Pinebridge Investments L.P. Lowers Holdings in Norfolk Southern Co. (NYSE:NSC)

Pinebridge Investments L.P. lowered its holdings in shares of Norfolk Southern Co. (NYSE:NSC – Free Report) by 98.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,468 shares of the railroad operator’s stock after selling 79,079 shares during the quarter. Pinebridge Investments L.P.’s holdings in Norfolk Southern were worth $333,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NSC. Axiom Financial Strategies LLC boosted its position in Norfolk Southern by 9.2% during the first quarter. Axiom Financial Strategies LLC now owns 852 shares of the railroad operator’s stock worth $220,000 after purchasing an additional 72 shares in the last quarter. Fairfield Bush & CO. purchased a new position in Norfolk Southern during the first quarter worth approximately $81,000. United Bank boosted its position in Norfolk Southern by 2.0% during the first quarter. United Bank now owns 7,581 shares of the railroad operator’s stock worth $2,162,000 after purchasing an additional 148 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Norfolk Southern by 4.6% in the first quarter. Cetera Investment Advisers now owns 8,640 shares of the railroad operator’s stock valued at $2,464,000 after acquiring an additional 377 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its position in shares of Norfolk Southern by 13.3% in the first quarter. Sequoia Financial Advisors LLC now owns 1,946 shares of the railroad operator’s stock valued at $555,000 after acquiring an additional 228 shares in the last quarter. Hedge funds and other institutional investors own 72.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. BMO Capital Markets cut their target price on Norfolk Southern from $255.00 to $230.00 and set a “market perform” rating for the company in a research note on Thursday, October 26th. Barclays cut their target price on Norfolk Southern from $215.00 to $205.00 and set an “equal weight” rating for the company in a research note on Thursday, October 26th. Susquehanna cut their target price on Norfolk Southern from $245.00 to $215.00 and set a “neutral” rating for the company in a research note on Tuesday, October 3rd. Royal Bank of Canada cut their target price on Norfolk Southern from $223.00 to $201.00 and set a “sector perform” rating for the company in a research note on Thursday, October 26th. Finally, Wells Fargo & Company cut their target price on Norfolk Southern from $245.00 to $220.00 and set an “overweight” rating for the company in a research note on Thursday, October 26th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $238.80.

Get Our Latest Research Report on Norfolk Southern

Norfolk Southern Trading Up 0.7 %

NYSE:NSC opened at $228.03 on Tuesday. The firm has a market cap of $51.57 billion, a PE ratio of 25.00, a price-to-earnings-growth ratio of 3.12 and a beta of 1.31. The stock has a fifty day moving average price of $201.17 and a 200 day moving average price of $211.75. Norfolk Southern Co. has a 12-month low of $183.09 and a 12-month high of $261.71. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.28.

Norfolk Southern (NYSE:NSC – Get Free Report) last announced its quarterly earnings results on Wednesday, October 25th. The railroad operator reported $2.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.09). The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.94 billion. Norfolk Southern had a return on equity of 22.26% and a net margin of 16.96%. Sell-side analysts anticipate that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Friday, November 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date was Thursday, November 2nd. Norfolk Southern’s dividend payout ratio (DPR) is currently 59.21%.

About Norfolk Southern (Free Report)

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.

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