California Public Employees Retirement System reduced its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 5.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 673,827 shares of the railroad operator’s stock after selling 40,514 shares during the period. California Public Employees Retirement System’s holdings in Norfolk Southern were worth $101,660,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NSC. United Bank grew its stake in shares of Norfolk Southern by 3.1% in the second quarter. United Bank now owns 9,940 shares of the railroad operator’s stock valued at $1,500,000 after buying an additional 295 shares in the last quarter. Tower Bridge Advisors grew its stake in shares of Norfolk Southern by 2.8% in the second quarter. Tower Bridge Advisors now owns 10,996 shares of the railroad operator’s stock valued at $1,659,000 after buying an additional 300 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in shares of Norfolk Southern by 4.3% in the second quarter. Dynamic Technology Lab Private Ltd now owns 7,300 shares of the railroad operator’s stock valued at $1,102,000 after buying an additional 301 shares in the last quarter. Advisor Partners LLC grew its stake in shares of Norfolk Southern by 5.3% in the second quarter. Advisor Partners LLC now owns 6,266 shares of the railroad operator’s stock valued at $945,000 after buying an additional 317 shares in the last quarter. Finally, Cadinha & Co. LLC grew its stake in shares of Norfolk Southern by 19.0% in the second quarter. Cadinha & Co. LLC now owns 2,000 shares of the railroad operator’s stock valued at $302,000 after buying an additional 320 shares in the last quarter. 72.43% of the stock is owned by institutional investors.

In other Norfolk Southern news, VP Cynthia C. Earhart sold 2,370 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $175.09, for a total transaction of $414,963.30. Following the completion of the sale, the vice president now owns 2,370 shares of the company’s stock, valued at approximately $414,963.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman James A. Squires sold 34,077 shares of the firm’s stock in a transaction on Monday, August 13th. The shares were sold at an average price of $171.73, for a total value of $5,852,043.21. Following the sale, the chairman now directly owns 63,958 shares of the company’s stock, valued at approximately $10,983,507.34. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

Shares of Norfolk Southern stock opened at $186.71 on Wednesday. Norfolk Southern Corp. has a 1 year low of $125.59 and a 1 year high of $186.91. The firm has a market cap of $50.24 billion, a price-to-earnings ratio of 28.25, a price-to-earnings-growth ratio of 1.64 and a beta of 1.41. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.81 and a quick ratio of 0.70.

Norfolk Southern (NYSE:NSC) last announced its quarterly earnings results on Wednesday, July 25th. The railroad operator reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.19. Norfolk Southern had a return on equity of 14.53% and a net margin of 52.36%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter last year, the firm posted $1.71 EPS. The company’s quarterly revenue was up 9.9% on a year-over-year basis. sell-side analysts forecast that Norfolk Southern Corp. will post 9.13 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 10th. Shareholders of record on Monday, August 6th were issued a dividend of $0.80 per share. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $3.20 annualized dividend and a yield of 1.71%. Norfolk Southern’s dividend payout ratio (DPR) is currently 48.41%.

Several equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research note on Tuesday, June 26th. Citigroup raised shares of Norfolk Southern from a “neutral” rating to a “buy” rating and set a $176.00 target price for the company in a research note on Monday, June 25th. Stifel Nicolaus assumed coverage on shares of Norfolk Southern in a research note on Thursday, May 24th. They issued a “hold” rating and a $158.00 target price for the company. Scotiabank set a $175.00 target price on shares of Norfolk Southern and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, Cowen reissued a “buy” rating and issued a $188.00 target price on shares of Norfolk Southern in a research note on Wednesday, July 25th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $164.42.

Norfolk Southern Company Profile

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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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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