Norfolk Souther Corporation (NSC) Downgraded by Wells Fargo & Company
Wells Fargo & Company lowered shares of Norfolk Souther Corporation (NYSE:NSC) from an outperform rating to a market perform rating in a research report released on Monday morning, MarketBeat Ratings reports.
Several other equities research analysts have also issued reports on NSC. 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 reaffirmed a buy rating and set a $130.00 target price on shares of Norfolk Souther Corporation in a research report on Tuesday, July 11th. Credit Suisse Group reaffirmed an outperform rating and set a $139.00 target price (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 reaffirmed an overweight rating and set a $140.00 target price (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 analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. Norfolk Souther Corporation has a consensus rating of Hold and a consensus price target of $118.38.
Norfolk Souther Corporation (NSC) opened at 130.52 on Monday. The company has a market capitalization of $37.61 billion, a PE ratio of 21.21 and a beta of 1.38. Norfolk Souther Corporation has a 52-week low of $89.95 and a 52-week high of $134.52. The firm’s 50-day moving average is $128.51 and its 200-day moving average is $120.61.
Norfolk Souther Corporation (NYSE:NSC) last announced its earnings results on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same period last year, the firm posted $1.36 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts forecast that Norfolk Souther Corporation will post $6.36 EPS for the current year.
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Norfolk Souther Corporation declared that its Board of Directors has approved a stock repurchase program on Tuesday, September 26th that authorizes the company to repurchase 50,000,000 shares. This repurchase authorization authorizes the railroad operator to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
In other Norfolk Souther Corporation news, COO Michael Joseph Wheeler sold 2,370 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Thomas E. Hurlbut sold 300 shares of the firm’s 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 owns 4,000 shares of the company’s stock, valued at approximately $475,200. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,077 shares of company stock valued at $3,244,531. 0.36% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of NSC. Stevens Capital Management LP bought a new position in Norfolk Souther Corporation in the 1st quarter worth about $4,473,000. Cowen Prime Services LLC bought a new position in Norfolk Souther Corporation in the 1st quarter worth about $179,000. Pitcairn Co. boosted its stake in Norfolk Souther Corporation by 4.7% in the 1st quarter. Pitcairn Co. now owns 2,594 shares of the railroad operator’s stock worth $290,000 after purchasing an additional 117 shares during the period. Norinchukin Bank The boosted its stake in Norfolk Souther Corporation by 6.6% in the 1st quarter. Norinchukin Bank The now owns 18,881 shares of the railroad operator’s stock worth $2,114,000 after purchasing an additional 1,170 shares during the period. Finally, Quantitative Investment Management LLC bought a new position in Norfolk Souther Corporation in the 1st quarter worth about $15,205,000. Institutional investors and hedge funds own 70.45% 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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