Cullen Capital Management LLC Invests $23.57 Million in Norfolk Southern Corporation $NSC

Cullen Capital Management LLC acquired a new position in Norfolk Southern Corporation (NYSE:NSC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 92,087 shares of the railroad operator’s stock, valued at approximately $23,572,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas acquired a new stake in Norfolk Southern in the second quarter worth about $26,000. WPG Advisers LLC acquired a new position in shares of Norfolk Southern during the first quarter valued at about $27,000. True Wealth Design LLC raised its position in shares of Norfolk Southern by 423.8% in the 2nd quarter. True Wealth Design LLC now owns 110 shares of the railroad operator’s stock valued at $28,000 after purchasing an additional 89 shares during the last quarter. NewSquare Capital LLC boosted its stake in Norfolk Southern by 58.5% in the 2nd quarter. NewSquare Capital LLC now owns 130 shares of the railroad operator’s stock worth $33,000 after purchasing an additional 48 shares in the last quarter. Finally, Financial Gravity Companies Inc. purchased a new stake in Norfolk Southern during the 2nd quarter worth approximately $35,000. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Norfolk Southern Price Performance

NYSE:NSC opened at $296.99 on Monday. The firm’s fifty day moving average is $287.93 and its two-hundred day moving average is $277.48. The firm has a market cap of $66.64 billion, a price-to-earnings ratio of 22.65, a PEG ratio of 2.72 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.78 and a current ratio of 0.86. Norfolk Southern Corporation has a one year low of $201.63 and a one year high of $302.24.

Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.31 by ($0.01). Norfolk Southern had a net margin of 24.22% and a return on equity of 18.93%. The company had revenue of $3.10 billion during the quarter, compared to analyst estimates of $3.11 billion. During the same period last year, the firm earned $3.25 EPS. The business’s quarterly revenue was up .0% compared to the same quarter last year. Research analysts expect that Norfolk Southern Corporation will post 13 EPS for the current year.

Norfolk Southern Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Friday, November 7th were issued a $1.35 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $5.40 dividend on an annualized basis and a yield of 1.8%. Norfolk Southern’s payout ratio is presently 41.19%.

Insider Buying and Selling

In other news, Director William Jr. Clyburn purchased 204 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were purchased at an average cost of $294.79 per share, with a total value of $60,137.16. Following the completion of the acquisition, the director owned 405 shares of the company’s stock, valued at approximately $119,389.95. This represents a 101.49% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 sale, the executive vice president owned 1,413 shares in the company, valued at approximately $397,900.80. This represents a 38.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have acquired 4,454 shares of company stock worth $1,259,874. 0.06% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on NSC shares. UBS Group decreased their price target on shares of Norfolk Southern from $321.00 to $320.00 and set a “buy” rating for the company in a report on Friday, October 24th. Sanford C. Bernstein reduced their target price on Norfolk Southern from $347.00 to $333.00 and set an “outperform” rating for the company in a research note on Tuesday, November 11th. Robert W. Baird set a $293.00 price target on Norfolk Southern in a research report on Friday, December 5th. Benchmark reiterated a “hold” rating on shares of Norfolk Southern in a research note on Monday, October 27th. Finally, Barclays increased their price objective on Norfolk Southern from $300.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, October 2nd. Six research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Norfolk Southern has an average rating of “Hold” and an average target price of $297.90.

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.