Camden National Bank Increases Stake in Norfolk Southern Co. (NYSE:NSC)

Camden National Bank raised its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 18.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,338 shares of the railroad operator’s stock after buying an additional 208 shares during the period. Camden National Bank’s holdings in Norfolk Southern were worth $314,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Norfolk Southern by 3.6% during the third quarter. Principal Financial Group Inc. now owns 255,200 shares of the railroad operator’s stock valued at $63,417,000 after buying an additional 8,844 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Norfolk Southern by 0.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 533,459 shares of the railroad operator’s stock worth $132,565,000 after purchasing an additional 3,621 shares during the period. Caprock Group LLC bought a new position in shares of Norfolk Southern in the fourth quarter worth approximately $1,796,000. Grandview Asset Management LLC bought a new position in shares of Norfolk Southern in the fourth quarter worth approximately $918,000. Finally, Garner Asset Management Corp boosted its position in shares of Norfolk Southern by 3.2% in the third quarter. Garner Asset Management Corp now owns 3,168 shares of the railroad operator’s stock worth $787,000 after purchasing an additional 97 shares during the period. 75.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on NSC shares. Robert W. Baird upped their price target on shares of Norfolk Southern from $260.00 to $270.00 and gave the stock a “neutral” rating in a research report on Thursday, January 30th. Susquehanna dropped their price target on shares of Norfolk Southern from $285.00 to $265.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Stephens upped their price target on shares of Norfolk Southern from $260.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 30th. Benchmark reiterated a “buy” rating and issued a $285.00 price target on shares of Norfolk Southern in a research report on Thursday, January 30th. Finally, Wells Fargo & Company dropped their target price on shares of Norfolk Southern from $320.00 to $300.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $276.95.

Insider Activity

In related news, Director Gilbert H. Lamphere purchased 607 shares of Norfolk Southern stock in a transaction that occurred on Friday, January 31st. The shares were bought at an average price of $259.86 per share, with a total value of $157,735.02. Following the purchase, the director now directly owns 2,487 shares of the company’s stock, valued at approximately $646,271.82. This represents a 32.29 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sameh Fahmy purchased 350 shares of Norfolk Southern stock in a transaction that occurred on Thursday, December 12th. The stock was bought at an average cost of $249.37 per share, for a total transaction of $87,279.50. Following the purchase, the director now directly owns 10,350 shares in the company, valued at $2,580,979.50. This trade represents a 3.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.19% of the company’s stock.

Norfolk Southern Price Performance

NSC stock opened at $243.89 on Friday. Norfolk Southern Co. has a 52 week low of $206.71 and a 52 week high of $277.60. The company has a quick ratio of 0.82, a current ratio of 0.90 and a debt-to-equity ratio of 1.16. The company has a fifty day simple moving average of $246.51 and a two-hundred day simple moving average of $250.78. The firm has a market capitalization of $55.22 billion, a P/E ratio of 21.10, a price-to-earnings-growth ratio of 2.31 and a beta of 1.35.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Wednesday, January 29th. The railroad operator reported $3.04 EPS for the quarter, beating the consensus estimate of $2.97 by $0.07. Norfolk Southern had a net margin of 21.63% and a return on equity of 20.04%. Analysts anticipate that Norfolk Southern Co. will post 13 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Friday, February 7th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, February 7th. Norfolk Southern’s dividend payout ratio is currently 46.71%.

About Norfolk Southern

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.