Manning & Napier Group LLC Raises Stake in Norfolk Southern Corp. (NSC)

Manning & Napier Group LLC raised its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 10.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,323 shares of the railroad operator’s stock after acquiring an additional 3,917 shares during the quarter. Manning & Napier Group LLC’s holdings in Norfolk Southern were worth $7,638,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of NSC. FMR LLC grew its stake in shares of Norfolk Southern by 8.6% during the 2nd quarter. FMR LLC now owns 7,036,787 shares of the railroad operator’s stock worth $1,061,640,000 after acquiring an additional 555,871 shares in the last quarter. Millennium Management LLC grew its stake in shares of Norfolk Southern by 315.3% during the 1st quarter. Millennium Management LLC now owns 702,698 shares of the railroad operator’s stock worth $95,412,000 after acquiring an additional 533,482 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Norfolk Southern by 196.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 725,813 shares of the railroad operator’s stock worth $109,503,000 after acquiring an additional 481,013 shares in the last quarter. PointState Capital LP bought a new position in shares of Norfolk Southern during the 2nd quarter worth approximately $63,296,000. Finally, Amundi Pioneer Asset Management Inc. grew its stake in shares of Norfolk Southern by 99.7% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 478,486 shares of the railroad operator’s stock worth $64,968,000 after acquiring an additional 238,889 shares in the last quarter. 72.47% of the stock is owned by institutional investors.

In other Norfolk Southern news, VP Cynthia C. Earhart sold 2,370 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $175.09, for a total transaction of $414,963.30. Following the completion of the sale, the vice president now owns 2,370 shares of the company’s stock, valued at approximately $414,963.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman James A. Squires sold 34,077 shares of the firm’s stock in a transaction on Monday, August 13th. The shares were sold at an average price of $171.73, for a total value of $5,852,043.21. Following the sale, the chairman now directly owns 63,958 shares of the company’s stock, valued at approximately $10,983,507.34. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

NSC has been the subject of several research reports. Citigroup raised shares of Norfolk Southern from a “neutral” rating to a “buy” rating and set a $176.00 price target for the company in a research note on Monday, June 25th. Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Tuesday, June 26th. Scotiabank reaffirmed a “buy” rating and set a $168.00 price target on shares of Norfolk Southern in a research note on Wednesday, July 4th. Royal Bank of Canada reaffirmed a “hold” rating and set a $158.00 price target on shares of Norfolk Southern in a research note on Friday, July 13th. Finally, Cowen reissued a “buy” rating and issued a $188.00 price objective on shares of Norfolk Southern in a report on Wednesday, July 25th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and ten have given a buy rating to the company’s stock. Norfolk Southern has a consensus rating of “Hold” and an average target price of $171.20.

NYSE NSC opened at $170.19 on Friday. The company has a market capitalization of $50.55 billion, a PE ratio of 25.75, a P/E/G ratio of 1.65 and a beta of 1.39. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.81 and a quick ratio of 0.70. Norfolk Southern Corp. has a 12 month low of $125.59 and a 12 month high of $186.91.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Wednesday, July 25th. The railroad operator reported $2.50 EPS for the quarter, beating the consensus estimate of $2.31 by $0.19. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.87 billion. Norfolk Southern had a return on equity of 14.53% and a net margin of 52.36%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.71 EPS. On average, sell-side analysts forecast that Norfolk Southern Corp. will post 9.14 earnings per share for the current year.

About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.

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

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