Meeder Asset Management Inc. boosted its position in shares of Norfolk Souther Corporation (NYSE:NSC) by 52.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,812 shares of the railroad operator’s stock after acquiring an additional 3,023 shares during the quarter. Meeder Asset Management Inc.’s holdings in Norfolk Souther Corporation were worth $1,165,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Fisher Asset Management LLC boosted its holdings in Norfolk Souther Corporation by 27.2% during the 3rd quarter. Fisher Asset Management LLC now owns 5,687 shares of the railroad operator’s stock valued at $752,000 after acquiring an additional 1,216 shares during the period. Wendell David Associates Inc. purchased a new position in Norfolk Souther Corporation during the 3rd quarter valued at about $232,000. Assenagon Asset Management S.A. purchased a new position in Norfolk Souther Corporation during the 3rd quarter valued at about $3,459,000. Quantitative Systematic Strategies LLC purchased a new position in Norfolk Souther Corporation during the 3rd quarter valued at about $348,000. Finally, Shell Asset Management Co. boosted its holdings in Norfolk Souther Corporation by 55.4% during the 3rd quarter. Shell Asset Management Co. now owns 54,011 shares of the railroad operator’s stock valued at $6,028,000 after acquiring an additional 19,265 shares during the period. Institutional investors own 71.13% of the company’s stock.
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In other news, COO Michael Joseph Wheeler sold 3,568 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $133.00, for a total value of $474,544.00. Following the transaction, the chief operating officer now owns 15,837 shares of the company’s stock, valued at $2,106,321. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Thomas E. Hurlbut sold 300 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $118.80, for a total value of $35,640.00. Following the completion of the transaction, the vice president now directly owns 4,000 shares in the company, valued at approximately $475,200. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,645 shares of company stock worth $3,719,075. 0.36% of the stock is currently owned by corporate insiders.
Norfolk Souther Corporation (NYSE:NSC) traded down $0.84 on Friday, reaching $127.15. The company’s stock had a trading volume of 1,301,000 shares, compared to its average volume of 1,784,874. The firm has a market capitalization of $36,624.18, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 1.65 and a beta of 1.37. Norfolk Souther Corporation has a 52 week low of $98.92 and a 52 week high of $134.52. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.73 and a current ratio of 0.83.
Norfolk Souther Corporation (NYSE:NSC) last released its quarterly earnings results on Wednesday, October 25th. The railroad operator reported $1.75 EPS for the quarter, topping the consensus estimate of $1.64 by $0.11. The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.65 billion. Norfolk Souther Corporation had a return on equity of 14.72% and a net margin of 17.86%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.55 earnings per share. sell-side analysts predict that Norfolk Souther Corporation will post 6.46 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 3rd will be given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Thursday, November 2nd. Norfolk Souther Corporation’s dividend payout ratio (DPR) is 38.36%.
Norfolk Souther Corporation declared that its board has initiated a share buyback plan on Tuesday, September 26th that authorizes the company to repurchase 50,000,000 outstanding shares. This repurchase authorization authorizes the railroad operator to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
A number of brokerages recently commented on NSC. Argus raised their target price on Norfolk Souther Corporation from $145.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, October 31st. Morgan Stanley restated an “underweight” rating and set a $75.00 target price (down from $77.00) on shares of Norfolk Souther Corporation in a report on Monday, October 2nd. Wells Fargo & Company cut Norfolk Souther Corporation from an “outperform” rating to a “market perform” rating in a report on Monday, October 16th. ValuEngine cut Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Finally, Citigroup Inc. raised their target price on Norfolk Souther Corporation from $124.00 to $135.00 and gave the company a “neutral” rating in a report on Wednesday, October 4th. Four analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $127.70.
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.
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