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Tag: NSC

  • Norfolk Southern Co. (NYSE:NSC) Shares Bought by Dakota Wealth Management

    Norfolk Southern Co. (NYSE:NSC) Shares Bought by Dakota Wealth Management


    Dakota Wealth Management grew its holdings in Norfolk Southern Co. (NYSE:NSC – Free Report) by 2.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,206 shares of the railroad operator’s stock after buying an additional 150 shares during the quarter. Dakota Wealth Management’s holdings in Norfolk Southern were worth $1,791,000 as of its most recent SEC filing.

    Several other large investors have also made changes to their positions in the business. Boston Partners boosted its holdings in Norfolk Southern by 157.1% in the 1st quarter. Boston Partners now owns 2,890,665 shares of the railroad operator’s stock worth $735,749,000 after buying an additional 1,766,135 shares during the last quarter. Vanguard Group Inc. boosted its stake in Norfolk Southern by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 19,623,690 shares of the railroad operator’s stock worth $5,001,490,000 after purchasing an additional 1,088,072 shares during the last quarter. American Century Companies Inc. raised its position in shares of Norfolk Southern by 17.3% in the second quarter. American Century Companies Inc. now owns 3,356,590 shares of the railroad operator’s stock valued at $720,626,000 after buying an additional 496,088 shares during the last quarter. EdgePoint Investment Group Inc. boosted its position in Norfolk Southern by 10.2% during the first quarter. EdgePoint Investment Group Inc. now owns 3,752,050 shares of the railroad operator’s stock worth $956,285,000 after acquiring an additional 347,852 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Norfolk Southern by 23,037.4% in the 3rd quarter. International Assets Investment Management LLC now owns 349,143 shares of the railroad operator’s stock valued at $86,762,000 after acquiring an additional 347,634 shares during the last quarter. 75.10% of the stock is owned by institutional investors and hedge funds.

    Wall Street Analysts Forecast Growth

    NSC has been the subject of a number of recent research reports. Evercore ISI cut their target price on Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a research note on Wednesday. Barclays increased their price target on shares of Norfolk Southern from $275.00 to $290.00 and gave the company an “overweight” rating in a research note on Wednesday. Stephens reiterated an “equal weight” rating and issued a $263.00 price objective on shares of Norfolk Southern in a research report on Wednesday. Sanford C. Bernstein upped their price target on Norfolk Southern from $285.00 to $286.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Finally, Loop Capital increased their target price on shares of Norfolk Southern from $285.00 to $287.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Norfolk Southern has an average rating of “Moderate Buy” and a consensus price target of $274.16.

    Check Out Our Latest Stock Report on NSC

    Norfolk Southern Stock Performance

    NYSE:NSC opened at $251.09 on Friday. Norfolk Southern Co. has a 52 week low of $183.76 and a 52 week high of $263.66. The company has a fifty day simple moving average of $249.22 and a two-hundred day simple moving average of $237.00. The company has a quick ratio of 0.54, a current ratio of 0.73 and a debt-to-equity ratio of 1.21. The company has a market cap of $56.77 billion, a price-to-earnings ratio of 23.58, a price-to-earnings-growth ratio of 2.48 and a beta of 1.31.

    Norfolk Southern (NYSE:NSC – Get Free Report) last released its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, topping the consensus estimate of $3.11 by $0.14. The firm had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Norfolk Southern had a return on equity of 20.25% and a net margin of 19.85%. Norfolk Southern’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.65 EPS. As a group, equities analysts anticipate that Norfolk Southern Co. will post 11.78 earnings per share for the current fiscal year.

    Norfolk Southern Announces Dividend

    The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Friday, November 1st will be paid a dividend of $1.35 per share. The ex-dividend date is Friday, November 1st. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.15%. Norfolk Southern’s payout ratio is 50.70%.

    Insider Activity at Norfolk Southern

    In other Norfolk Southern news, EVP Nabanita C. Nag sold 355 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $249.38, for a total transaction of $88,529.90. Following the completion of the transaction, the executive vice president now owns 1,488 shares in the company, valued at $371,077.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nabanita C. Nag sold 355 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $249.38, for a total value of $88,529.90. Following the sale, the executive vice president now owns 1,488 shares of the company’s stock, valued at approximately $371,077.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have bought a total of 3,700 shares of company stock valued at $921,565 over the last 90 days. 0.19% of the stock is owned by corporate insiders.

    Norfolk Southern Profile

    (Free Report)

    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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    Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Southern Co. (NYSE:NSC – Free Report).

    Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)



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  • How the Hamas hostage-release deal evolved — and nearly fell apart — in final days

    How the Hamas hostage-release deal evolved — and nearly fell apart — in final days

    WASHINGTON (AP) — The negotiations hardly ran smoothly. But, in the end, persistence paid off.

    Six weeks ago, not long after Hamas killed more than 1,200 people in Israel and took scores of others hostage in a surprise assault, the government of Qatar quietly reached out to the United States to discuss how to secure the release of those who were taken captive by the militant group.

    But…

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  • East Palestine derailment: Norfolk Southern sued by Justice Department and EPA

    East Palestine derailment: Norfolk Southern sued by Justice Department and EPA

    The Justice Department and the Environmental Protection Agency have filed a complaint against Norfolk Southern Corp. for unlawful discharge of pollutants and hazardous substances in the Feb. 3 train derailment in East Palestine, Ohio.

    The complaint seeks penalties and injunctive relief for the unlawful discharge of pollutants, oil and hazardous substances under the Clean Water Act, according to statements released by the Justice Department and the EPA. The Justice Department and EPA are also seeking a declaratory judgment on liability for past and future costs under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).

    Norfolk Southern’s
    NSC,
    +1.51%
    stock has fallen 16.8% since the derailment near the Ohio-Pennsylvania border. The stock is up 0.3% Friday.

    Related: Norfolk Southern will do ‘everything it takes’ for East Palestine, CEO tells senators

    “When a Norfolk Southern train derailed last month in East Palestine, Ohio, it released toxins into the air, soil, and water, endangering the health and safety of people in surrounding communities,” Attorney General Merrick Garland said in a statement. “With this complaint, the Justice Department and the EPA are acting to pursue justice for the residents of East Palestine and ensure that Norfolk Southern carries the financial burden for the harm it has caused and continues to inflict on the community.” 

    In a separate statement, EPA Administrator Michael Regan said: “No community should have to go through what East Palestine residents have faced. With today’s action, we are once more delivering on our commitment to ensure Norfolk Southern cleans up the mess they made and pays for the damage they have inflicted as we work to ensure this community can feel safe at home again.”

    Norfolk Southern has created a website, nsmakingitright.com, to track its progress in cleaning up the site.

    “Our job right now is to make progress every day cleaning up the site, assisting residents whose lives were impacted by the derailment, and investing in the future of East Palestine and the surrounding areas,” a spokesperson for Norfolk Southern told MarketWatch. “We are working with urgency, at the direction of the U.S. EPA, and making daily progress. That remains our focus and we’ll keep working until we make it right.”

    Related: Norfolk Southern sued by Ohio over ‘entirely avoidable’ East Palestine derailment

    More than 9.4 million gallons of affected water have been recovered and transported off-site for final disposal, according to Norfolk Southern, along with 12,904 tons of waste soil that has been removed for proper disposal.

    The company has also flushed 5,200 feet of affected waterways and sampled more than 275 private drinking water wells, according to nsmakingitright.com.

    The suit from the Justice Department and the EPA comes just two weeks after Ohio Attorney General Dave Yost filed a 58-count civil lawsuit against Norfolk Southern over the derailment in East Palestine.

    Now read: Here are the chemicals spilled near Philly as U.S. drinking-water safety is top of mind

    No one was killed or injured in the Ohio derailment, but the incident has been described as a “PR nightmare” for Norfolk Southern and the rail industry. The derailed cars included 11 tank cars carrying hazardous materials that subsequently ignited, damaging an additional 12 railcars, according to the National Transportation Safety Board, and setting off concerns about the impact on air and water quality and dangers to health in the region.

    Earlier this month, Norfolk Southern CEO Alan Shaw was grilled by senators when he provided testimony on the disaster before the Senate Committee on Environment and Public Works.

    While safety was the primary focus of the hearing, Shaw was also pressed on Norfolk Southern’s stock buybacks and the company’s use of precision scheduled railroading, which focuses on the movement of individual train cars rather than whole trains.

    Related: Train derailment in Minnesota thrusts rail safety back into the spotlight

    In his testimony, Shaw vowed to do “everything it takes” for the community affected by the derailment.

    Rail safety was thrust into the spotlight again this week with the derailment of a BNSF train carrying ethanol and corn syrup in Minnesota early Thursday. 

    Everstream Analytics, a supply-chain analytics company, has been researching train derailments involving Class I rail carriers between 2018 and 2023. A Class I carrier is defined as any carrier earning annual revenue greater than $943.9 million, according to the U.S. government’s Surface Transportation Board. Data show that derailments across rail companies increased considerably in the U.S. between 2021 and 2022, according to Everstream Analytics.

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  • Senate passes bill to prevent rail strike, rejects measure providing paid sick leave

    Senate passes bill to prevent rail strike, rejects measure providing paid sick leave

    The U.S. Senate on Thursday voted 80-15 in favor of a bill that would prevent a rail strike by imposing a deal on freight-rail workers, after rejecting a separate House-passed measure that would require rail companies to provide those workers with seven days of paid sick leave per year.

    The vote for the bill imposing a deal keeps Washington on track to block a strike, as the House of Representatives passed it Wednesday. President Joe Biden is expected to sign the legislation into law given that he called on Monday for Congress to act.

    Business groups have been warning that even a short-term strike would have a tremendous impact and cause economic pain.

    The deal that would be imposed on rail employees includes a 24% increase in wages from 2020 through 2024, but workers have remained concerned about a lack of paid sick time.

    In the vote on sick leave, there were 52 senators in favor, while 43 were opposed, and 60 votes for it were needed. A half dozen Republican senators were in favor, while Sen. Joe Manchin of West Virginia was the only Democrat in opposition.

    “While I am sympathetic to the concerns union members have raised, I do not believe it is the role of Congress to renegotiate a collective bargaining agreement that has already been negotiated,” Manchin said in a statement. 

    Earlier Thursday, the Senate also voted against an amendment from Republican senators that aimed to deliver a cooling-off period so talks between rail companies and their workers could continue.

    Railroad operators’ stocks finished with gains Tuesday as traders reacted to Washington’s moves to prevent a strike, but Norfolk Southern Corp.
    NSC,
    -0.05%    ,
     CSX Corp. 
    CSX,
    -0.03%
    and Union Pacific Corp.
    UNP,
    -0.69%
    all lost ground Thursday as the broad market
    SPX,
    -0.09%

    DJIA,
    -0.56%
    closed mostly lower.

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  • ‘A rail shutdown would devastate our economy’: Biden urges Congress to head off potential strike

    ‘A rail shutdown would devastate our economy’: Biden urges Congress to head off potential strike

    OMAHA, Neb. — President Joe Biden on Monday asked Congress to intervene and block a railroad strike before next month’s deadline in the stalled contract talks, following pressure by business groups on the stalled negotiations.

    “Let me be clear: a rail shutdown would devastate our economy,” Biden said in a statement. “Without freight rail, many U.S. industries would shut down.”

    Congress has the power to impose contract terms on the workers, but it’s not clear what lawmakers might include if they do. They could also force the negotiations to continue into the new year.

    Both the unions and railroads have been lobbying Congress while contract talks continue. Four rail unions that represent more than half of the 115,000 workers in the industry have rejected the deals that Biden helped broker before the original strike deadline in September and are back at the table trying to work out new agreements. Eight other unions have approved their five-year deals with the railroads and are in the process of getting back pay for their workers for the 24% raises that are retroactive to 2020.

    Biden said that as a “a proud pro-labor president” he was reluctant to override the views of people who voted against the agreement. “But in this case — where the economic impact of a shutdown would hurt millions of other working people and families — I believe Congress must use its powers to adopt this deal.”

    Biden’s remarks came after a coalition of more than 400 business groups sent a letter to congressional leaders Monday urging them to step into the stalled talks because of fears about the devastating potential impact of a strike that could force many businesses to shut down if they can’t get the rail deliveries they need. Commuter railroads and Amtrak would also be affected in a strike because many of them use tracks owned by the freight railroads.

    The business groups led by the U.S. Chamber of Commerce, National Association of Manufacturers and National Retail Federation said even a short-term strike would have a tremendous impact and the economic pain would start to be felt even before the Dec. 9 strike deadline. They said the railroads would stop hauling hazardous chemicals, fertilizers and perishable goods up to a week beforehand to keep those products from being stranded somewhere along the tracks.

    “A potential rail strike only adds to the headwinds facing the U.S. economy,” the businesses wrote. “A rail stoppage would immediately lead to supply shortages and higher prices. The cessation of Amtrak and commuter rail services would disrupt up to 7 million travelers a day. Many businesses would see their sales disrupted right in the middle of the critical holiday shopping season.”

    A similar group of businesses sent another letter to Biden last month urging him to play a more active role in resolving the contract dispute.

    On Monday, the Association of American Railroads trade group praised Biden’s action.

    “No one benefits from a rail work stoppage — not our customers, not rail employees and not the American economy,” said AAR President and CEO Ian Jefferies. “Now is the appropriate time for Congress to pass legislation to implement the agreements already ratified by eight of the twelve unions.”

    Congressional leaders and the White House have said they are monitoring the contract talks closely but haven’t indicated when they might act or what they will do. House Majority Leader Steny Hoyer, D-Md., said leaders are aware of the situation with the rail negotiations and will monitor the talks in the coming days.

    Rep. Brian Fitzpatrick, R-Pa., said on “Fox News Sunday” that congressional intervention is a last resort but that lawmakers will have to be ready to act.

    “Congress will not let this strike happen. That’s for sure,” said Fitzpatrick, who helps lead a bipartisan group of 58 lawmakers. “It would be devastating to our economy. So, we’ll get to a resolution one way or another.”

    “It certainly could end up in Congress’ lap, which is why we are headed to D.C. this week to meet with lawmakers on the Hill from both parties,” said Clark Ballew, a spokesman for the Brotherhood of Maintenance of Way Employes Division, which represents track maintenance workers. “We have instructed our members to contact their federal lawmakers in the House and Senate for several weeks now.”

    The unions have asked the railroads to consider adding paid sick time to what they already offered to address some of workers’ quality of life concerns. But so far, the railroads, which include Union Pacific
    UNP,
    -2.25%    ,
    Berkshire Hathaway’s
    BRK.B,
    -1.31%
    BNSF, Norfolk Southern
    NSC,
    -1.49%    ,
    CSX
    CSX,
    -1.00%
    and Canadian Pacific’s
    CP,
    -1.26%
    Kansas City Southern, have refused to consider that.

    The railroads want any deal to closely follow the recommendations a special board of arbitrators that Biden appointed made this summer that called for the 24% raises and $5,000 in bonuses but didn’t resolve workers’ concerns about demanding schedules that make it hard to take a day off and other working conditions.

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