Norfolk Souther Corporation (NSC) Shares Sold by Riverhead Capital Management LLC
Riverhead Capital Management LLC lowered its stake in shares of Norfolk Souther Corporation (NYSE:NSC) by 0.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 12,150 shares of the railroad operator’s stock after selling 35 shares during the period. Riverhead Capital Management LLC’s holdings in Norfolk Souther Corporation were worth $1,479,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Norfolk Souther Corporation by 3,039.1% during the first quarter. BlackRock Inc. now owns 19,551,432 shares of the railroad operator’s stock worth $2,189,172,000 after purchasing an additional 18,928,598 shares during the period. Alliancebernstein L.P. lifted its position in shares of Norfolk Souther Corporation by 936.1% during the first quarter. Alliancebernstein L.P. now owns 5,378,457 shares of the railroad operator’s stock worth $602,226,000 after purchasing an additional 4,859,355 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Norfolk Souther Corporation by 31.8% during the first quarter. JPMorgan Chase & Co. now owns 4,209,269 shares of the railroad operator’s stock worth $471,313,000 after purchasing an additional 1,016,319 shares in the last quarter. Investec Asset Management LTD purchased a new position in shares of Norfolk Souther Corporation in the first quarter valued at approximately $92,710,000. Finally, Ameriprise Financial Inc. boosted its stake in shares of Norfolk Souther Corporation by 36.0% in the first quarter. Ameriprise Financial Inc. now owns 1,863,015 shares of the railroad operator’s stock valued at $208,626,000 after purchasing an additional 492,922 shares during the period. Hedge funds and other institutional investors own 70.60% of the company’s stock.
In related news, VP Thomas E. Hurlbut sold 300 shares of Norfolk Souther Corporation stock in a transaction dated Tuesday, August 29th. The stock was 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 $475,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman James A. Squires sold 24,407 shares of Norfolk Souther Corporation stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $119.95, for a total value of $2,927,619.65. Following the completion of the transaction, the chairman now owns 76,481 shares of the company’s stock, valued at $9,173,895.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,077 shares of company stock worth $3,244,531. Company insiders own 0.36% of the company’s stock.
Shares of Norfolk Souther Corporation (NYSE:NSC) opened at 131.64 on Tuesday. The company has a 50 day moving average price of $124.38 and a 200-day moving average price of $119.07. The firm has a market capitalization of $37.94 billion, a PE ratio of 21.39 and a beta of 1.38. Norfolk Souther Corporation has a 12 month low of $89.95 and a 12 month high of $133.81.
Norfolk Souther Corporation (NYSE:NSC) last announced its quarterly earnings data on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.06. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.64 billion. Norfolk Souther Corporation had a net margin of 17.66% and a return on equity of 14.45%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the business earned $1.36 EPS. Equities research analysts expect that Norfolk Souther Corporation will post $6.33 EPS for the current fiscal year.
Norfolk Souther Corporation declared that its board has approved a share repurchase program on Tuesday, September 26th that permits the company to buyback 50,000,000 outstanding shares. This buyback authorization permits the railroad operator to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Monday, August 7th were paid a $0.61 dividend. 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 1.85%. Norfolk Souther Corporation’s dividend payout ratio (DPR) is presently 39.61%.
Several equities research analysts recently weighed in on NSC shares. Credit Suisse Group reaffirmed an “outperform” rating and set a $133.00 target price (down from $139.00) on shares of Norfolk Souther Corporation in a research note on Thursday, July 27th. They noted that the move was a valuation call. Royal Bank Of Canada reissued a “sell” rating and issued a $117.00 price target on shares of Norfolk Souther Corporation in a research report on Tuesday, August 29th. ValuEngine upgraded shares of Norfolk Souther Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Deutsche Bank AG downgraded shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating and dropped their price target for the stock from $132.00 to $104.00 in a research note on Monday, July 31st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $124.00 price objective (up previously from $122.00) on shares of Norfolk Souther Corporation in a research report on Thursday, July 27th. Five investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have assigned a buy rating to the stock. Norfolk Souther Corporation has an average rating of “Hold” and a consensus price target of $112.50.
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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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