Chesapeake Wealth Management Sells 64 Shares of Norfolk Southern Co. (NYSE:NSC)

Chesapeake Wealth Management lowered its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 2.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,902 shares of the railroad operator’s stock after selling 64 shares during the period. Chesapeake Wealth Management’s holdings in Norfolk Southern were worth $721,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Highline Wealth Partners LLC acquired a new position in Norfolk Southern during the third quarter valued at approximately $25,000. 1620 Investment Advisors Inc. acquired a new position in shares of Norfolk Southern in the 2nd quarter valued at $27,000. Coastline Trust Co bought a new stake in shares of Norfolk Southern in the 3rd quarter valued at $32,000. Capital Performance Advisors LLP acquired a new stake in Norfolk Southern during the 3rd quarter worth $33,000. Finally, Financial Connections Group Inc. bought a new position in Norfolk Southern during the second quarter worth about $31,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Barclays raised their price target on Norfolk Southern from $290.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Susquehanna raised their target price on shares of Norfolk Southern from $280.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Evercore ISI reduced their price target on shares of Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Citigroup increased their price objective on shares of Norfolk Southern from $302.00 to $316.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Benchmark upped their target price on shares of 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 given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $275.68.

Norfolk Southern Stock Performance

Shares of NSC stock opened at $262.22 on Tuesday. The company has a market capitalization of $59.32 billion, a price-to-earnings ratio of 24.62, a PEG ratio of 2.48 and a beta of 1.30. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.65 and a current ratio of 0.73. Norfolk Southern Co. has a 52 week low of $206.71 and a 52 week high of $277.60. The company has a 50-day simple moving average of $253.09 and a 200 day simple moving average of $239.10.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating the consensus estimate of $3.11 by $0.14. The company had revenue of $3.10 billion for 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 firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.65 earnings per share. On average, sell-side analysts predict that Norfolk Southern Co. will post 11.82 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Friday, November 1st will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Friday, November 1st. Norfolk Southern’s dividend payout ratio is currently 50.70%.

Insiders Place Their Bets

In related 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 value 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sameh Fahmy purchased 1,000 shares of Norfolk Southern stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average price of $255.00 per share, for a total transaction of $255,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at $2,550,000. This represents a 11.11 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.19% of the company’s stock.

About Norfolk Southern

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.