowen raised 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. Finally, Susquehanna upped their price objective on shares of Norfolk Southern from $255.00 to $280.00 and gave the company a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $266.56.

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.