10,260 Shares in Norfolk Southern Corp. (NSC) Purchased by Kendall Capital Management
Kendall Capital Management purchased a new stake in Norfolk Southern Corp. (NYSE:NSC) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 10,260 shares of the railroad operator’s stock, valued at approximately $1,487,000. Norfolk Southern comprises about 1.3% of Kendall Capital Management’s holdings, making the stock its 19th biggest holding.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Guggenheim Capital LLC lifted its position in Norfolk Southern by 7.9% in the fourth quarter. Guggenheim Capital LLC now owns 328,467 shares of the railroad operator’s stock valued at $47,597,000 after acquiring an additional 24,082 shares during the last quarter. Rare Infrastructure Ltd lifted its position in Norfolk Southern by 18.4% in the fourth quarter. Rare Infrastructure Ltd now owns 7,512 shares of the railroad operator’s stock valued at $1,089,000 after acquiring an additional 1,165 shares during the last quarter. Deutsche Bank AG lifted its position in Norfolk Southern by 4.8% in the fourth quarter. Deutsche Bank AG now owns 1,726,899 shares of the railroad operator’s stock valued at $250,220,000 after acquiring an additional 78,610 shares during the last quarter. Saybrook Capital NC lifted its position in Norfolk Southern by 3.0% in the fourth quarter. Saybrook Capital NC now owns 46,089 shares of the railroad operator’s stock valued at $6,678,000 after acquiring an additional 1,345 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in Norfolk Southern by 1.2% in the fourth quarter. Franklin Resources Inc. now owns 252,505 shares of the railroad operator’s stock valued at $36,588,000 after acquiring an additional 3,078 shares during the last quarter. 71.57% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Thomas E. Hurlbut sold 467 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $150.17, for a total transaction of $70,129.39. Following the transaction, the vice president now directly owns 5,000 shares in the company, valued at $750,850. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Thomas E. Hurlbut sold 1,000 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $142.90, for a total transaction of $142,900.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,166 shares of company stock worth $1,958,040. Company insiders own 0.36% of the company’s stock.
Norfolk Southern (NYSE:NSC) last issued its quarterly earnings results on Wednesday, January 24th. The railroad operator reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.13. Norfolk Southern had a net margin of 51.22% and a return on equity of 14.16%. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period in the previous year, the business posted $1.42 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. research analysts predict that Norfolk Southern Corp. will post 8.43 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Saturday, March 10th. Stockholders of record on Friday, February 2nd were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.98%. This is a positive change from Norfolk Southern’s previous quarterly dividend of $0.61. The ex-dividend date was Thursday, February 1st. Norfolk Southern’s payout ratio is 15.38%.
NSC has been the subject of a number of research reports. Goldman Sachs Group initiated coverage on shares of Norfolk Southern in a research report on Monday, November 13th. They issued a “neutral” rating and a $126.00 price target for the company. Loop Capital cut shares of Norfolk Southern from a “hold” rating to a “sell” rating and set a $133.00 price target for the company. in a research report on Monday, November 27th. ValuEngine raised shares of Norfolk Southern from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. BMO Capital Markets reissued a “hold” rating and issued a $156.00 price target on shares of Norfolk Southern in a research report on Monday, January 8th. Finally, Royal Bank of Canada reissued a “sell” rating and issued a $137.00 price target on shares of Norfolk Southern in a research report on Tuesday, January 9th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company. Norfolk Southern presently has an average rating of “Hold” and an average price target of $140.15.
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Norfolk Southern 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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