Jennison Associates LLC Cuts Stake in Norfolk Southern Corporation $NSC

Jennison Associates LLC decreased its holdings in Norfolk Southern Corporation (NYSE:NSC) by 31.3% in the second quarter, Holdings Channel.com reports. The firm owned 8,850 shares of the railroad operator’s stock after selling 4,036 shares during the period. Jennison Associates LLC’s holdings in Norfolk Southern were worth $2,265,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. WPG Advisers LLC purchased a new stake in Norfolk Southern during the 1st quarter valued at $27,000. Financial Gravity Asset Management Inc. purchased a new stake in Norfolk Southern during the 1st quarter valued at $41,000. Golden State Wealth Management LLC boosted its position in Norfolk Southern by 883.3% during the 1st quarter. Golden State Wealth Management LLC now owns 177 shares of the railroad operator’s stock valued at $42,000 after buying an additional 159 shares during the period. Pinnacle Bancorp Inc. boosted its position in Norfolk Southern by 30.5% during the 2nd quarter. Pinnacle Bancorp Inc. now owns 184 shares of the railroad operator’s stock valued at $47,000 after buying an additional 43 shares during the period. Finally, Chung Wu Investment Group LLC purchased a new stake in Norfolk Southern during the 2nd quarter valued at $51,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Trading Up 0.8%

NYSE:NSC opened at $283.91 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.78 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average price of $285.55 and a 200-day moving average price of $265.06. The stock has a market cap of $63.71 billion, a price-to-earnings ratio of 21.66, a P/E/G ratio of 2.52 and a beta of 1.33. Norfolk Southern Corporation has a 12 month low of $201.63 and a 12 month high of $302.24.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings results on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.31 by ($0.01). The business had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.11 billion. Norfolk Southern had a return on equity of 18.93% and a net margin of 24.22%.The firm’s revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.25 earnings per share. Equities analysts predict that Norfolk Southern Corporation will post 13 EPS for the current year.

Norfolk Southern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Friday, November 7th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, November 7th. Norfolk Southern’s dividend payout ratio (DPR) is presently 41.19%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NSC shares. JPMorgan Chase & Co. increased their price target on shares of Norfolk Southern from $288.00 to $303.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Norfolk Southern from $290.00 to $354.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Susquehanna raised their target price on shares of Norfolk Southern from $284.00 to $295.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. Citigroup dropped their target price on shares of Norfolk Southern from $316.00 to $307.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Finally, TD Cowen dropped their target price on shares of Norfolk Southern from $320.00 to $314.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Seven analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $299.70.

Insider Activity

In other Norfolk Southern news, Director Richard H. Anderson purchased 2,600 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The stock was bought at an average cost of $281.86 per share, for a total transaction of $732,836.00. Following the purchase, the director directly owned 7,000 shares in the company, valued at $1,973,020. The trade was a 59.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is currently owned by insiders.

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.