South State Corp Raises Position in Norfolk Souther Corporation (NSC)
South State Corp raised its holdings in shares of Norfolk Souther Corporation (NYSE:NSC) by 45.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,696 shares of the railroad operator’s stock after buying an additional 1,150 shares during the period. South State Corp’s holdings in Norfolk Souther Corporation were worth $451,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Lee Danner & Bass Inc. lifted its position in shares of Norfolk Souther Corporation by 0.3% during the 1st quarter. Lee Danner & Bass Inc. now owns 2,292 shares of the railroad operator’s stock valued at $257,000 after acquiring an additional 7 shares during the last quarter. Korea Investment CORP boosted its stake in shares of Norfolk Souther Corporation by 7.8% during the 2nd quarter. Korea Investment CORP now owns 269,011 shares of the railroad operator’s stock worth $32,739,000 after acquiring an additional 19,485 shares in the last quarter. Israel Discount Bank of New York bought a new stake in shares of Norfolk Souther Corporation during the 1st quarter worth $456,000. Pillar Pacific Capital Management LLC boosted its stake in shares of Norfolk Souther Corporation by 1.2% during the 2nd quarter. Pillar Pacific Capital Management LLC now owns 59,165 shares of the railroad operator’s stock worth $7,200,000 after acquiring an additional 715 shares in the last quarter. Finally, Airain ltd bought a new stake in shares of Norfolk Souther Corporation during the 2nd quarter worth $2,410,000. Hedge funds and other institutional investors own 70.60% of the company’s stock.
NSC has been the topic of a number of recent research reports. ValuEngine cut Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a report on Monday. Morgan Stanley reaffirmed an “underweight” rating and set a $75.00 target price (down from $77.00) on shares of Norfolk Souther Corporation in a report on Monday. Stifel Nicolaus reiterated a “hold” rating and issued a $124.00 price target on shares of Norfolk Souther Corporation in a research report on Tuesday, September 12th. Royal Bank Of Canada reiterated a “sell” rating and issued a $117.00 price target on shares of Norfolk Souther Corporation in a research report on Tuesday, August 29th. Finally, UBS AG reissued a “buy” rating and issued a $133.00 price target on shares of Norfolk Souther Corporation in a research note on Monday, August 14th. Five research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the stock. Norfolk Souther Corporation currently has a consensus rating of “Hold” and a consensus target price of $112.50.
Norfolk Souther Corporation (NSC) opened at 131.64 on Tuesday. Norfolk Souther Corporation has a 12 month low of $89.95 and a 12 month high of $133.81. The company’s 50-day moving average is $124.38 and its 200 day moving average is $119.07. The company has a market cap of $37.94 billion, a price-to-earnings ratio of 21.39 and a beta of 1.38.
Norfolk Souther Corporation (NYSE:NSC) last released its quarterly earnings results on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.06. The firm had revenue of $2.64 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $1.36 EPS. Equities analysts forecast that Norfolk Souther Corporation will post $6.33 earnings per share for the current fiscal year.
Norfolk Souther Corporation declared that its Board of Directors has approved a stock buyback program on Tuesday, September 26th that allows the company to buyback 50,000,000 shares. This buyback authorization allows the railroad operator to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Monday, August 7th were issued a dividend of $0.61 per share. The ex-dividend date was Thursday, August 3rd. This represents a $2.44 dividend on an annualized basis and a dividend yield of 1.85%. Norfolk Souther Corporation’s payout ratio is presently 39.61%.
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In other Norfolk Souther Corporation news, COO Michael Joseph Wheeler sold 2,370 shares of the company’s 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 transaction, the chief operating officer now owns 13,492 shares of the company’s stock, valued at approximately $1,601,230.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Thomas E. Hurlbut sold 300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $118.80, for a total transaction of $35,640.00. Following the transaction, the vice president now directly 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. 0.36% of the stock is owned by corporate insiders.
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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