MidAtlantic Capital Management Inc. Makes New $75,000 Investment in Norfolk Southern Co. (NYSE:NSC)

MidAtlantic Capital Management Inc. acquired a new position in shares of Norfolk Southern Co. (NYSE:NSC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 300 shares of the railroad operator’s stock, valued at approximately $75,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Norfolk Southern by 20.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,428 shares of the railroad operator’s stock worth $3,556,000 after purchasing an additional 2,453 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Norfolk Southern by 0.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 533,459 shares of the railroad operator’s stock valued at $132,565,000 after acquiring an additional 3,621 shares during the last quarter. Pathway Financial Advisers LLC increased its holdings in shares of Norfolk Southern by 25,181.8% in the 3rd quarter. Pathway Financial Advisers LLC now owns 893,459 shares of the railroad operator’s stock valued at $222,025,000 after acquiring an additional 889,925 shares during the last quarter. Seven Eight Capital LP bought a new stake in shares of Norfolk Southern in the 2nd quarter valued at approximately $1,676,000. Finally, Dakota Wealth Management increased its holdings in shares of Norfolk Southern by 2.1% in the 3rd quarter. Dakota Wealth Management now owns 7,206 shares of the railroad operator’s stock valued at $1,791,000 after acquiring an additional 150 shares during the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Norfolk Southern Stock Down 1.3 %

NYSE:NSC opened at $261.26 on Monday. The firm has a market capitalization of $59.11 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 2.48 and a beta of 1.30. Norfolk Southern Co. has a 1-year low of $205.70 and a 1-year high of $277.60. The company has a current ratio of 0.73, a quick ratio of 0.65 and a debt-to-equity ratio of 1.21. The business’s fifty day moving average price is $252.99 and its 200 day moving average price is $238.90.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating analysts’ consensus estimates of $3.11 by $0.14. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. The firm had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the company posted $2.65 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts forecast that Norfolk Southern Co. will post 11.82 earnings per share for the current fiscal year.

Norfolk Southern Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $5.40 annualized dividend and a dividend yield of 2.07%. Norfolk Southern’s dividend payout ratio (DPR) is presently 50.70%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Barclays boosted their price target on Norfolk Southern from $290.00 to $305.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Loop Capital boosted their price target on Norfolk Southern from $285.00 to $287.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. TD Cowen boosted their price target on Norfolk Southern from $253.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company boosted their price objective on Norfolk Southern from $270.00 to $280.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Benchmark boosted their price objective on Norfolk Southern from $270.00 to $285.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Norfolk Southern presently has an average rating of “Moderate Buy” and a consensus price target of $275.68.

Insider Transactions at Norfolk Southern

In other Norfolk Southern news, CEO Alan H. Shaw sold 51,325 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $255.98, for a total value of $13,138,173.50. Following the completion of the transaction, the chief executive officer now owns 35,045 shares of the company’s stock, valued at $8,970,819.10. This represents a 59.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sameh Fahmy purchased 1,000 shares of the business’s stock in a transaction on Thursday, October 24th. The stock was purchased at an average cost of $255.00 per share, with a total value of $255,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $2,550,000. This represents a 11.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.19% of the stock is currently owned by corporate insiders.

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.