Summit Wealth & Retirement Planning Inc. Buys New Position in Norfolk Southern Corporation $NSC

Summit Wealth & Retirement Planning Inc. bought a new stake in shares of Norfolk Southern Corporation (NYSE:NSC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,142 shares of the railroad operator’s stock, valued at approximately $292,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NSC. Princeton Global Asset Management LLC raised its stake in Norfolk Southern by 2.3% during the second quarter. Princeton Global Asset Management LLC now owns 1,640 shares of the railroad operator’s stock worth $420,000 after buying an additional 37 shares during the last quarter. Horan Securities Inc. boosted its position in Norfolk Southern by 2.1% during the second quarter. Horan Securities Inc. now owns 1,764 shares of the railroad operator’s stock valued at $452,000 after acquiring an additional 37 shares during the last quarter. Gables Capital Management Inc. grew its holdings in Norfolk Southern by 2.7% during the 2nd quarter. Gables Capital Management Inc. now owns 1,466 shares of the railroad operator’s stock worth $375,000 after acquiring an additional 38 shares during the period. SeaCrest Wealth Management LLC grew its holdings in Norfolk Southern by 1.7% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,429 shares of the railroad operator’s stock worth $622,000 after acquiring an additional 40 shares during the period. Finally, Gilbert & Cook Inc. raised its position in shares of Norfolk Southern by 1.7% in the 2nd quarter. Gilbert & Cook Inc. now owns 2,430 shares of the railroad operator’s stock worth $622,000 after acquiring an additional 41 shares in the last quarter. Institutional investors and hedge funds own 75.10% of the company’s stock.

Analyst Upgrades and Downgrades

NSC has been the topic of several research analyst reports. Weiss Ratings lowered Norfolk Southern from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Citigroup dropped their price target on Norfolk Southern from $316.00 to $307.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. Deutsche Bank Aktiengesellschaft increased their price target on Norfolk Southern from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Susquehanna lifted their price objective on shares of Norfolk Southern from $284.00 to $295.00 and gave the company a “neutral” rating in a research note on Thursday, September 25th. Finally, Bank of America boosted their target price on shares of Norfolk Southern from $290.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $299.70.

Norfolk Southern Trading Up 0.8%

NYSE NSC opened at $284.23 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.86 and a debt-to-equity ratio of 1.09. Norfolk Southern Corporation has a 52 week low of $201.63 and a 52 week high of $302.24. The business has a 50 day moving average price of $286.13 and a 200-day moving average price of $266.97. The company has a market cap of $63.78 billion, a price-to-earnings ratio of 21.68, a P/E/G ratio of 2.52 and a beta of 1.33.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.31 by ($0.01). The business had revenue of $3.10 billion during the quarter, compared to analyst estimates of $3.11 billion. Norfolk Southern had a net margin of 24.22% and a return on equity of 18.93%. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted $3.25 EPS. As a group, equities analysts expect that Norfolk Southern Corporation will post 13 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Friday, November 7th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 7th. Norfolk Southern’s dividend payout ratio (DPR) is currently 41.19%.

Insider Activity

In other Norfolk Southern news, Director Richard H. Anderson bought 2,600 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was bought at an average cost of $281.86 per share, with a total value of $732,836.00. Following the completion of the transaction, the director directly owned 7,000 shares in the company, valued at approximately $1,973,020. The trade was a 59.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sameh Fahmy purchased 1,650 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was acquired at an average cost of $282.97 per share, for a total transaction of $466,900.50. Following the transaction, the director owned 12,000 shares in the company, valued at $3,395,640. This represents a 15.94% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.06% of the company’s stock.

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.