Abound Wealth Management Boosts Stock Holdings in Norfolk Southern Co. (NYSE:NSC)

Abound Wealth Management increased its position in shares of Norfolk Southern Co. (NYSE:NSC) by 122.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 182 shares of the railroad operator’s stock after buying an additional 100 shares during the period. Abound Wealth Management’s holdings in Norfolk Southern were worth $39,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cedar Wealth Management LLC purchased a new stake in Norfolk Southern during the 1st quarter worth approximately $27,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Norfolk Southern during the second quarter worth approximately $27,000. Financial Connections Group Inc. purchased a new stake in shares of Norfolk Southern during the second quarter worth approximately $31,000. Rise Advisors LLC purchased a new position in Norfolk Southern in the 1st quarter valued at $34,000. Finally, Hobbs Group Advisors LLC purchased a new position in Norfolk Southern in the 2nd quarter valued at $34,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Norfolk Southern Trading Down 3.5 %

NYSE:NSC opened at $245.80 on Monday. The stock has a 50-day simple moving average of $240.36 and a 200-day simple moving average of $238.02. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.54 and a current ratio of 0.63. The stock has a market cap of $55.53 billion, a P/E ratio of 39.58, a P/E/G ratio of 2.48 and a beta of 1.31. Norfolk Southern Co. has a 1 year low of $183.09 and a 1 year high of $263.66.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Thursday, July 25th. The railroad operator reported $3.06 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the company earned $2.95 earnings per share. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, analysts anticipate that Norfolk Southern Co. will post 11.8 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Friday, August 2nd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Friday, August 2nd. Norfolk Southern’s payout ratio is currently 86.96%.

Insider Activity at Norfolk Southern

In other Norfolk Southern news, EVP Nabanita C. Nag sold 355 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $249.38, for a total value of $88,529.90. Following the completion of the sale, the executive vice president now owns 1,488 shares in the company, valued at $371,077.44. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Sameh Fahmy acquired 700 shares of Norfolk Southern stock in a transaction on Thursday, August 1st. The stock was purchased at an average cost of $245.15 per share, with a total value of $171,605.00. Following the purchase, the director now directly owns 7,700 shares in the company, valued at $1,887,655. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $88,529.90. Following the completion of the transaction, the executive vice president now owns 1,488 shares in the company, valued at $371,077.44. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NSC shares. Sanford C. Bernstein reduced their target price on shares of Norfolk Southern from $288.00 to $285.00 and set an “outperform” rating for the company in a research report on Monday, July 8th. TD Cowen increased their price target on Norfolk Southern from $251.00 to $253.00 and gave the company a “hold” rating in a report on Friday, July 26th. Susquehanna upped their target price on Norfolk Southern from $245.00 to $255.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Stifel Nicolaus lifted their price target on Norfolk Southern from $239.00 to $241.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $175.00 target price on shares of Norfolk Southern in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $264.24.

Norfolk Southern 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.