Park Presidio Capital LLC Buys New Holdings in Norfolk Southern Corp. (NSC)
Park Presidio Capital LLC bought a new stake in Norfolk Southern Corp. (NYSE:NSC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 300,000 shares of the railroad operator’s stock, valued at approximately $54,150,000. Norfolk Southern comprises about 5.5% of Park Presidio Capital LLC’s portfolio, making the stock its 11th biggest holding. Park Presidio Capital LLC owned 0.11% of Norfolk Southern as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently modified their holdings of the stock. Verition Fund Management LLC lifted its stake in shares of Norfolk Southern by 362.9% during the second quarter. Verition Fund Management LLC now owns 21,405 shares of the railroad operator’s stock worth $3,229,000 after purchasing an additional 16,781 shares in the last quarter. Independent Advisor Alliance lifted its stake in shares of Norfolk Southern by 8.6% during the second quarter. Independent Advisor Alliance now owns 5,404 shares of the railroad operator’s stock worth $768,000 after purchasing an additional 427 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Norfolk Southern during the second quarter worth about $7,436,000. Provident Investment Management Inc. lifted its stake in shares of Norfolk Southern by 100.0% during the second quarter. Provident Investment Management Inc. now owns 7,434 shares of the railroad operator’s stock worth $1,122,000 after purchasing an additional 3,717 shares in the last quarter. Finally, PointState Capital LP acquired a new position in shares of Norfolk Southern during the second quarter worth about $63,296,000. Hedge funds and other institutional investors own 72.97% of the company’s stock.
Shares of NYSE NSC traded up $1.28 during midday trading on Friday, reaching $163.47. 134,379 shares of the company’s stock were exchanged, compared to its average volume of 1,860,218. Norfolk Southern Corp. has a 52-week low of $127.79 and a 52-week high of $186.91. The firm has a market cap of $45.18 billion, a price-to-earnings ratio of 24.73, a PEG ratio of 1.49 and a beta of 1.33. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.75 and a current ratio of 0.86.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 2nd will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Thursday, November 1st. Norfolk Southern’s payout ratio is 48.41%.
A number of research analysts have commented on the company. Loop Capital set a $188.00 price objective on Norfolk Southern and gave the stock a “buy” rating in a research note on Monday, November 26th. Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $191.00 price objective on the stock in a research note on Wednesday, November 21st. ValuEngine cut Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Tuesday, November 6th. Morgan Stanley boosted their price objective on Norfolk Southern from $113.00 to $115.00 and gave the stock an “underweight” rating in a research note on Monday, October 29th. Finally, Credit Suisse Group reduced their price objective on Norfolk Southern from $188.00 to $187.00 and set an “outperform” rating on the stock in a research note on Thursday, October 25th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $176.11.
In other news, COO Michael Joseph Wheeler sold 801 shares of Norfolk Southern stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $172.55, for a total transaction of $138,212.55. Following the sale, the chief operating officer now directly owns 9,406 shares of the company’s stock, valued at $1,623,005.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.36% of the stock is currently owned by insiders.
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About Norfolk Southern
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.
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