The Manufacturers Life Insurance Company Has $37.74 Million Position in Norfolk Southern Co. (NYSE:NSC)

The Manufacturers Life Insurance Company cut its stake in Norfolk Southern Co. (NYSE:NSC) by 4.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 175,767 shares of the railroad operator’s stock after selling 8,605 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Norfolk Southern worth $37,735,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of NSC. Cedar Wealth Management LLC acquired a new stake in Norfolk Southern in the first quarter worth $27,000. 1620 Investment Advisors Inc. bought a new position in Norfolk Southern during the second quarter worth about $27,000. Financial Connections Group Inc. bought a new position in Norfolk Southern during the second quarter worth about $31,000. Rise Advisors LLC acquired a new position in Norfolk Southern in the first quarter valued at about $34,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Norfolk Southern during the second quarter worth about $34,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Nabanita C. Nag sold 355 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $249.38, for a total value of $88,529.90. Following the transaction, the executive vice president now owns 1,488 shares in the company, valued at $371,077.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Norfolk Southern news, EVP Nabanita C. Nag sold 355 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $249.38, for a total transaction of $88,529.90. Following the sale, the executive vice president now directly owns 1,488 shares of the company’s stock, valued at $371,077.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard H. Anderson purchased 2,000 shares of the stock in a transaction dated Monday, July 29th. The stock was acquired at an average cost of $247.48 per share, for a total transaction of $494,960.00. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $742,440. The disclosure for this purchase can be found here. Insiders own 0.19% of the company’s stock.

Norfolk Southern Stock Up 0.9 %

Norfolk Southern stock opened at $246.47 on Monday. The company has a current ratio of 0.63, a quick ratio of 0.54 and a debt-to-equity ratio of 1.30. The firm’s fifty day moving average price is $244.95 and its two-hundred day moving average price is $237.24. The firm has a market capitalization of $55.68 billion, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 2.40 and a beta of 1.31. Norfolk Southern Co. has a 1-year low of $183.09 and a 1-year high of $263.66.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Thursday, July 25th. The railroad operator reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.86 by $0.20. Norfolk Southern had a return on equity of 19.64% and a net margin of 14.85%. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same period in the prior year, the firm posted $2.95 EPS. Norfolk Southern’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts predict that Norfolk Southern Co. will post 11.8 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Friday, August 2nd. Norfolk Southern’s payout ratio is 86.96%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NSC shares. Royal Bank of Canada dropped their target price on shares of Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Sanford C. Bernstein cut their price objective on shares of Norfolk Southern from $288.00 to $285.00 and set an “outperform” rating on the stock in a research report on Monday, July 8th. TD Cowen lifted their price target on Norfolk Southern from $251.00 to $253.00 and gave the company a “hold” rating in a research note on Friday, July 26th. Evercore ISI increased their price objective on Norfolk Southern from $265.00 to $276.00 and gave the stock an “outperform” rating in a report on Wednesday, September 25th. Finally, Stifel Nicolaus lifted their target price on Norfolk Southern from $239.00 to $241.00 and gave the company a “hold” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Norfolk Southern presently has an average rating of “Moderate Buy” and a consensus price target of $264.89.

Norfolk Southern Company 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.