Yellowstone Partners LLC Takes Position in Norfolk Southern Corp. (NSC)
Yellowstone Partners LLC bought a new position in shares of Norfolk Southern Corp. (NYSE:NSC) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 5,745 shares of the railroad operator’s stock, valued at approximately $760,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. boosted its stake in Norfolk Southern by 3.6% during the 2nd quarter. BlackRock Inc. now owns 20,251,999 shares of the railroad operator’s stock worth $2,464,667,000 after purchasing an additional 700,567 shares during the last quarter. Vanguard Group Inc. boosted its stake in Norfolk Southern by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 20,097,333 shares of the railroad operator’s stock worth $2,445,845,000 after purchasing an additional 631,018 shares during the last quarter. FMR LLC raised its holdings in shares of Norfolk Southern by 13.0% during the 2nd quarter. FMR LLC now owns 6,618,986 shares of the railroad operator’s stock worth $805,530,000 after acquiring an additional 762,416 shares during the period. Lazard Asset Management LLC raised its holdings in shares of Norfolk Southern by 17.1% during the 2nd quarter. Lazard Asset Management LLC now owns 6,343,533 shares of the railroad operator’s stock worth $772,007,000 after acquiring an additional 925,496 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in shares of Norfolk Southern by 3.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,571,441 shares of the railroad operator’s stock worth $678,044,000 after acquiring an additional 192,984 shares during the period. 72.55% of the stock is currently owned by institutional investors.
Shares of Norfolk Southern Corp. (NYSE NSC) traded down $0.09 on Wednesday, reaching $141.46. 1,208,000 shares of the company traded hands, compared to its average volume of 1,763,770. The stock has a market cap of $40,504.36, a price-to-earnings ratio of 22.26, a P/E/G ratio of 1.82 and a beta of 1.38. 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.
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 the consensus estimate of $1.64 by $0.11. The firm had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.65 billion. Norfolk Southern had a net margin of 17.86% and a return on equity of 14.72%. Norfolk Southern’s revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.55 EPS. research analysts anticipate that Norfolk Southern Corp. will post 6.48 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Investors of record on Friday, November 3rd were issued a $0.61 dividend. The ex-dividend date of this dividend was Thursday, November 2nd. This represents a $2.44 annualized dividend and a yield of 1.72%. Norfolk Southern’s dividend payout ratio (DPR) is currently 38.36%.
Norfolk Southern announced that its Board of Directors has initiated a share buyback program on Tuesday, September 26th that allows the company to buyback 50,000,000 outstanding shares. This buyback authorization allows 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 shares are undervalued.
NSC has been the topic of several analyst reports. Credit Suisse Group reiterated a “buy” rating and set a $143.00 price target (up previously from $133.00) on shares of Norfolk Southern in a report on Thursday, October 12th. They noted that the move was a valuation call. Loop Capital lowered Norfolk Southern from a “hold” rating to a “sell” rating and set a $133.00 price target on the stock. in a report on Monday, November 27th. ValuEngine upgraded Norfolk Southern from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Royal Bank of Canada reiterated a “sell” rating and set a $117.00 price target on shares of Norfolk Southern in a report on Tuesday, August 29th. Finally, Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $147.00 price target on the stock in a report on Wednesday, November 1st. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $127.62.
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 shares were sold at an average price of $133.00, for a total transaction of $474,544.00. Following the sale, the chief operating officer now directly owns 15,837 shares in the company, valued at $2,106,321. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $319,262.70. Following the sale, the vice president now owns 6,370 shares in the company, valued at $858,102.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,113 shares of company stock worth $1,594,148. 0.36% of the stock is owned by insiders.
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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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