Northwestern Mutual Investment Management Company LLC Has $961,000 Position in Norfolk Souther Corporation (NSC)
Northwestern Mutual Investment Management Company LLC cut its holdings in Norfolk Souther Corporation (NYSE:NSC) by 80.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,284 shares of the railroad operator’s stock after selling 47,450 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Norfolk Souther Corporation were worth $961,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in NSC. BlackRock Inc. boosted its holdings in 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 worth $2,189,172,000 after buying an additional 18,928,598 shares during the period. Alliancebernstein L.P. boosted its holdings in 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 worth $602,226,000 after buying an additional 4,859,355 shares during the period. JPMorgan Chase & Co. boosted its holdings in 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 worth $471,313,000 after buying an additional 1,016,319 shares during the period. Investec Asset Management LTD bought a new position in Norfolk Souther Corporation in the 1st quarter worth approximately $92,710,000. Finally, Ameriprise Financial Inc. boosted its holdings in Norfolk Souther Corporation by 36.0% in the 1st quarter. Ameriprise Financial Inc. now owns 1,863,015 shares of the railroad operator’s stock worth $208,626,000 after buying an additional 492,922 shares during the period. 70.60% of the stock is owned by institutional investors.
Several research firms recently commented on NSC. BidaskClub raised shares of Norfolk Souther Corporation from a “strong sell” rating to a “sell” rating in a report on Thursday, August 10th. Wolfe Research raised shares of Norfolk Souther Corporation from a “market perform” rating to a “buy” rating and set a $126.00 price target for the company in a report on Monday, August 7th. UBS AG reissued a “buy” rating and issued a $133.00 price target on shares of Norfolk Souther Corporation in a report on Monday, August 14th. Cowen and Company reissued an “outperform” rating and issued a $130.00 price target on shares of Norfolk Souther Corporation in a report on Tuesday, August 1st. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $133.00 price target (down from $139.00) on shares of Norfolk Souther Corporation in a report on Thursday, July 27th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $115.00.
In other Norfolk Souther Corporation news, Chairman James A. Squires sold 24,407 shares of the stock in a transaction 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 completion of the transaction, the chairman now owns 76,481 shares in the company, valued at $9,173,895.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Joseph Wheeler sold 2,370 shares of the stock in a transaction on Friday, August 25th. The shares were sold at an average price of $118.68, for a total transaction of $281,271.60. Following the transaction, the chief operating officer now owns 13,492 shares of the company’s stock, valued at approximately $1,601,230.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,077 shares of company stock valued at $3,244,531. 0.36% of the stock is owned by company insiders.
Norfolk Souther Corporation (NSC) opened at 132.51 on Thursday. The stock has a market cap of $38.19 billion, a PE ratio of 21.53 and a beta of 1.32. The company has a 50-day moving average of $120.17 and a 200-day moving average of $118.29. Norfolk Souther Corporation has a 12 month low of $89.95 and a 12 month high of $132.55.
Norfolk Souther Corporation (NYSE:NSC) last issued its earnings results on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.06. Norfolk Souther Corporation had a net margin of 17.66% and a return on equity of 14.45%. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. Norfolk Souther Corporation’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities analysts forecast that Norfolk Souther Corporation will post $6.32 EPS for the current fiscal year.
Norfolk Souther Corporation declared that its board has approved a stock buyback plan on Tuesday, September 26th that allows the company to buyback 50,000,000 shares. This buyback authorization allows the railroad operator to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Monday, August 7th were given a dividend of $0.61 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $2.44 dividend on an annualized basis and a dividend yield of 1.84%. Norfolk Souther Corporation’s dividend payout ratio is 39.61%.
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.
Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Souther Corporation (NYSE:NSC).
Receive News & Stock Ratings for Norfolk Souther Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Norfolk Souther Corporation and related stocks with our FREE daily email newsletter.