Waycross Partners LLC Grows Position in Norfolk Southern Co. (NYSE:NSC)

Waycross Partners LLC raised its holdings in shares of Norfolk Southern Co. (NYSE:NSC) by 36.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 55,904 shares of the railroad operator’s stock after purchasing an additional 14,805 shares during the period. Norfolk Southern accounts for about 1.8% of Waycross Partners LLC’s portfolio, making the stock its 26th largest position. Waycross Partners LLC’s holdings in Norfolk Southern were worth $12,002,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of NSC. Abound Wealth Management raised its stake in Norfolk Southern by 122.0% in the second quarter. Abound Wealth Management now owns 182 shares of the railroad operator’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Wilkins Investment Counsel Inc. lifted its stake in shares of Norfolk Southern by 34.7% during the 2nd quarter. Wilkins Investment Counsel Inc. now owns 5,423 shares of the railroad operator’s stock worth $1,164,000 after purchasing an additional 1,398 shares during the last quarter. Thoroughbred Financial Services LLC boosted its position in Norfolk Southern by 220.0% during the second quarter. Thoroughbred Financial Services LLC now owns 5,322 shares of the railroad operator’s stock valued at $1,142,000 after purchasing an additional 3,659 shares in the last quarter. SYM FINANCIAL Corp purchased a new position in Norfolk Southern in the second quarter valued at about $839,000. Finally, Hardin Capital Partners LLC bought a new position in Norfolk Southern in the second quarter worth about $317,000. Institutional investors own 75.10% of the company’s stock.

Insider Transactions at Norfolk Southern

In related news, EVP Nabanita C. Nag sold 355 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $249.38, for a total value of $88,529.90. Following the completion of the transaction, the executive vice president now directly owns 1,488 shares of the company’s stock, valued at approximately $371,077.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Nabanita C. Nag sold 355 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $249.38, for a total transaction of $88,529.90. Following the completion of the sale, the executive vice president now owns 1,488 shares of the company’s stock, valued at $371,077.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sameh Fahmy purchased 700 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was acquired at an average cost of $245.15 per share, for a total transaction of $171,605.00. Following the completion of the purchase, the director now owns 7,700 shares of the company’s stock, valued at approximately $1,887,655. The disclosure for this purchase can be found here. Corporate insiders own 0.19% of the company’s stock.

Norfolk Southern Stock Down 3.5 %

NSC opened at $245.80 on Monday. The company has a fifty day moving average of $240.36 and a two-hundred day moving average of $238.02. The stock has a market capitalization of $55.53 billion, a price-to-earnings ratio of 39.58, a PEG ratio of 2.48 and a beta of 1.31. Norfolk Southern Co. has a fifty-two week low of $183.09 and a fifty-two week high of $263.66. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.54 and a current ratio of 0.63.

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

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Friday, August 2nd were given a $1.35 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.20%. Norfolk Southern’s dividend payout ratio (DPR) is presently 86.96%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on NSC shares. Royal Bank of Canada cut their price objective on shares of Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Benchmark lifted their price target on shares of Norfolk Southern from $266.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Wells Fargo & Company raised their price target on Norfolk Southern from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. TD Cowen increased their price objective on shares of Norfolk Southern from $251.00 to $253.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, Morgan Stanley restated an “underweight” rating and set a $175.00 price target on shares of Norfolk Southern in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Norfolk Southern 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.