Norfolk Southern Corp. (NSC) Position Increased by Patten Group Inc.
Patten Group Inc. boosted its stake in Norfolk Southern Corp. (NYSE:NSC) by 533.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,343 shares of the railroad operator’s stock after acquiring an additional 46,610 shares during the period. Patten Group Inc.’s holdings in Norfolk Southern were worth $1,135,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. QCI Asset Management Inc. NY boosted its holdings in Norfolk Southern by 0.5% in the second quarter. QCI Asset Management Inc. NY now owns 1,099 shares of the railroad operator’s stock valued at $134,000 after acquiring an additional 5 shares in the last quarter. Alexandria Capital LLC boosted its holdings in Norfolk Southern by 0.4% in the second quarter. Alexandria Capital LLC now owns 1,865 shares of the railroad operator’s stock valued at $227,000 after acquiring an additional 7 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in Norfolk Southern by 0.6% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 2,090 shares of the railroad operator’s stock valued at $255,000 after buying an additional 13 shares during the period. Pineno Levin & Ford Asset Management Inc. lifted its position in Norfolk Southern by 0.4% during the second quarter. Pineno Levin & Ford Asset Management Inc. now owns 3,290 shares of the railroad operator’s stock valued at $400,000 after buying an additional 14 shares during the period. Finally, YorkBridge Wealth Partners LLC lifted its position in Norfolk Southern by 0.7% during the second quarter. YorkBridge Wealth Partners LLC now owns 2,263 shares of the railroad operator’s stock valued at $279,000 after buying an additional 15 shares during the period. Institutional investors and hedge funds own 72.55% of the company’s stock.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 3,568 shares of the business’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $133.00, for a total value of $474,544.00. Following the completion of the transaction, the chief operating officer now owns 15,837 shares of the company’s stock, valued at approximately $2,106,321. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Thomas E. Hurlbut sold 2,370 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $134.71, for a total value of $319,262.70. Following the completion of the transaction, the vice president now directly owns 6,370 shares of the company’s stock, valued at approximately $858,102.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,113 shares of company stock valued at $1,594,148. 0.36% of the stock is owned by insiders.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings results on Wednesday, October 25th. The railroad operator reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.11. The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.65 billion. Norfolk Southern had a return on equity of 14.72% and a net margin of 17.86%. Norfolk Southern’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.55 EPS. equities analysts anticipate that Norfolk Southern Corp. will post 6.48 EPS for the current fiscal year.
Norfolk Southern declared that its Board of Directors has authorized a share buyback program on Tuesday, September 26th that allows the company to repurchase 50,000,000 shares. This repurchase authorization allows the railroad operator to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 3rd will be given a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Thursday, November 2nd. Norfolk Southern’s dividend payout ratio is presently 38.79%.
Several equities analysts have commented on NSC shares. Credit Suisse Group reissued a “buy” rating and set a $143.00 price objective (up previously from $133.00) on shares of Norfolk Southern in a research report on Thursday, October 12th. They noted that the move was a valuation call. ValuEngine raised Norfolk Southern from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. UBS reissued a “buy” rating and set a $133.00 price objective on shares of Norfolk Southern in a research report on Monday, August 14th. Argus raised their price objective on Norfolk Southern from $145.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, October 31st. Finally, Zacks Investment Research raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $147.00 price objective for the company in a research report on Wednesday, November 1st. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $127.62.
About Norfolk Southern
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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