Pinebridge Investments L.P. Has $835,000 Position in Norfolk Southern Corp. (NSC)
Pinebridge Investments L.P. lifted its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 35.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,316 shares of the railroad operator’s stock after acquiring an additional 1,655 shares during the period. Pinebridge Investments L.P.’s holdings in Norfolk Southern were worth $835,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Harbour Capital Advisors LLC increased its position in shares of Norfolk Southern by 12,069.6% during the second quarter. Harbour Capital Advisors LLC now owns 12,413 shares of the railroad operator’s stock valued at $102,000 after acquiring an additional 12,311 shares in the last quarter. Krilogy Financial LLC grew its position in Norfolk Southern by 2.6% in the 2nd quarter. Krilogy Financial LLC now owns 855 shares of the railroad operator’s stock worth $104,000 after purchasing an additional 22 shares during the period. AlphaMark Advisors LLC grew its position in Norfolk Southern by 20.7% in the 2nd quarter. AlphaMark Advisors LLC now owns 875 shares of the railroad operator’s stock worth $106,000 after purchasing an additional 150 shares during the period. Harfst & Associates Inc. grew its position in Norfolk Southern by 58.8% in the 2nd quarter. Harfst & Associates Inc. now owns 945 shares of the railroad operator’s stock worth $115,000 after purchasing an additional 350 shares during the period. Finally, Live Your Vision LLC grew its position in Norfolk Southern by 25.6% in the 2nd quarter. Live Your Vision LLC now owns 1,130 shares of the railroad operator’s stock worth $128,000 after purchasing an additional 230 shares during the period. 72.55% of the stock is owned by institutional investors.
Shares of Norfolk Southern Corp. (NYSE NSC) traded down $0.21 during mid-day trading on Friday, hitting $140.82. 1,056,487 shares of the stock were exchanged, compared to its average volume of 1,503,272. Norfolk Southern Corp. has a 12-month low of $105.89 and a 12-month high of $142.76. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.73 and a current ratio of 0.83. The company has a market cap of $40,295.50, a P/E ratio of 22.14, a price-to-earnings-growth ratio of 1.81 and a beta of 1.38.
Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Wednesday, October 25th. The railroad operator reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.11. Norfolk Southern had a net margin of 17.86% and a return on equity of 14.72%. The firm had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the previous year, the firm posted $1.55 EPS. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. sell-side analysts expect that Norfolk Southern Corp. will post 6.48 earnings per share for the current fiscal year.
Norfolk Southern declared that its board has authorized a share repurchase plan on Tuesday, September 26th that permits the company to buyback 50,000,000 outstanding shares. This buyback authorization permits the railroad operator to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 3rd will be given a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Thursday, November 2nd. Norfolk Southern’s payout ratio is 38.36%.
In related news, VP Thomas E. Hurlbut sold 6,175 shares of Norfolk Southern stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $129.61, for a total transaction of $800,341.75. Following the transaction, the vice president now owns 7,568 shares in the company, valued at approximately $980,888.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Thomas E. Hurlbut sold 2,370 shares of Norfolk Southern stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $134.71, for a total transaction of $319,262.70. Following the transaction, the vice president now owns 6,370 shares in the company, valued at approximately $858,102.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,113 shares of company stock valued at $1,594,148. Insiders own 0.36% of the company’s stock.
A number of equities research analysts have commented on NSC shares. Credit Suisse Group reaffirmed a “buy” rating and issued a $143.00 target price (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 shares of Norfolk Southern from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. UBS reaffirmed a “buy” rating and issued a $133.00 target price on shares of Norfolk Southern in a research report on Monday, August 14th. Argus lifted their target price on shares of Norfolk Southern from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, October 31st. Finally, Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $147.00 target price for the company in a research report on Wednesday, November 1st. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the stock. Norfolk Southern has an average rating of “Hold” and a consensus target price of $127.62.
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Norfolk Southern 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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