First Manhattan Co. cut its stake in Norfolk Souther Corporation (NYSE:NSC) by 21.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,943 shares of the railroad operator’s stock after selling 2,448 shares during the period. First Manhattan Co.’s holdings in Norfolk Souther Corporation were worth $1,088,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NSC. D Orazio & Associates Inc. increased its position in shares of Norfolk Souther Corporation by 0.5% in the first quarter. D Orazio & Associates Inc. now owns 891 shares of the railroad operator’s stock valued at $100,000 after buying an additional 4 shares during the period. Harbour Capital Advisors LLC increased its position in shares of Norfolk Souther Corporation by 12,069.6% in the second quarter. Harbour Capital Advisors LLC now owns 12,413 shares of the railroad operator’s stock valued at $102,000 after buying an additional 12,311 shares during the period. MCF Advisors LLC increased its position in shares of Norfolk Souther Corporation by 31.4% in the first quarter. MCF Advisors LLC now owns 949 shares of the railroad operator’s stock valued at $106,000 after buying an additional 227 shares during the period. Parkside Financial Bank & Trust increased its position in shares of Norfolk Souther Corporation by 35.3% in the first quarter. Parkside Financial Bank & Trust now owns 958 shares of the railroad operator’s stock valued at $107,000 after buying an additional 250 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of Norfolk Souther Corporation by 29.2% in the first quarter. Parallel Advisors LLC now owns 974 shares of the railroad operator’s stock valued at $114,000 after buying an additional 220 shares during the period. Hedge funds and other institutional investors own 70.63% of the company’s stock.

Norfolk Souther Corporation (NYSE NSC) opened at 120.52 on Friday. Norfolk Souther Corporation has a 52-week low of $89.92 and a 52-week high of $125.31. The firm has a market capitalization of $34.73 billion, a price-to-earnings ratio of 19.58 and a beta of 1.33. The firm has a 50-day moving average of $117.96 and a 200-day moving average of $118.07.

Norfolk Souther Corporation (NYSE:NSC) last released its quarterly earnings data on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.06. The firm had revenue of $2.64 billion during 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 business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.36 earnings per share. On average, equities research analysts forecast that Norfolk Souther Corporation will post $6.32 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Monday, August 7th will be paid a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, August 3rd. Norfolk Souther Corporation’s dividend payout ratio (DPR) is presently 39.61%.

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Several research analysts have recently issued reports on the stock. Cowen and Company restated an “outperform” rating and set a $130.00 price objective on shares of Norfolk Souther Corporation in a report on Tuesday, August 1st. Stifel Nicolaus restated a “hold” rating and set a $124.00 price objective (up previously from $122.00) on shares of Norfolk Souther Corporation in a report on Thursday, July 27th. Zacks Investment Research downgraded shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Deutsche Bank AG downgraded shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $132.00 to $104.00 in a report on Monday, July 31st. Finally, Credit Suisse Group restated an “outperform” rating and set a $139.00 price objective (up previously from $133.00) on shares of Norfolk Souther Corporation in a 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 assigned a hold rating and nine have given a buy rating to the stock. Norfolk Souther Corporation presently has a consensus rating of “Hold” and an average price target of $112.59.

In other news, COO Michael Joseph Wheeler sold 2,370 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $118.68, for a total transaction of $281,271.60. Following the completion of the sale, the chief operating officer now owns 13,492 shares of the company’s stock, valued at $1,601,230.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman James A. Squires sold 24,407 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $119.95, for a total value of $2,927,619.65. Following the sale, the chairman now directly owns 76,481 shares of the company’s stock, valued at approximately $9,173,895.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,077 shares of company stock valued at $3,244,531. 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.

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

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