Pinebridge Investments L.P. Acquires Shares of 4,661 Norfolk Souther Corporation (NSC)
Pinebridge Investments L.P. bought a new stake in Norfolk Souther Corporation (NYSE:NSC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 4,661 shares of the railroad operator’s stock, valued at approximately $567,000.
A number of other large investors have also recently modified their holdings of NSC. Haverford Trust Co. lifted its stake in Norfolk Souther Corporation by 18.3% in the 1st quarter. Haverford Trust Co. now owns 16,038 shares of the railroad operator’s stock valued at $1,796,000 after purchasing an additional 2,478 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Norfolk Souther Corporation in the 1st quarter valued at about $14,277,000. Sei Investments Co. lifted its stake in Norfolk Souther Corporation by 1,991.8% in the 1st quarter. Sei Investments Co. now owns 151,966 shares of the railroad operator’s stock valued at $17,016,000 after purchasing an additional 144,701 shares during the last quarter. Parkwood LLC acquired a new stake in Norfolk Souther Corporation in the 1st quarter valued at about $328,000. Finally, Hanseatic Management Services Inc. acquired a new stake in Norfolk Souther Corporation in the 1st quarter valued at about $629,000. Institutional investors and hedge funds own 70.60% of the company’s stock.
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Several brokerages recently issued reports on NSC. Wolfe Research upgraded shares of Norfolk Souther Corporation from a “market perform” rating to a “buy” rating and set a $126.00 target price for the company in a research note on Monday, August 7th. Morgan Stanley reiterated an “underweight” rating and issued a $75.00 target price (down from $77.00) on shares of Norfolk Souther Corporation in a research note on Monday, October 2nd. ValuEngine downgraded shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. BidaskClub downgraded shares of Norfolk Souther Corporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Finally, Cowen and Company reiterated an “outperform” rating and issued a $130.00 target price on shares of Norfolk Souther Corporation in a research note on Tuesday, August 1st. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $112.56.
In other Norfolk Souther Corporation news, Chairman James A. Squires sold 24,407 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $119.95, for a total value of $2,927,619.65. Following the sale, the chairman now owns 76,481 shares of the company’s stock, valued at approximately $9,173,895.95. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Thomas E. Hurlbut sold 300 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $118.80, for a total transaction of $35,640.00. Following the completion of the sale, the vice president now directly owns 4,000 shares in the company, valued at approximately $475,200. The disclosure for this sale can be found here. In the last three months, insiders sold 27,077 shares of company stock worth $3,244,531. Insiders own 0.36% of the company’s stock.
Norfolk Souther Corporation (NYSE NSC) opened at 130.46 on Friday. Norfolk Souther Corporation has a one year low of $89.95 and a one year high of $133.81. The stock’s 50 day moving average is $125.70 and its 200-day moving average is $119.47. The firm has a market cap of $37.60 billion, a price-to-earnings ratio of 21.20 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. Norfolk Souther Corporation had a net margin of 17.66% and a return on equity of 14.45%. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same quarter last year, the firm earned $1.36 EPS. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts expect that Norfolk Souther Corporation will post $6.34 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Monday, August 7th were issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Thursday, August 3rd. Norfolk Souther Corporation’s dividend payout ratio (DPR) is presently 39.61%.
Norfolk Souther Corporation announced that its Board of Directors has initiated a share repurchase program 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. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
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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