Cubist Systematic Strategies LLC Reduces Position in Norfolk Souther Corporation (NSC)

Cubist Systematic Strategies LLC trimmed its position in Norfolk Souther Corporation (NYSE:NSC) by 61.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 7,770 shares of the railroad operator’s stock after selling 12,622 shares during the period. Cubist Systematic Strategies LLC’s holdings in Norfolk Souther Corporation were worth $946,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in NSC. BlackRock Inc. lifted its stake in shares of Norfolk Souther Corporation by 3,039.1% in the 1st quarter. BlackRock Inc. now owns 19,551,432 shares of the railroad operator’s stock valued at $2,189,172,000 after acquiring an additional 18,928,598 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Norfolk Souther Corporation by 936.1% in the 1st quarter. Alliancebernstein L.P. now owns 5,378,457 shares of the railroad operator’s stock valued at $602,226,000 after acquiring an additional 4,859,355 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Norfolk Souther Corporation by 31.8% in the 1st quarter. JPMorgan Chase & Co. now owns 4,209,269 shares of the railroad operator’s stock valued at $471,313,000 after acquiring an additional 1,016,319 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Norfolk Souther Corporation by 17.1% in the 2nd quarter. Lazard Asset Management LLC now owns 6,343,533 shares of the railroad operator’s stock valued at $772,007,000 after acquiring an additional 925,496 shares during the last quarter. Finally, Investec Asset Management LTD bought a new position in shares of Norfolk Souther Corporation in the 1st quarter valued at $92,710,000. Institutional investors own 70.52% of the company’s stock.

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In other Norfolk Souther Corporation news, COO Michael Joseph Wheeler sold 2,370 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $118.68, for a total value of $281,271.60. Following the sale, the chief operating officer now owns 13,492 shares in the company, valued at $1,601,230.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Thomas E. Hurlbut sold 300 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $118.80, for a total transaction of $35,640.00. Following the completion of the sale, the vice president now owns 4,000 shares in the company, valued at approximately $475,200. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,077 shares of company stock valued at $3,244,531. 0.36% of the stock is owned by insiders.

A number of research analysts have recently commented on the company. Cowen and Company reiterated an “outperform” rating and issued a $130.00 price target on shares of Norfolk Souther Corporation in a research note on Tuesday, August 1st. Stifel Nicolaus reiterated a “hold” rating and issued a $124.00 price target (up from $122.00) on shares of Norfolk Souther Corporation in a research note on Thursday, July 27th. Wells Fargo & Company lowered Norfolk Souther Corporation from an “outperform” rating to a “market perform” rating in a research report on Monday, October 16th. Zacks Investment Research lowered Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Deutsche Bank AG lowered Norfolk Souther Corporation from a “buy” rating to a “hold” rating and lowered their target price for the stock from $132.00 to $104.00 in a research report on Monday, July 31st. Four equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $123.61.

Shares of Norfolk Souther Corporation (NSC) traded up 0.30% during mid-day trading on Friday, hitting $133.65. The stock had a trading volume of 1,688,892 shares. The stock’s 50-day moving average is $130.30 and its 200 day moving average is $121.41. Norfolk Souther Corporation has a 1-year low of $90.98 and a 1-year high of $134.52. The firm has a market capitalization of $38.52 billion, a price-to-earnings ratio of 21.72 and a beta of 1.38.

Norfolk Souther Corporation (NYSE:NSC) last released its quarterly earnings results on Wednesday, October 25th. The railroad operator reported $1.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.11. Norfolk Souther Corporation had a net margin of 17.86% and a return on equity of 14.72%. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the prior year, the firm earned $1.55 earnings per share. Norfolk Souther Corporation’s revenue was up 5.8% on a year-over-year basis. Equities research analysts predict that Norfolk Souther Corporation will post $6.36 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 3rd will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Thursday, November 2nd. Norfolk Souther Corporation’s payout ratio is currently 38.36%.

Norfolk Souther Corporation announced that its Board of Directors has authorized a share buyback program on Tuesday, September 26th that allows the company to repurchase 50,000,000 outstanding shares. This repurchase authorization allows the railroad operator to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Norfolk Souther Corporation Company Profile

Norfolk Southern Corporation is a holding company engaged in the rail transportation business. As of December 31, 2016, the Company operated approximately 19,500 miles of road primarily in the East and Midwest. The Company is engaged in the rail transportation of raw materials, intermediate products and finished goods primarily in the Southeast, East and Midwest.

Institutional Ownership by Quarter for Norfolk Souther Corporation (NYSE:NSC)

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