Eagle Ridge Investment Management cut its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 0.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,603 shares of the railroad operator’s stock after selling 658 shares during the period. Norfolk Southern comprises approximately 2.2% of Eagle Ridge Investment Management’s holdings, making the stock its 13th largest holding. Eagle Ridge Investment Management’s holdings in Norfolk Southern were worth $14,871,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NSC. Sigma Planning Corp boosted its position in Norfolk Southern by 2.3% in the 2nd quarter. Sigma Planning Corp now owns 5,641 shares of the railroad operator’s stock valued at $1,124,000 after buying an additional 126 shares during the last quarter. TRUE Private Wealth Advisors bought a new position in Norfolk Southern in the 2nd quarter valued at $57,000. DekaBank Deutsche Girozentrale boosted its position in Norfolk Southern by 5.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 62,059 shares of the railroad operator’s stock valued at $12,246,000 after buying an additional 3,097 shares during the last quarter. Hayden Royal LLC boosted its position in Norfolk Southern by 16.3% in the 2nd quarter. Hayden Royal LLC now owns 1,297 shares of the railroad operator’s stock valued at $261,000 after buying an additional 182 shares during the last quarter. Finally, Chesapeake Wealth Management boosted its position in Norfolk Southern by 38.9% in the 2nd quarter. Chesapeake Wealth Management now owns 5,827 shares of the railroad operator’s stock valued at $1,162,000 after buying an additional 1,633 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

A number of research analysts have commented on NSC shares. TD Securities decreased their price objective on Norfolk Southern from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Goldman Sachs Group started coverage on Norfolk Southern in a research report on Wednesday, July 10th. They issued a “buy” rating and a $237.00 price objective on the stock. Deutsche Bank decreased their price objective on Norfolk Southern from $198.00 to $196.00 and set a “hold” rating on the stock in a research report on Wednesday, June 12th. Barclays raised their price target on Norfolk Southern from $200.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 25th. Finally, Morgan Stanley set a $130.00 price target on Norfolk Southern and gave the stock a “sell” rating in a research report on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $205.83.

In related news, Chairman James A. Squires sold 3,024 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $204.71, for a total transaction of $619,043.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jennifer F. Scanlon acquired 525 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were acquired at an average cost of $191.52 per share, for a total transaction of $100,548.00. Following the purchase, the director now directly owns 525 shares in the company, valued at approximately $100,548. The disclosure for this purchase can be found here. Company insiders own 0.19% of the company’s stock.

Shares of NYSE:NSC traded down $1.16 during midday trading on Thursday, hitting $169.93. The company had a trading volume of 58,156 shares, compared to its average volume of 2,340,664. Norfolk Southern Corp. has a 12 month low of $138.65 and a 12 month high of $211.46. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 0.72. The company has a market cap of $44.91 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 1.41 and a beta of 1.31. The business has a fifty day moving average of $192.28.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Wednesday, July 24th. The railroad operator reported $2.70 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.77 by ($0.07). The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.95 billion. Norfolk Southern had a return on equity of 18.24% and a net margin of 24.15%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.50 EPS. On average, sell-side analysts forecast that Norfolk Southern Corp. will post 10.67 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 5th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.21%. 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 dividend payout ratio (DPR) is presently 39.54%.

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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