Massachusetts Financial Services Co. MA Increases Stake in Norfolk Southern Co. (NYSE:NSC)

Massachusetts Financial Services Co. MA increased its position in shares of Norfolk Southern Co. (NYSE:NSC) by 0.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 604,019 shares of the railroad operator’s stock after purchasing an additional 2,676 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.27% of Norfolk Southern worth $150,099,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NSC. Lake Street Advisors Group LLC grew its stake in shares of Norfolk Southern by 1.8% during the third quarter. Lake Street Advisors Group LLC now owns 2,265 shares of the railroad operator’s stock valued at $563,000 after buying an additional 41 shares during the last quarter. Hall Capital Management Co. Inc. grew its position in Norfolk Southern by 2.8% in the 2nd quarter. Hall Capital Management Co. Inc. now owns 1,516 shares of the railroad operator’s stock valued at $325,000 after acquiring an additional 42 shares during the last quarter. Blue Chip Partners LLC increased its stake in Norfolk Southern by 0.5% in the second quarter. Blue Chip Partners LLC now owns 7,716 shares of the railroad operator’s stock worth $1,656,000 after purchasing an additional 42 shares during the period. Stephens Consulting LLC lifted its holdings in Norfolk Southern by 12.4% during the 2nd quarter. Stephens Consulting LLC now owns 381 shares of the railroad operator’s stock valued at $82,000 after buying an additional 42 shares in the last quarter. Finally, Foster Victor Wealth Advisors LLC boosted its holdings in shares of Norfolk Southern by 4.2% in the third quarter. Foster Victor Wealth Advisors LLC now owns 1,043 shares of the railroad operator’s stock valued at $256,000 after purchasing an additional 42 shares during the period. 75.10% of the stock is currently owned by institutional investors.

Norfolk Southern Stock Performance

NYSE NSC opened at $268.95 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21. Norfolk Southern Co. has a 12-month low of $206.71 and a 12-month high of $277.60. The stock has a market capitalization of $60.85 billion, a price-to-earnings ratio of 25.25, a PEG ratio of 2.51 and a beta of 1.30. The business’s 50 day moving average is $253.90 and its two-hundred day moving average is $239.90.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Tuesday, October 22nd. The railroad operator reported $3.25 earnings per share for the quarter, beating the consensus estimate of $3.11 by $0.14. The firm had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.08 billion. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. Norfolk Southern’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the business posted $2.65 EPS. Research analysts expect that Norfolk Southern Co. will post 11.82 EPS for the current year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Investors of record on Friday, November 1st were paid a $1.35 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $5.40 annualized dividend and a yield of 2.01%. Norfolk Southern’s payout ratio is currently 50.70%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NSC. Stifel Nicolaus raised their target price on Norfolk Southern from $241.00 to $245.00 and gave the stock a “hold” rating in a research note on Friday, October 11th. Evercore ISI decreased their target price on Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Barclays upped their target price on Norfolk Southern from $290.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Stephens restated an “equal weight” rating and set a $263.00 price objective on shares of Norfolk Southern in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group increased their price objective on shares of Norfolk Southern from $275.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Norfolk Southern currently has an average rating of “Moderate Buy” and a consensus price target of $275.68.

Insider Activity

In related news, Director Sameh Fahmy purchased 1,000 shares of Norfolk Southern stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average cost of $255.00 per share, with a total value of $255,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $2,550,000. The trade was a 11.11 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the sale, the chief executive officer now directly owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. The trade was a 59.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.19% 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.