Peapack Gladstone Financial Corp decreased its holdings in Norfolk Souther Corporation (NYSE:NSC) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,427 shares of the railroad operator’s stock after selling 22 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Norfolk Souther Corporation were worth $782,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Korea Investment CORP raised its position in Norfolk Souther Corporation by 7.8% in the 2nd quarter. Korea Investment CORP now owns 269,011 shares of the railroad operator’s stock valued at $32,739,000 after purchasing an additional 19,485 shares during the last quarter. Israel Discount Bank of New York bought a new position in Norfolk Souther Corporation in the 1st quarter valued at $456,000. Airain ltd bought a new position in Norfolk Souther Corporation in the 2nd quarter valued at $2,410,000. Pillar Pacific Capital Management LLC raised its position in Norfolk Souther Corporation by 1.2% in the 2nd quarter. Pillar Pacific Capital Management LLC now owns 59,165 shares of the railroad operator’s stock valued at $7,200,000 after purchasing an additional 715 shares during the last quarter. Finally, South Dakota Investment Council raised its position in Norfolk Souther Corporation by 339.6% in the 1st quarter. South Dakota Investment Council now owns 199,658 shares of the railroad operator’s stock valued at $22,356,000 after purchasing an additional 154,238 shares during the last quarter. Hedge funds and other institutional investors own 70.45% of the company’s stock.

In other Norfolk Souther Corporation news, Chairman James A. Squires sold 24,407 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $119.95, for a total transaction of $2,927,619.65. Following the completion of the sale, the chairman now directly owns 76,481 shares in the company, valued at approximately $9,173,895.95. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Thomas E. Hurlbut sold 300 shares of the 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 sale, the vice president now owns 4,000 shares of the company’s stock, valued at $475,200. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,077 shares of company stock valued at $3,244,531. Company insiders own 0.36% of the company’s stock.

Norfolk Souther Corporation (NYSE:NSC) opened at 129.48 on Wednesday. The company has a market capitalization of $37.31 billion, a price-to-earnings ratio of 21.04 and a beta of 1.38. Norfolk Souther Corporation has a 12-month low of $89.95 and a 12-month high of $134.52. The firm’s 50-day moving average price is $127.81 and its 200 day moving average price is $120.30.

Norfolk Souther Corporation (NYSE:NSC) last issued its quarterly earnings results on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share for the quarter, topping the Zacks’ 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 the consensus estimate of $2.64 billion. During the same period last year, the business posted $1.36 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. On average, analysts expect that Norfolk Souther Corporation will post $6.36 earnings per share for the current year.

Norfolk Souther Corporation announced that its Board of Directors has authorized a share buyback program on Tuesday, September 26th that allows the company to buyback 50,000,000 shares. This buyback authorization allows the railroad operator to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Several brokerages have issued reports on NSC. Morgan Stanley reiterated an “underweight” rating and issued a $75.00 price objective (down previously from $77.00) on shares of Norfolk Souther Corporation in a research report on Monday, October 2nd. Wells Fargo & Company cut Norfolk Souther Corporation from an “outperform” rating to a “market perform” rating in a research note on Monday. ValuEngine cut Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Citigroup Inc. lifted their target price on Norfolk Souther Corporation from $124.00 to $135.00 and gave the company a “neutral” rating in a research note on Wednesday, October 4th. Finally, J P Morgan Chase & Co lifted their target price on Norfolk Souther Corporation from $121.00 to $132.00 and gave the company a “neutral” rating in a research note on Thursday, October 12th. Four analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. Norfolk Souther Corporation currently has an average rating of “Hold” and a consensus price target of $118.38.

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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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Institutional Ownership by Quarter for Norfolk Souther Corporation (NYSE:NSC)

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