Norfolk Souther Corporation (NSC) Holdings Cut by Chemical Bank
Chemical Bank lowered its holdings in shares of Norfolk Souther Corporation (NYSE:NSC) by 2.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,265 shares of the railroad operator’s stock after selling 114 shares during the quarter. Chemical Bank’s holdings in Norfolk Souther Corporation were worth $641,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. AlphaMark Advisors LLC increased its position in shares of Norfolk Souther Corporation by 20.7% in the second quarter. AlphaMark Advisors LLC now owns 875 shares of the railroad operator’s stock valued at $106,000 after buying an additional 150 shares in the last quarter. D Orazio & Associates Inc. raised its stake in shares of Norfolk Souther Corporation by 0.5% during the 1st quarter. D Orazio & Associates Inc. now owns 891 shares of the railroad operator’s stock worth $100,000 after buying an additional 4 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Norfolk Souther Corporation by 35.3% during the 1st quarter. Parkside Financial Bank & Trust now owns 958 shares of the railroad operator’s stock worth $107,000 after buying an additional 250 shares during the period. Parallel Advisors LLC raised its stake in shares of Norfolk Souther Corporation by 29.2% during the 1st quarter. Parallel Advisors LLC now owns 974 shares of the railroad operator’s stock worth $114,000 after buying an additional 220 shares during the period. Finally, North Star Investment Management Corp. raised its stake in shares of Norfolk Souther Corporation by 5.0% during the 2nd quarter. North Star Investment Management Corp. now owns 1,050 shares of the railroad operator’s stock worth $128,000 after buying an additional 50 shares during the period. 70.60% of the stock is currently owned by institutional investors.
Several equities research analysts recently commented on the stock. Morgan Stanley reissued an “underweight” rating and issued a $75.00 price target (down previously from $77.00) on shares of Norfolk Souther Corporation in a report on Monday. ValuEngine downgraded shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a report on Monday. Stifel Nicolaus reaffirmed a “hold” rating and set a $124.00 price objective on shares of Norfolk Souther Corporation in a report on Tuesday, September 12th. Credit Suisse Group reaffirmed an “outperform” rating and set a $139.00 price objective (up from $133.00) on shares of Norfolk Souther Corporation in a report on Thursday, July 13th. They noted that the move was a valuation call. Finally, Cowen and Company reiterated a “buy” rating and issued a $130.00 target price on shares of Norfolk Souther Corporation in a research report on Tuesday, July 11th. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $112.50.
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Norfolk Souther Corporation (NYSE:NSC) opened at 131.57 on Wednesday. The stock has a market capitalization of $37.92 billion, a P/E ratio of 21.38 and a beta of 1.38. The firm’s 50-day moving average is $124.72 and its 200-day moving average is $119.20. Norfolk Souther Corporation has a 52 week low of $89.95 and a 52 week high of $133.81.
Norfolk Souther Corporation (NYSE:NSC) last released its quarterly earnings results on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.06. Norfolk Souther Corporation had a return on equity of 14.45% and a net margin of 17.66%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter last year, the business posted $1.36 earnings per share. Norfolk Souther Corporation’s revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts predict that Norfolk Souther Corporation will post $6.33 EPS for the current fiscal year.
Norfolk Souther Corporation announced that its board has initiated a stock buyback program on Tuesday, September 26th that permits the company to buyback 50,000,000 outstanding shares. This buyback authorization permits the railroad operator to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Monday, August 7th were given a $0.61 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $2.44 annualized dividend and a dividend yield of 1.85%. Norfolk Souther Corporation’s dividend payout ratio is currently 39.61%.
In related news, 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 transaction of $2,927,619.65. Following the completion of the sale, the chairman now owns 76,481 shares in the company, valued at approximately $9,173,895.95. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 sale, the vice president now owns 4,000 shares of the company’s stock, valued at approximately $475,200. The disclosure for this sale can be found here. Insiders sold 27,077 shares of company stock worth $3,244,531 over the last 90 days. Company insiders own 0.36% of the company’s stock.
About Norfolk Souther Corporation
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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