Day & Ennis LLC Has $277,000 Position in Norfolk Souther Corporation (NSC)
Day & Ennis LLC held its stake in Norfolk Souther Corporation (NYSE:NSC) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,275 shares of the railroad operator’s stock at the close of the 2nd quarter. Day & Ennis LLC’s holdings in Norfolk Souther Corporation were worth $277,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Norfolk Souther Corporation by 3.6% in the second quarter. BlackRock Inc. now owns 20,251,999 shares of the railroad operator’s stock valued at $2,464,667,000 after buying an additional 700,567 shares in the last quarter. Vanguard Group Inc. increased its position in Norfolk Souther Corporation by 3.2% in the second quarter. Vanguard Group Inc. now owns 20,097,333 shares of the railroad operator’s stock worth $2,445,845,000 after purchasing an additional 631,018 shares during the period. State Street Corp increased its position in Norfolk Souther Corporation by 2.2% in the first quarter. State Street Corp now owns 12,960,797 shares of the railroad operator’s stock worth $1,451,226,000 after purchasing an additional 281,088 shares during the period. FMR LLC increased its position in Norfolk Souther Corporation by 13.0% in the second quarter. FMR LLC now owns 6,618,986 shares of the railroad operator’s stock worth $805,530,000 after purchasing an additional 762,416 shares during the period. Finally, Lazard Asset Management LLC increased its position in Norfolk Souther Corporation by 17.1% in the second quarter. Lazard Asset Management LLC now owns 6,343,533 shares of the railroad operator’s stock worth $772,007,000 after purchasing an additional 925,496 shares during the period. Institutional investors own 70.45% of the company’s stock.
In other news, Chairman James A. Squires sold 24,407 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chairman now owns 76,481 shares in the company, valued at $9,173,895.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Joseph Wheeler sold 2,370 shares of the firm’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 transaction, 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 27,077 shares of company stock worth $3,244,531 in the last 90 days. Corporate insiders own 0.36% of the company’s stock.
Norfolk Souther Corporation (NYSE:NSC) opened at 130.52 on Thursday. Norfolk Souther Corporation has a one year low of $89.95 and a one year high of $134.52. The firm’s 50-day moving average price is $128.51 and its 200-day moving average price is $120.61. The company has a market cap of $37.61 billion, a PE ratio of 21.21 and a beta of 1.38.
Norfolk Souther Corporation (NYSE:NSC) last posted its earnings results on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share for the quarter, beating the Zacks’ 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 for the quarter, compared to analyst estimates of $2.64 billion. During the same quarter last year, the company earned $1.36 earnings per share. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities research analysts forecast that Norfolk Souther Corporation will post $6.36 earnings per share for the current fiscal year.
Norfolk Souther Corporation announced that its Board of Directors has approved a share buyback plan on Tuesday, September 26th that allows the company to buyback 50,000,000 shares. This buyback authorization allows the railroad operator to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
A number of analysts recently commented on NSC shares. Scotiabank lowered Norfolk Souther Corporation from a “sector outperform” rating to a “sector perform” rating in a research report on Thursday, July 6th. Cowen and Company reiterated a “buy” rating and issued a $130.00 price objective on shares of Norfolk Souther Corporation in a research report on Tuesday, July 11th. Credit Suisse Group reiterated an “outperform” rating and issued a $139.00 price objective (up from $133.00) on shares of Norfolk Souther Corporation in a research report on Thursday, July 13th. They noted that the move was a valuation call. Stephens reiterated an “overweight” rating and issued a $140.00 price objective (down from $147.00) on shares of Norfolk Souther Corporation in a research report on Thursday, July 27th. Finally, BidaskClub lowered Norfolk Souther Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Four investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $118.38.
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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