Norfolk Southern Corp. (NSC) Shares Sold by Essex Financial Services Inc.
Essex Financial Services Inc. lowered its position in Norfolk Southern Corp. (NYSE:NSC) by 1.7% during the second quarter, Holdings Channel reports. The fund owned 11,497 shares of the railroad operator’s stock after selling 200 shares during the period. Essex Financial Services Inc.’s holdings in Norfolk Southern Corp. were worth $979,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Independent Portfolio Consultants Inc. raised its stake in Norfolk Southern Corp. by 165.5% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,460 shares of the railroad operator’s stock worth $124,000 after buying an additional 910 shares during the last quarter. ClariVest Asset Management LLC bought a new stake in Norfolk Southern Corp. during the second quarter worth approximately $125,000. Oakworth Capital Inc. raised its stake in Norfolk Southern Corp. by 46.5% in the second quarter. Oakworth Capital Inc. now owns 1,748 shares of the railroad operator’s stock worth $147,000 after buying an additional 555 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new stake in Norfolk Southern Corp. during the first quarter worth approximately $158,000. Finally, Trust Department MB Financial Bank N A raised its stake in Norfolk Southern Corp. by 1,169.2% in the second quarter. Trust Department MB Financial Bank N A now owns 1,815 shares of the railroad operator’s stock worth $159,000 after buying an additional 1,672 shares during the last quarter. 68.04% of the stock is currently owned by institutional investors.
Shares of Norfolk Southern Corp. (NYSE:NSC) traded down 0.11% during trading on Monday, hitting $94.84. The company had a trading volume of 1,021,375 shares. The firm’s 50 day moving average is $94.10 and its 200-day moving average is $88.61. Norfolk Southern Corp. has a 52 week low of $64.51 and a 52 week high of $98.75. The stock has a market capitalization of $27.84 billion, a P/E ratio of 17.76 and a beta of 1.27.
Norfolk Southern Corp. (NYSE:NSC) last issued its quarterly earnings data on Wednesday, July 27th. The railroad operator reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.01. Norfolk Southern Corp. had a return on equity of 13.34% and a net margin of 15.88%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the prior year, the business posted $1.41 earnings per share. The company’s quarterly revenue was down 9.5% compared to the same quarter last year. Equities research analysts anticipate that Norfolk Southern Corp. will post $5.46 EPS for the current fiscal year.
A number of research firms recently commented on NSC. Deutsche Bank AG lowered their price target on Norfolk Southern Corp. from $90.00 to $89.00 and set a “hold” rating for the company in a research report on Thursday, July 28th. Avondale Partners lowered Norfolk Southern Corp. from a “market perform” rating to an “underperform” rating and set a $64.00 price target for the company. in a research report on Wednesday, October 12th. Atlantic Securities began coverage on Norfolk Southern Corp. in a research report on Thursday, August 11th. They issued a “neutral” rating and a $104.00 price target for the company. Vertical Research began coverage on Norfolk Southern Corp. in a research report on Tuesday, October 11th. They issued a “sell” rating for the company. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $93.00 price target on shares of Norfolk Southern Corp. in a research report on Thursday, July 7th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $90.93.
In other Norfolk Southern Corp. news, VP Thomas E. Hurlbut sold 528 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $88.35, for a total transaction of $46,648.80. Following the sale, the vice president now directly owns 11,580 shares in the company, valued at $1,023,093. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP James A. Hixon sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $94.15, for a total value of $941,500.00. Following the sale, the vice president now owns 129,074 shares in the company, valued at $12,152,317.10. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.
About Norfolk Southern Corp.
Norfolk Southern Corporation is a holding company engaged in the rail transportation business. The Company operates approximately 20,000 miles of road primarily in the East and Midwest. The Company is engaged in the rail transportation of raw materials, intermediate products and finished goods primarily in the Southeast, East and Midwest.
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