OLD Second National Bank of Aurora decreased its position in Norfolk Souther Corporation (NYSE:NSC) by 8.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,067 shares of the railroad operator’s stock after selling 2,318 shares during the period. Norfolk Souther Corporation makes up 1.3% of OLD Second National Bank of Aurora’s portfolio, making the stock its 23rd largest position. OLD Second National Bank of Aurora’s holdings in Norfolk Souther Corporation were worth $3,183,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Meeder Asset Management Inc. grew its holdings in shares of Norfolk Souther Corporation by 52.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 8,812 shares of the railroad operator’s stock valued at $1,165,000 after buying an additional 3,023 shares during the period. Fisher Asset Management LLC boosted its stake in Norfolk Souther Corporation by 27.2% in the 3rd quarter. Fisher Asset Management LLC now owns 5,687 shares of the railroad operator’s stock worth $752,000 after purchasing an additional 1,216 shares during the period. Wendell David Associates Inc. acquired a new position in Norfolk Souther Corporation in the 3rd quarter worth $232,000. Assenagon Asset Management S.A. acquired a new position in Norfolk Souther Corporation in the 3rd quarter worth $3,459,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in Norfolk Souther Corporation in the 3rd quarter worth $348,000. 71.13% of the stock is owned by institutional investors.
A number of equities analysts recently weighed in on NSC shares. Credit Suisse Group reaffirmed a “buy” rating and issued a $143.00 target price (up from $133.00) on shares of Norfolk Souther Corporation in a research note on Thursday, October 12th. They noted that the move was a valuation call. ValuEngine raised shares of Norfolk Souther Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Royal Bank of Canada reaffirmed a “sell” rating and issued a $117.00 target price on shares of Norfolk Souther Corporation in a research note on Tuesday, August 29th. Zacks Investment Research raised shares of Norfolk Souther Corporation from a “hold” rating to a “buy” rating and set a $147.00 target price for the company in a research note on Wednesday, November 1st. Finally, Deutsche Bank AG lowered shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating and reduced their target price for the stock from $132.00 to $104.00 in a research note on Monday, July 31st. 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 company. The company has a consensus rating of “Hold” and an average price target of $127.70.
Norfolk Souther Corporation (NSC) traded down $0.84 during trading on Friday, reaching $127.15. 1,301,000 shares of the company’s stock traded hands, compared to its average volume of 1,784,874. The company has a market cap of $36,624.18, a PE ratio of 20.12, a P/E/G ratio of 1.65 and a beta of 1.37. 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 has a 52-week low of $98.92 and a 52-week high of $134.52.
Norfolk Souther Corporation (NYSE:NSC) last released its quarterly earnings results on Wednesday, October 25th. The railroad operator reported $1.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.11. The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Norfolk Souther Corporation had a net margin of 17.86% and a return on equity of 14.72%. The business’s revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.55 EPS. equities analysts forecast that Norfolk Souther Corporation will post 6.46 EPS for the current year.
Norfolk Souther Corporation declared that its Board of Directors has approved a stock buyback program on Tuesday, September 26th that allows the company to buyback 50,000,000 outstanding shares. This buyback authorization allows the railroad operator to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 3rd will be issued a $0.61 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $2.44 annualized dividend and a yield of 1.92%. Norfolk Souther Corporation’s dividend payout ratio is currently 38.36%.
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In other news, Chairman James A. Squires sold 24,407 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $119.95, for a total transaction of $2,927,619.65. Following the transaction, the chairman now directly owns 76,481 shares of the company’s stock, valued at $9,173,895.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Joseph Wheeler sold 3,568 shares of the firm’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 transaction of $474,544.00. Following the transaction, the chief operating officer now directly owns 15,837 shares in the company, valued at $2,106,321. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,645 shares of company stock worth $3,719,075. Insiders own 0.36% of the company’s stock.
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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