Primecap Management Co. CA Acquires 25,200 Shares of Norfolk Southern Co. (NYSE:NSC)

Primecap Management Co. CA increased its position in shares of Norfolk Southern Co. (NYSE:NSC) by 5.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 464,800 shares of the railroad operator’s stock after buying an additional 25,200 shares during the quarter. Primecap Management Co. CA owned 0.21% of Norfolk Southern worth $99,788,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NSC. State of Tennessee Treasury Department lifted its position in shares of Norfolk Southern by 209.3% in the fourth quarter. State of Tennessee Treasury Department now owns 111,914 shares of the railroad operator’s stock valued at $26,454,000 after buying an additional 75,729 shares during the last quarter. Catalytic Wealth RIA LLC bought a new stake in Norfolk Southern during the 4th quarter worth $608,000. Manning & Napier Advisors LLC bought a new stake in Norfolk Southern during the 2nd quarter worth $13,627,000. Buckingham Strategic Wealth LLC lifted its holdings in Norfolk Southern by 7.0% during the 4th quarter. Buckingham Strategic Wealth LLC now owns 96,384 shares of the railroad operator’s stock worth $22,783,000 after buying an additional 6,306 shares during the period. Finally, Evermay Wealth Management LLC lifted its holdings in Norfolk Southern by 1.5% during the 4th quarter. Evermay Wealth Management LLC now owns 4,667 shares of the railroad operator’s stock worth $1,103,000 after buying an additional 67 shares during the period. 75.10% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Nabanita C. Nag sold 355 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $249.38, for a total transaction of $88,529.90. Following the sale, the executive vice president now directly owns 1,488 shares in the company, valued at approximately $371,077.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Richard H. Anderson bought 2,000 shares of the stock in a transaction on Monday, July 29th. The stock was bought at an average cost of $247.48 per share, for a total transaction of $494,960.00. Following the completion of the purchase, the director now directly owns 3,000 shares in the company, valued at $742,440. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nabanita C. Nag sold 355 shares of Norfolk Southern stock in a transaction on Monday, July 29th. The stock was sold at an average price of $249.38, for a total transaction of $88,529.90. Following the sale, the executive vice president now owns 1,488 shares of the company’s stock, valued at $371,077.44. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Norfolk Southern Trading Down 0.3 %

NYSE:NSC opened at $246.24 on Wednesday. The company has a current ratio of 0.63, a quick ratio of 0.54 and a debt-to-equity ratio of 1.30. Norfolk Southern Co. has a 12 month low of $183.09 and a 12 month high of $263.66. The company has a market cap of $55.63 billion, a PE ratio of 39.65, a price-to-earnings-growth ratio of 2.48 and a beta of 1.31. The company has a 50 day simple moving average of $241.67 and a two-hundred day simple moving average of $237.89.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Thursday, July 25th. The railroad operator reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.86 by $0.20. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the previous year, the firm posted $2.95 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. Research analysts forecast that Norfolk Southern Co. will post 11.8 earnings per share for the current year.

Norfolk Southern Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Friday, August 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Friday, August 2nd. Norfolk Southern’s dividend payout ratio is 86.96%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Benchmark boosted their price objective on Norfolk Southern from $266.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Morgan Stanley reissued an “underweight” rating and set a $175.00 price objective on shares of Norfolk Southern in a report on Monday, July 8th. Royal Bank of Canada decreased their price objective on Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Wells Fargo & Company boosted their price objective on Norfolk Southern from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Susquehanna boosted their price objective on Norfolk Southern from $245.00 to $255.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $264.24.

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.