Acorn Advisory Capital L.P. purchased a new position in shares of Norfolk Southern Corp. (NYSE:NSC) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,800 shares of the railroad operator’s stock, valued at approximately $505,000. Norfolk Southern accounts for about 0.6% of Acorn Advisory Capital L.P.’s portfolio, making the stock its 25th largest holding.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC raised its holdings in Norfolk Southern by 8.6% in the 2nd quarter. FMR LLC now owns 7,036,787 shares of the railroad operator’s stock valued at $1,061,640,000 after buying an additional 555,871 shares during the period. Point72 Asset Management L.P. raised its holdings in Norfolk Southern by 196.5% in 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 buying an additional 481,013 shares during the period. PointState Capital LP purchased a new stake in Norfolk Southern in the 2nd quarter valued at about $63,296,000. Marshall Wace LLP raised its holdings in Norfolk Southern by 11,222.3% in the 2nd quarter. Marshall Wace LLP now owns 193,046 shares of the railroad operator’s stock valued at $29,125,000 after buying an additional 191,341 shares during the period. Finally, Smith Asset Management Group LP purchased a new stake in Norfolk Southern in the 3rd quarter valued at about $34,090,000. Institutional investors and hedge funds own 72.97% of the company’s stock.
Norfolk Southern stock traded down $6.29 during trading hours on Wednesday, hitting $165.89. The stock had a trading volume of 2,474,105 shares, compared to its average volume of 1,915,691. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.75 and a current ratio of 0.86. The firm has a market capitalization of $46.50 billion, a price-to-earnings ratio of 25.10, a price-to-earnings-growth ratio of 1.55 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 company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 2nd will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.93%. The ex-dividend date is Thursday, November 1st. Norfolk Southern’s dividend payout ratio (DPR) is 48.41%.
NSC has been the subject of a number of analyst reports. Loop Capital set a $188.00 price objective on Norfolk Southern and gave the stock a “buy” rating in a research report on Monday, November 26th. Zacks Investment Research raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $191.00 price objective for the company in a research report on Wednesday, November 21st. ValuEngine downgraded Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Tuesday, November 6th. Morgan Stanley boosted their price objective on Norfolk Southern from $113.00 to $115.00 and gave the stock an “underweight” rating in a research report on Monday, October 29th. Finally, Credit Suisse Group lowered their price target on Norfolk Southern from $188.00 to $187.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Norfolk Southern presently has an average rating of “Hold” and an average target price of $176.11.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 801 shares of the company’s stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $172.55, for a total value of $138,212.55. Following the sale, the chief operating officer now owns 9,406 shares of the company’s stock, valued at $1,623,005.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by corporate insiders.
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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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