State Board of Administration of Florida Retirement System Buys 2,640 Shares of Norfolk Southern Corporation $NSC

State Board of Administration of Florida Retirement System lifted its stake in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 1.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 216,515 shares of the railroad operator's stock after acquiring an additional 2,640 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.10% of Norfolk Southern worth $55,421,000 as of its most recent filing with the Securities & Exchange Commission.

• This Railroad Stock Is Chugging Along to a New All-Time High

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Princeton Global Asset Management LLC grew its position in Norfolk Southern by 2.3% in the 2nd quarter. Princeton Global Asset Management LLC now owns 1,640 shares of the railroad operator's stock worth $420,000 after purchasing an additional 37 shares during the period. Horan Securities Inc. boosted its stake in shares of Norfolk Southern by 2.1% in the 2nd quarter. Horan Securities Inc. now owns 1,764 shares of the railroad operator's stock worth $452,000 after buying an additional 37 shares during the last quarter. Gables Capital Management Inc. boosted its stake in shares of Norfolk Southern by 2.7% in the 2nd quarter. Gables Capital Management Inc. now owns 1,466 shares of the railroad operator's stock worth $375,000 after buying an additional 38 shares during the last quarter. SeaCrest Wealth Management LLC grew its holdings in shares of Norfolk Southern by 1.7% in the second quarter. SeaCrest Wealth Management LLC now owns 2,429 shares of the railroad operator's stock worth $622,000 after acquiring an additional 40 shares during the period. Finally, Gilbert & Cook Inc. increased its position in Norfolk Southern by 1.7% during the second quarter. Gilbert & Cook Inc. now owns 2,430 shares of the railroad operator's stock valued at $622,000 after acquiring an additional 41 shares during the last quarter. Institutional investors own 75.10% of the company's stock.

Insider Buying and Selling

In related news, Director Sameh Fahmy bought 1,650 shares of the stock in a transaction dated Wednesday, November 5th. The shares were purchased at an average price of $282.97 per share, with a total value of $466,900.50. Following the completion of the acquisition, the director owned 12,000 shares of the company's stock, valued at $3,395,640. This represents a 15.94% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Anil Bhatt sold 900 shares of the firm's stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $281.60, for a total transaction of $253,440.00. Following the transaction, the executive vice president directly owned 1,413 shares of the company's stock, valued at $397,900.80. The trade was a 38.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.06% of the stock is owned by insiders.

Analyst Ratings Changes

• These 3 industrial stocks just got upgraded ahead of earnings

A number of equities research analysts have issued reports on NSC shares. Evercore ISI boosted their price target on Norfolk Southern from $289.00 to $298.00 in a research note on Thursday, September 25th. Loop Capital boosted their target price on shares of Norfolk Southern from $235.00 to $278.00 and gave the company a "hold" rating in a research report on Tuesday, September 16th. Barclays upped their target price on shares of Norfolk Southern from $300.00 to $320.00 and gave the company an "overweight" rating in a report on Thursday, October 2nd. Benchmark reiterated a "hold" rating on shares of Norfolk Southern in a research note on Monday, October 27th. Finally, JPMorgan Chase & Co. raised their target price on Norfolk Southern from $288.00 to $303.00 and gave the stock a "neutral" rating in a report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $301.10.

Read Our Latest Report on NSC

Norfolk Southern Stock Up 0.7%

• All Aboard! The Sell-Side Has Railroads In Reversal

Shares of NSC stock opened at $292.09 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.86 and a quick ratio of 0.78. Norfolk Southern Corporation has a one year low of $201.63 and a one year high of $302.24. The company's fifty day moving average price is $288.58 and its 200-day moving average price is $273.44. The company has a market capitalization of $65.54 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 2.52 and a beta of 1.33.

Norfolk Southern (NYSE:NSC - Get Free Report) last issued its quarterly earnings results on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.31 by ($0.01). The business had revenue of $3.10 billion during the quarter, compared to analysts' expectations of $3.11 billion. Norfolk Southern had a return on equity of 18.93% and a net margin of 24.22%.The company's quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.25 EPS. Sell-side analysts expect that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Friday, November 7th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, November 7th. Norfolk Southern's dividend payout ratio (DPR) is 41.19%.

Norfolk Southern Company 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.

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