Cohen Klingenstein LLC Invests $7.99 Million in Norfolk Southern Corp. (NSC) Stock

Cohen Klingenstein LLC purchased a new position in shares of Norfolk Southern Corp. (NYSE:NSC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 42,750 shares of the railroad operator’s stock, valued at approximately $7,990,000.

A number of other institutional investors also recently added to or reduced their stakes in NSC. Bruderman Asset Management LLC acquired a new position in Norfolk Southern in the fourth quarter valued at $26,000. Intercontinental Wealth Advisors LLC acquired a new position in Norfolk Southern in the fourth quarter valued at $27,000. Moody National Bank Trust Division acquired a new position in Norfolk Southern in the fourth quarter valued at $31,000. Pinnacle Bank acquired a new position in Norfolk Southern in the fourth quarter valued at $33,000. Finally, PRW Wealth Management LLC acquired a new position in Norfolk Southern in the fourth quarter valued at $36,000. 74.95% of the stock is owned by institutional investors.

A number of research analysts recently weighed in on NSC shares. TD Securities lifted their target price on Norfolk Southern from $180.00 to $185.00 and gave the company a “buy” rating in a report on Friday, January 25th. Loop Capital boosted their price objective on Norfolk Southern to $197.00 and gave the stock a “buy” rating in a research note on Friday, January 25th. UBS Group boosted their price objective on Norfolk Southern from $190.00 to $202.00 and gave the stock a “buy” rating in a research note on Tuesday, February 12th. ValuEngine upgraded Norfolk Southern from a “hold” rating to a “buy” rating in a research note on Tuesday, February 12th. Finally, Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $200.00 price objective on the stock in a research note on Friday, March 8th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $202.06.

In other news, COO Michael Joseph Wheeler sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $204.57, for a total transaction of $511,425.00. Following the completion of the transaction, the chief operating officer now directly owns 12,919 shares of the company’s stock, valued at $2,642,839.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jason Andrew Zampi sold 519 shares of the company’s stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $181.34, for a total value of $94,115.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,780 shares of company stock valued at $1,463,615. 0.19% of the stock is owned by corporate insiders.

Shares of Norfolk Southern stock opened at $202.71 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.67 and a quick ratio of 0.59. The stock has a market capitalization of $54.54 billion, a P/E ratio of 21.32, a PEG ratio of 1.59 and a beta of 1.44. Norfolk Southern Corp. has a fifty-two week low of $138.65 and a fifty-two week high of $211.46.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.17 by $0.34. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.82 billion. Norfolk Southern had a return on equity of 17.80% and a net margin of 24.10%. Norfolk Southern’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.93 earnings per share. Equities research analysts anticipate that Norfolk Southern Corp. will post 10.73 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 3rd will be issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 1.70%. The ex-dividend date is Thursday, May 2nd. Norfolk Southern’s dividend payout ratio is currently 36.17%.

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About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.

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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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