Brooks Moore & Associates Inc. Purchases New Stake in Norfolk Southern Corp. (NSC)
Brooks Moore & Associates Inc. purchased a new stake in Norfolk Southern Corp. (NYSE:NSC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 8,062 shares of the railroad operator’s stock, valued at approximately $1,206,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC raised its position in shares of Norfolk Southern by 8.6% during the 2nd quarter. FMR LLC now owns 7,036,787 shares of the railroad operator’s stock worth $1,061,640,000 after purchasing an additional 555,871 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Norfolk Southern by 94.7% during the 2nd quarter. Advisors Asset Management Inc. now owns 6,636 shares of the railroad operator’s stock worth $1,001,000 after purchasing an additional 3,227 shares during the last quarter. Atria Investments LLC raised its position in shares of Norfolk Southern by 18.3% during the 3rd quarter. Atria Investments LLC now owns 2,430 shares of the railroad operator’s stock worth $439,000 after purchasing an additional 376 shares during the last quarter. First Hawaiian Bank acquired a new position in shares of Norfolk Southern during the 3rd quarter worth approximately $1,303,000. Finally, Coastline Trust Co acquired a new position in shares of Norfolk Southern during the 3rd quarter worth approximately $235,000. 81.25% of the stock is owned by institutional investors and hedge funds.
NSC has been the subject of several research reports. Morgan Stanley set a $113.00 price objective on Norfolk Southern and gave the stock a “sell” rating in a research report on Monday, October 22nd. Loop Capital upgraded Norfolk Southern from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $179.00 to $190.00 in a research report on Wednesday, October 24th. Stifel Nicolaus upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $189.00 price objective for the company in a research report on Wednesday, October 24th. TD Securities upgraded Norfolk Southern from a “hold” rating to a “buy” rating in a research report on Thursday, October 25th. They noted that the move was a valuation call. Finally, Robert W. Baird cut their price objective on Norfolk Southern from $186.00 to $181.00 and set a “neutral” rating for the company in a research report on Thursday, October 25th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company’s stock. Norfolk Southern currently has an average rating of “Buy” and an average price target of $182.32.
Norfolk Southern (NYSE:NSC) last issued its quarterly earnings results on Thursday, January 24th. The railroad operator reported $2.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.30 by $0.27. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.85 billion. Norfolk Southern had a return on equity of 16.71% and a net margin of 23.27%. Norfolk Southern’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.69 EPS. On average, analysts forecast that Norfolk Southern Corp. will post 10.37 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 11th. Stockholders of record on Monday, February 4th will be issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.88%. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.80. The ex-dividend date is Friday, February 1st. Norfolk Southern’s dividend payout ratio is presently 36.17%.
In other news, COO Michael Joseph Wheeler sold 4,761 shares of the company’s stock in a transaction on Tuesday, February 12th. The stock was sold at an average price of $180.23, for a total transaction of $858,075.03. Following the completion of the sale, the chief operating officer now directly owns 19,724 shares in the company, valued at approximately $3,554,856.52. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jason Andrew Zampi sold 519 shares of the company’s stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $181.34, for a total value of $94,115.46. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.
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Norfolk Southern Company Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.
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