Norfolk Southern Co. (NYSE:NSC) Shares Bought by Redmond Asset Management LLC

Redmond Asset Management LLC raised its position in shares of Norfolk Southern Co. (NYSE:NSC) by 1,655.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 27,399 shares of the railroad operator’s stock after acquiring an additional 25,838 shares during the period. Norfolk Southern accounts for 1.6% of Redmond Asset Management LLC’s investment portfolio, making the stock its 13th biggest position. Redmond Asset Management LLC’s holdings in Norfolk Southern were worth $6,431,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. State Street Corp boosted its holdings in Norfolk Southern by 2.1% during the third quarter. State Street Corp now owns 9,330,849 shares of the railroad operator’s stock valued at $2,318,716,000 after acquiring an additional 196,249 shares during the period. Geode Capital Management LLC boosted its holdings in Norfolk Southern by 1.4% during the third quarter. Geode Capital Management LLC now owns 4,580,925 shares of the railroad operator’s stock valued at $1,133,828,000 after acquiring an additional 62,186 shares during the period. EdgePoint Investment Group Inc. boosted its holdings in Norfolk Southern by 2.7% during the third quarter. EdgePoint Investment Group Inc. now owns 3,892,717 shares of the railroad operator’s stock valued at $967,340,000 after acquiring an additional 103,281 shares during the period. Mizuho Securities USA LLC boosted its holdings in Norfolk Southern by 18,831.2% during the third quarter. Mizuho Securities USA LLC now owns 3,298,000 shares of the railroad operator’s stock valued at $819,553,000 after acquiring an additional 3,280,579 shares during the period. Finally, FMR LLC boosted its holdings in Norfolk Southern by 48.4% during the third quarter. FMR LLC now owns 2,702,344 shares of the railroad operator’s stock valued at $671,532,000 after acquiring an additional 881,415 shares during the period. 75.10% of the stock is owned by institutional investors and hedge funds.

Norfolk Southern Stock Performance

NYSE:NSC opened at $247.84 on Friday. Norfolk Southern Co. has a 12-month low of $206.71 and a 12-month 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 firm has a market capitalization of $56.12 billion, a PE ratio of 21.44, a price-to-earnings-growth ratio of 2.31 and a beta of 1.35. The firm has a 50-day moving average price of $245.46 and a 200 day moving average price of $250.66.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Wednesday, January 29th. The railroad operator reported $3.04 earnings per share (EPS) for the quarter, topping 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%. Research 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 disclosed a quarterly dividend, which was paid on Thursday, February 20th. Stockholders of record on Friday, February 7th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Friday, February 7th. Norfolk Southern’s payout ratio is 46.71%.

Wall Street Analyst Weigh In

NSC has been the subject of a number of recent analyst reports. Loop Capital cut shares of Norfolk Southern from a “buy” rating to a “hold” rating and decreased their price target for the company from $289.00 to $256.00 in a report on Monday, February 3rd. Royal Bank of Canada upped their price target on shares of Norfolk Southern from $275.00 to $286.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. JPMorgan Chase & Co. increased their target price on shares of Norfolk Southern from $284.00 to $286.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Barclays increased their target price on shares of Norfolk Southern from $290.00 to $305.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Benchmark reiterated a “buy” rating and issued a $285.00 target price on shares of Norfolk Southern in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $276.11.

Insider Transactions at Norfolk Southern

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

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.