Meridian Investment Counsel Inc. Lowers Position in Norfolk Southern Co. (NYSE:NSC)

Meridian Investment Counsel Inc. lessened its stake in Norfolk Southern Co. (NYSE:NSC) by 1.2% in the third quarter, HoldingsChannel reports. The firm owned 21,128 shares of the railroad operator’s stock after selling 265 shares during the period. Norfolk Southern makes up approximately 1.6% of Meridian Investment Counsel Inc.’s holdings, making the stock its 9th largest holding. Meridian Investment Counsel Inc.’s holdings in Norfolk Southern were worth $5,250,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Coastline Trust Co purchased a new stake in Norfolk Southern during the third quarter valued at approximately $32,000. Archer Investment Corp lifted its holdings in Norfolk Southern by 2.3% in the 3rd quarter. Archer Investment Corp now owns 1,934 shares of the railroad operator’s stock worth $481,000 after purchasing an additional 43 shares in the last quarter. Empowered Funds LLC boosted its stake in Norfolk Southern by 4.9% in the 3rd quarter. Empowered Funds LLC now owns 16,845 shares of the railroad operator’s stock worth $4,186,000 after purchasing an additional 786 shares during the period. Empirical Finance LLC grew its holdings in Norfolk Southern by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 8,022 shares of the railroad operator’s stock valued at $1,993,000 after buying an additional 154 shares in the last quarter. Finally, Dearborn Partners LLC raised its position in shares of Norfolk Southern by 1.6% during the third quarter. Dearborn Partners LLC now owns 4,427 shares of the railroad operator’s stock valued at $1,100,000 after buying an additional 70 shares during the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Norfolk Southern

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

Norfolk Southern Trading Down 1.3 %

Shares of NYSE NSC opened at $261.27 on Friday. The business’s 50 day moving average price is $252.99 and its 200-day moving average price is $238.78. Norfolk Southern Co. has a fifty-two week low of $205.70 and a fifty-two week high of $277.60. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.65 and a current ratio of 0.73. The company has a market cap of $59.11 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 2.55 and a beta of 1.30.

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

Norfolk Southern Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Benchmark raised their target price on shares of Norfolk Southern from $270.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their target price on Norfolk Southern from $283.00 to $288.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Susquehanna boosted their target price on Norfolk Southern from $280.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Stifel Nicolaus raised their price target on Norfolk Southern from $241.00 to $245.00 and gave the company a “hold” rating in a report on Friday, October 11th. Finally, Stephens reaffirmed an “equal weight” rating and set a $263.00 price objective on shares of Norfolk Southern in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $275.68.

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.