Olde Wealth Management LLC Buys Shares of 9,586 Norfolk Southern Corporation $NSC

Olde Wealth Management LLC bought a new stake in Norfolk Southern Corporation (NYSE:NSC) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,586 shares of the railroad operator’s stock, valued at approximately $2,750,000. Norfolk Southern makes up approximately 0.9% of Olde Wealth Management LLC’s investment portfolio, making the stock its 20th largest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Park Place Capital Corp boosted its position in Norfolk Southern by 13,000.0% during the 3rd quarter. Park Place Capital Corp now owns 3,668 shares of the railroad operator’s stock worth $1,102,000 after acquiring an additional 3,640 shares during the period. Cullen Capital Management LLC increased its holdings in shares of Norfolk Southern by 31.8% in the 3rd quarter. Cullen Capital Management LLC now owns 121,351 shares of the railroad operator’s stock valued at $36,455,000 after purchasing an additional 29,264 shares during the period. Markel Group Inc. lifted its position in shares of Norfolk Southern by 8.5% in the third quarter. Markel Group Inc. now owns 256,500 shares of the railroad operator’s stock worth $77,055,000 after purchasing an additional 20,000 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Norfolk Southern in the third quarter worth approximately $2,165,000. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Norfolk Southern during the third quarter worth approximately $24,033,000. Institutional investors and hedge funds own 75.10% of the company’s stock.

Norfolk Southern Price Performance

Shares of NSC opened at $289.25 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.78 and a current ratio of 0.85. The firm has a market cap of $64.96 billion, a PE ratio of 22.69, a PEG ratio of 5.26 and a beta of 1.31. The firm’s 50 day moving average price is $300.74 and its 200 day moving average price is $291.99. Norfolk Southern Corporation has a twelve month low of $201.63 and a twelve month high of $319.94.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Thursday, January 29th. The railroad operator reported $3.22 EPS for the quarter, topping the consensus estimate of $2.76 by $0.46. Norfolk Southern had a net margin of 23.59% and a return on equity of 18.78%. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.03 billion. During the same period in the previous year, the firm posted $3.04 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts expect that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were issued a $1.35 dividend. The ex-dividend date was Friday, February 6th. This represents a $5.40 dividend on an annualized basis and a yield of 1.9%. Norfolk Southern’s dividend payout ratio is currently 42.35%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NSC. Benchmark reiterated a “hold” rating on shares of Norfolk Southern in a research note on Friday, January 30th. Argus raised shares of Norfolk Southern to a “hold” rating in a research note on Wednesday, February 25th. Robert W. Baird boosted their price target on shares of Norfolk Southern from $288.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Deutsche Bank Aktiengesellschaft downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating and dropped their price target for the stock from $354.00 to $297.00 in a research note on Thursday, December 11th. Finally, Evercore increased their price objective on Norfolk Southern from $298.00 to $299.00 in a report on Thursday, December 18th. Eight investment analysts have rated the stock with a Buy rating and seventeen have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $308.95.

Norfolk Southern Profile

Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.

The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.