CIBC Asset Management Inc Has $3.40 Million Position in Norfolk Souther Corporation (NSC)
CIBC Asset Management Inc increased its position in shares of Norfolk Souther Corporation (NYSE:NSC) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,951 shares of the railroad operator’s stock after buying an additional 297 shares during the period. CIBC Asset Management Inc’s holdings in Norfolk Souther Corporation were worth $3,402,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in NSC. First Manhattan Co. boosted its position in Norfolk Souther Corporation by 16.6% in the first quarter. First Manhattan Co. now owns 12,984 shares of the railroad operator’s stock valued at $1,260,000 after buying an additional 1,848 shares in the last quarter. Pillar Pacific Capital Management LLC boosted its position in Norfolk Souther Corporation by 0.9% in the first quarter. Pillar Pacific Capital Management LLC now owns 58,450 shares of the railroad operator’s stock valued at $6,544,000 after buying an additional 520 shares in the last quarter. Lee Danner & Bass Inc. boosted its position in Norfolk Souther Corporation by 0.3% in the first quarter. Lee Danner & Bass Inc. now owns 2,292 shares of the railroad operator’s stock valued at $257,000 after buying an additional 7 shares in the last quarter. Israel Discount Bank of New York purchased a new position in Norfolk Souther Corporation during the first quarter valued at approximately $456,000. Finally, Commerzbank Aktiengesellschaft FI boosted its position in Norfolk Souther Corporation by 11.5% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 8,326 shares of the railroad operator’s stock valued at $932,000 after buying an additional 856 shares in the last quarter. Institutional investors and hedge funds own 70.63% of the company’s stock.
Norfolk Souther Corporation (NYSE NSC) opened at 117.76 on Tuesday. The stock has a market capitalization of $33.94 billion, a price-to-earnings ratio of 19.14 and a beta of 1.33. The company has a 50-day moving average of $118.32 and a 200-day moving average of $118.11. Norfolk Souther Corporation has a 1-year low of $89.92 and a 1-year high of $125.31.
Norfolk Souther Corporation (NYSE:NSC) last released its earnings results on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.06. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.64 billion. Norfolk Souther Corporation had a return on equity of 14.45% and a net margin of 17.66%. The company’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.36 EPS. Analysts anticipate that Norfolk Souther Corporation will post $6.32 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Monday, August 7th will be issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Thursday, August 3rd. Norfolk Souther Corporation’s dividend payout ratio (DPR) is currently 39.61%.
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Several research firms have commented on NSC. Cowen and Company reissued an “outperform” rating and set a $130.00 target price on shares of Norfolk Souther Corporation in a research report on Tuesday, August 1st. Stifel Nicolaus reissued a “hold” rating and set a $124.00 target price (up previously from $122.00) on shares of Norfolk Souther Corporation in a research report on Thursday, July 27th. Zacks Investment Research cut shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Deutsche Bank AG cut shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating and dropped their target price for the stock from $132.00 to $104.00 in a research report on Monday, July 31st. Finally, Credit Suisse Group reissued an “outperform” rating and set a $139.00 target price (up previously 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. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $112.35.
In other Norfolk Souther Corporation 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 sale, the chairman now owns 76,481 shares of the company’s stock, valued at approximately $9,173,895.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 sale, the chief operating officer now directly owns 13,492 shares in the company, valued at approximately $1,601,230.56. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.
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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