3,892 Shares in Norfolk Southern Corp. (NSC) Acquired by Valeo Financial Advisors LLC
Valeo Financial Advisors LLC acquired a new position in shares of Norfolk Southern Corp. (NYSE:NSC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,892 shares of the railroad operator’s stock, valued at approximately $515,000.
A number of other hedge funds have also bought and sold shares of the business. BlackRock Inc. grew its position in shares of Norfolk Southern by 3.6% in the 2nd quarter. BlackRock Inc. now owns 20,251,999 shares of the railroad operator’s stock worth $2,464,667,000 after acquiring an additional 700,567 shares in the last quarter. Vanguard Group Inc. boosted its position in Norfolk Southern by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 20,097,333 shares of the railroad operator’s stock valued at $2,445,845,000 after purchasing an additional 631,018 shares during the period. FMR LLC boosted its position in Norfolk Southern by 13.0% during the 2nd quarter. FMR LLC now owns 6,618,986 shares of the railroad operator’s stock valued at $805,530,000 after purchasing an additional 762,416 shares during the period. Lazard Asset Management LLC boosted its position in Norfolk Southern by 17.1% during the 2nd quarter. Lazard Asset Management LLC now owns 6,343,533 shares of the railroad operator’s stock valued at $772,007,000 after purchasing an additional 925,496 shares during the period. Finally, Alliancebernstein L.P. boosted its position in Norfolk Southern by 3.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,571,441 shares of the railroad operator’s stock valued at $678,044,000 after purchasing an additional 192,984 shares during the period. Institutional investors own 72.55% of the company’s stock.
In other news, COO Michael Joseph Wheeler sold 3,568 shares of the company’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $133.00, for a total transaction of $474,544.00. Following the completion of the sale, the chief operating officer now owns 15,837 shares in the company, valued at approximately $2,106,321. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Thomas E. Hurlbut sold 6,175 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $129.61, for a total value of $800,341.75. Following the sale, the vice president now owns 7,568 shares of the company’s stock, valued at approximately $980,888.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,113 shares of company stock valued at $1,594,148. 0.36% of the stock is currently owned by corporate insiders.
Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, October 25th. The railroad operator reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.11. The firm had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.65 billion. Norfolk Southern had a return on equity of 14.72% and a net margin of 17.86%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.55 earnings per share. equities research analysts forecast that Norfolk Southern Corp. will post 6.48 EPS for the current fiscal year.
Norfolk Southern declared that its board has authorized a stock repurchase program on Tuesday, September 26th that allows the company to buyback 50,000,000 shares. This buyback authorization allows the railroad operator to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, November 3rd were paid a dividend of $0.61 per share. The ex-dividend date was Thursday, November 2nd. This represents a $2.44 annualized dividend and a dividend yield of 1.72%. Norfolk Southern’s dividend payout ratio (DPR) is presently 38.36%.
A number of research analysts recently issued reports on the company. ValuEngine lowered Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. UBS restated a “buy” rating and set a $133.00 price objective on shares of Norfolk Southern in a research report on Monday, August 14th. BMO Capital Markets restated a “hold” rating and set a $127.00 price objective on shares of Norfolk Southern in a research report on Friday, October 20th. Morgan Stanley restated an “underweight” rating and set a $75.00 price objective (down previously from $77.00) on shares of Norfolk Southern in a research report on Monday, October 2nd. Finally, J P Morgan Chase & Co boosted their price target on Norfolk Southern from $121.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, October 12th. Five analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. Norfolk Southern has a consensus rating of “Hold” and an average price target of $127.62.
About Norfolk Southern
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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