Steadfast Capital Management LP Acquires Shares of 644,498 Norfolk Souther Corporation (NSC)
Steadfast Capital Management LP acquired a new position in shares of Norfolk Souther Corporation (NYSE:NSC) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 644,498 shares of the railroad operator’s stock, valued at approximately $78,435,000. Norfolk Souther Corporation accounts for about 1.4% of Steadfast Capital Management LP’s holdings, making the stock its 23rd largest holding. Steadfast Capital Management LP owned approximately 0.22% of Norfolk Souther Corporation at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. BlueCrest Capital Management Ltd acquired a new stake in shares of Norfolk Souther Corporation during the second quarter worth $6,698,000. FTB Advisors Inc. lifted its stake in shares of Norfolk Souther Corporation by 10.3% during the second quarter. FTB Advisors Inc. now owns 23,061 shares of the railroad operator’s stock worth $2,766,000 after buying an additional 2,155 shares during the period. Colonial Trust Advisors lifted its stake in shares of Norfolk Souther Corporation by 17.6% during the second quarter. Colonial Trust Advisors now owns 19,592 shares of the railroad operator’s stock worth $2,384,000 after buying an additional 2,932 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Norfolk Souther Corporation by 1,659.5% during the second quarter. Janus Henderson Group PLC now owns 683,553 shares of the railroad operator’s stock worth $83,189,000 after buying an additional 644,703 shares during the period. Finally, Cambria Investment Management L.P. acquired a new stake in shares of Norfolk Souther Corporation during the second quarter worth $5,796,000. Institutional investors and hedge funds own 70.45% of the company’s stock.
In related news, VP Thomas E. Hurlbut sold 300 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $118.80, for a total value of $35,640.00. Following the completion of the transaction, the vice president now directly owns 4,000 shares of the company’s stock, valued at $475,200. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman James A. Squires sold 24,407 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $119.95, for a total value of $2,927,619.65. Following the completion of the transaction, the chairman now directly owns 76,481 shares of the company’s stock, valued at $9,173,895.95. The disclosure for this sale can be found here. Insiders sold 27,077 shares of company stock valued at $3,244,531 over the last three months. 0.36% of the stock is owned by company insiders.
Norfolk Souther Corporation (NYSE:NSC) opened at 130.52 on Thursday. The company’s 50-day moving average is $128.51 and its 200-day moving average is $120.61. Norfolk Souther Corporation has a 52-week low of $89.95 and a 52-week high of $134.52. The firm has a market capitalization of $37.61 billion, a P/E ratio of 21.21 and a beta of 1.38.
Norfolk Souther Corporation (NYSE:NSC) last posted its quarterly earnings data on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share for the quarter, beating the 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 company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same period in the prior year, the business earned $1.36 earnings per share. Norfolk Souther Corporation’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, analysts predict that Norfolk Souther Corporation will post $6.36 EPS for the current year.
Norfolk Souther Corporation declared that its board has initiated a stock repurchase program on Tuesday, September 26th that authorizes the company to buyback 50,000,000 shares. This buyback authorization authorizes the railroad operator to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
Several equities research analysts have recently commented on the stock. Wolfe Research upgraded shares of Norfolk Souther Corporation from a “market perform” rating to a “buy” rating and set a $126.00 price objective for the company in a research note on Monday, August 7th. ValuEngine downgraded shares of Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Wells Fargo & Company downgraded shares of Norfolk Souther Corporation from an “outperform” rating to a “market perform” rating in a research note on Monday. BidaskClub downgraded shares of Norfolk Souther Corporation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Finally, Cowen and Company reiterated an “outperform” rating and set a $130.00 price objective on shares of Norfolk Souther Corporation in a research note on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price 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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