Texas Yale Capital Corp. cut its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 50.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,875 shares of the railroad operator’s stock after selling 7,875 shares during the period. Texas Yale Capital Corp.’s holdings in Norfolk Southern were worth $1,570,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Joseph P. Lucia & Associates LLC purchased a new stake in Norfolk Southern in the first quarter valued at approximately $25,000. Weaver Consulting Group purchased a new stake in Norfolk Southern in the 1st quarter valued at $30,000. Advisory Alpha LLC purchased a new position in Norfolk Southern during the 1st quarter worth $42,000. Quadrant Capital Group LLC increased its stake in Norfolk Southern by 81.2% in the first quarter. Quadrant Capital Group LLC now owns 424 shares of the railroad operator’s stock valued at $69,000 after purchasing an additional 190 shares during the period. Finally, Contravisory Investment Management Inc. increased its stake in Norfolk Southern by 18.4% in the second quarter. Contravisory Investment Management Inc. now owns 360 shares of the railroad operator’s stock valued at $72,000 after purchasing an additional 56 shares during the period. 73.30% of the stock is currently owned by institutional investors and hedge funds.
NSC has been the topic of several recent research reports. Morgan Stanley set a $130.00 price target on Norfolk Southern and gave the company a “sell” rating in a research report on Monday, July 8th. TD Securities cut their price target on shares of Norfolk Southern from $225.00 to $220.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Deutsche Bank reduced their price target on Norfolk Southern from $198.00 to $196.00 and set a “hold” rating for the company in a report on Wednesday, June 12th. Cascend Securities downgraded Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Loop Capital increased their price objective on Norfolk Southern to $237.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $205.83.
Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Wednesday, July 24th. The railroad operator reported $2.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.77 by ($0.07). The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Norfolk Southern had a net margin of 24.15% and a return on equity of 18.24%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.50 earnings per share. On average, analysts forecast that Norfolk Southern Corp. will post 10.67 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 5th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Friday, August 2nd. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.86. Norfolk Southern’s payout ratio is 36.17%.
In other news, Chairman James A. Squires sold 3,024 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $204.71, for a total value of $619,043.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer F. Scanlon bought 525 shares of the stock in a transaction dated Monday, July 29th. The stock was bought at an average price of $191.52 per share, with a total value of $100,548.00. Following the purchase, the director now owns 525 shares of the company’s stock, valued at approximately $100,548. The disclosure for this purchase can be found here. 0.19% of the stock is currently owned by insiders.
Norfolk Southern Profile
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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