Norfolk Southern Corp. (NSC) Position Lessened by American Money Management LLC
American Money Management LLC trimmed its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 13.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,147 shares of the railroad operator’s stock after selling 2,738 shares during the quarter. Norfolk Southern accounts for approximately 1.9% of American Money Management LLC’s investment portfolio, making the stock its 26th biggest position. American Money Management LLC’s holdings in Norfolk Southern were worth $3,276,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in NSC. FMR LLC boosted its holdings in Norfolk Southern by 14.8% during the 3rd quarter. FMR LLC now owns 8,080,231 shares of the railroad operator’s stock valued at $1,458,480,000 after acquiring an additional 1,043,444 shares during the period. FIL Ltd boosted its holdings in Norfolk Southern by 8,233.6% during the 3rd quarter. FIL Ltd now owns 842,360 shares of the railroad operator’s stock valued at $152,046,000 after acquiring an additional 832,252 shares during the period. Point72 Asset Management L.P. boosted its holdings in Norfolk Southern by 196.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 725,813 shares of the railroad operator’s stock valued at $109,503,000 after acquiring an additional 481,013 shares during the period. PointState Capital LP purchased a new position in Norfolk Southern during the 2nd quarter valued at about $63,296,000. Finally, Artemis Investment Management LLP boosted its holdings in Norfolk Southern by 21.3% during the 3rd quarter. Artemis Investment Management LLP now owns 1,462,459 shares of the railroad operator’s stock valued at $263,981,000 after acquiring an additional 256,367 shares during the period. Institutional investors own 72.97% of the company’s stock.
Shares of NSC opened at $162.19 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.86 and a quick ratio of 0.75. The stock has a market capitalization of $45.18 billion, a PE ratio of 24.54, a P/E/G ratio of 1.49 and a beta of 1.33. Norfolk Southern Corp. has a 1 year low of $127.79 and a 1 year high of $186.91.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 2nd will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Thursday, November 1st. Norfolk Southern’s payout ratio is presently 48.41%.
A number of equities analysts recently commented on NSC shares. TD Securities upgraded Norfolk Southern from a “hold” rating to a “buy” rating in a report on Thursday, October 25th. They noted that the move was a valuation call. Bank of America raised their target price on Norfolk Southern from $183.00 to $187.00 and gave the company a “buy” rating in a report on Monday, October 1st. Morgan Stanley set a $113.00 target price on Norfolk Southern and gave the company a “sell” rating in a report on Monday, October 22nd. Zacks Investment Research cut Norfolk Southern from a “buy” rating to a “hold” rating in a report on Thursday, November 15th. Finally, Barclays restated a “hold” rating and set a $190.00 target price on shares of Norfolk Southern in a report on Wednesday, September 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $176.11.
In other news, COO Michael Joseph Wheeler sold 801 shares of Norfolk Southern stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $172.55, for a total value of $138,212.55. Following the completion of the transaction, the chief operating officer now owns 9,406 shares in the company, valued at approximately $1,623,005.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.36% of the company’s stock.
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Norfolk Southern Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.
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