Norfolk Souther Corporation (NSC) Position Boosted by TCI Wealth Advisors Inc.
TCI Wealth Advisors Inc. boosted its stake in Norfolk Souther Corporation (NYSE:NSC) by 0.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,826 shares of the railroad operator’s stock after buying an additional 26 shares during the period. TCI Wealth Advisors Inc.’s holdings in Norfolk Souther Corporation were worth $344,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Norfolk Souther Corporation by 3,039.1% during the 1st quarter. BlackRock Inc. now owns 19,551,432 shares of the railroad operator’s stock valued at $2,189,172,000 after purchasing an additional 18,928,598 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Norfolk Souther Corporation by 936.1% during the 1st quarter. Alliancebernstein L.P. now owns 5,378,457 shares of the railroad operator’s stock valued at $602,226,000 after purchasing an additional 4,859,355 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Norfolk Souther Corporation by 31.8% during the 1st quarter. JPMorgan Chase & Co. now owns 4,209,269 shares of the railroad operator’s stock valued at $471,313,000 after purchasing an additional 1,016,319 shares in the last quarter. Investec Asset Management LTD bought a new position in shares of Norfolk Souther Corporation during the 1st quarter valued at about $92,710,000. Finally, Ameriprise Financial Inc. boosted its position in shares of Norfolk Souther Corporation by 36.0% during the 1st 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 in the last quarter. Hedge funds and other institutional investors own 70.60% of the company’s stock.
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Norfolk Souther Corporation (NSC) opened at 130.50 on Thursday. The company has a 50-day moving average price of $125.02 and a 200-day moving average price of $119.28. Norfolk Souther Corporation has a 12-month low of $89.95 and a 12-month high of $133.81. The firm has a market cap of $37.61 billion, a P/E ratio of 21.21 and a beta of 1.38.
Norfolk Souther Corporation (NYSE:NSC) last released its earnings results on Wednesday, July 26th. The railroad operator reported $1.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.06. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.64 billion. Norfolk Souther Corporation had a return on equity of 14.45% and a net margin of 17.66%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.36 EPS. On average, analysts predict that Norfolk Souther Corporation will post $6.33 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Monday, August 7th were paid a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 1.87%. The ex-dividend date was Thursday, August 3rd. Norfolk Souther Corporation’s payout ratio is 39.61%.
Norfolk Souther Corporation announced that its board has approved a stock buyback plan on Tuesday, September 26th that permits the company to repurchase 50,000,000 outstanding shares. This repurchase authorization permits the railroad operator to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In other Norfolk Souther Corporation news, VP Thomas E. Hurlbut sold 300 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $475,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Joseph Wheeler sold 2,370 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $118.68, for a total value of $281,271.60. Following the completion of the sale, the chief operating officer now owns 13,492 shares in the company, valued at approximately $1,601,230.56. The disclosure for this sale can be found here. Insiders sold a total of 27,077 shares of company stock worth $3,244,531 in the last 90 days. Company insiders own 0.36% of the company’s stock.
Several research firms have recently weighed in on NSC. Cowen and Company restated an “outperform” rating and set a $130.00 price objective on shares of Norfolk Souther Corporation in a research report on Tuesday, August 1st. Stifel Nicolaus restated 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. Zacks Investment Research lowered shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Deutsche Bank AG lowered shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating and reduced their price objective for the company from $132.00 to $104.00 in a research report on Monday, July 31st. Finally, Morgan Stanley restated an “underweight” rating and set a $75.00 price objective (down previously from $77.00) on shares of Norfolk Souther Corporation in a research report on Monday. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $112.56.
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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