Spire Wealth Management Reduces Holdings in Norfolk Southern Corporation $NSC

Spire Wealth Management lowered its stake in shares of Norfolk Southern Corporation (NYSE:NSC) by 79.2% in the second quarter, Holdings Channel reports. The institutional investor owned 1,464 shares of the railroad operator’s stock after selling 5,561 shares during the quarter. Spire Wealth Management’s holdings in Norfolk Southern were worth $375,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. WPG Advisers LLC acquired a new stake in shares of Norfolk Southern during the first quarter worth approximately $27,000. Financial Gravity Asset Management Inc. acquired a new position in Norfolk Southern in the first quarter worth $41,000. Golden State Wealth Management LLC boosted its holdings in Norfolk Southern by 883.3% in the first quarter. Golden State Wealth Management LLC now owns 177 shares of the railroad operator’s stock worth $42,000 after purchasing an additional 159 shares during the period. Pinnacle Bancorp Inc. boosted its holdings in Norfolk Southern by 30.5% in the second quarter. Pinnacle Bancorp Inc. now owns 184 shares of the railroad operator’s stock worth $47,000 after purchasing an additional 43 shares during the period. Finally, Chung Wu Investment Group LLC acquired a new position in Norfolk Southern in the second quarter worth $51,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Norfolk Southern Price Performance

Shares of NYSE NSC opened at $283.91 on Monday. Norfolk Southern Corporation has a fifty-two week low of $201.63 and a fifty-two week high of $302.24. The firm’s 50-day simple moving average is $285.55 and its 200 day simple moving average is $265.42. The company has a quick ratio of 0.78, a current ratio of 0.86 and a debt-to-equity ratio of 1.09. The stock has a market cap of $63.71 billion, a P/E ratio of 21.66, a P/E/G ratio of 2.52 and a beta of 1.33.

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

Norfolk Southern Dividend Announcement

The business 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. The ex-dividend date of this dividend is Friday, November 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.9%. Norfolk Southern’s dividend payout ratio (DPR) is currently 41.19%.

Insiders Place Their Bets

In related news, Director Richard H. Anderson purchased 2,600 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The shares were purchased at an average price of $281.86 per share, with a total value of $732,836.00. Following the purchase, the director owned 7,000 shares of the company’s stock, valued at $1,973,020. This trade represents a 59.09% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

NSC has been the subject of a number of research reports. Royal Bank Of Canada decreased their price objective on shares of Norfolk Southern from $320.00 to $315.00 and set a “sector perform” rating for the company in a report on Friday, October 24th. UBS Group decreased their price objective on shares of Norfolk Southern from $321.00 to $320.00 and set a “buy” rating for the company in a report on Friday, October 24th. Susquehanna lifted their price objective on shares of Norfolk Southern from $284.00 to $295.00 and gave the stock a “neutral” rating in a report on Thursday, September 25th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Norfolk Southern from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Finally, Loop Capital boosted their price target on shares of Norfolk Southern from $235.00 to $278.00 and gave the company a “hold” rating in a report on Tuesday, September 16th. Seven analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat.com, Norfolk Southern has a consensus rating of “Hold” and a consensus price target of $299.70.

Norfolk Southern 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.