Anchor Bolt Capital LP purchased a new position in shares of Norfolk Southern Corp. (NYSE:NSC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 145,490 shares of the railroad operator’s stock, valued at approximately $19,240,000. Anchor Bolt Capital LP owned about 0.05% of Norfolk Southern as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in NSC. D Orazio & Associates Inc. boosted its stake in shares of Norfolk Southern by 0.5% in the first quarter. D Orazio & Associates Inc. now owns 891 shares of the railroad operator’s stock valued at $100,000 after buying an additional 4 shares during the period. QCI Asset Management Inc. NY lifted its stake in Norfolk Southern by 0.5% during the second quarter. QCI Asset Management Inc. NY now owns 1,099 shares of the railroad operator’s stock worth $134,000 after purchasing an additional 5 shares during the last quarter. Alexandria Capital LLC lifted its stake in Norfolk Southern by 0.4% during the second quarter. Alexandria Capital LLC now owns 1,865 shares of the railroad operator’s stock worth $227,000 after purchasing an additional 7 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in shares of Norfolk Southern by 0.6% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 2,090 shares of the railroad operator’s stock valued at $255,000 after acquiring an additional 13 shares during the last quarter. Finally, Pineno Levin & Ford Asset Management Inc. lifted its stake in shares of Norfolk Southern by 0.4% in the 2nd quarter. Pineno Levin & Ford Asset Management Inc. now owns 3,290 shares of the railroad operator’s stock valued at $400,000 after acquiring an additional 14 shares during the last quarter. 72.55% of the stock is currently owned by hedge funds and other institutional investors.
NSC has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Norfolk Southern from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Robert W. Baird reaffirmed a “hold” rating and issued a $136.00 price target on shares of Norfolk Southern in a research report on Friday, November 10th. Morgan Stanley reissued an “underweight” rating and set a $75.00 target price (down previously from $77.00) on shares of Norfolk Southern in a research report on Monday, October 2nd. ValuEngine upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Royal Bank Of Canada reiterated a “sell” rating and issued a $117.00 price objective on shares of Norfolk Southern in a research note on Tuesday, August 29th. Five research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $127.62.
Norfolk Southern Corp. (NSC) traded down $0.11 during trading on Thursday, reaching $138.73. The company had a trading volume of 1,215,700 shares, compared to its average volume of 1,771,820. The company has a current ratio of 0.83, a quick ratio of 0.73 and a debt-to-equity ratio of 0.73. The stock has a market cap of $39,732.05, a PE ratio of 21.83, a PEG ratio of 1.79 and a beta of 1.38. Norfolk Southern Corp. has a 1 year low of $105.89 and a 1 year high of $141.81.
Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, October 25th. The railroad operator reported $1.75 EPS for the quarter, topping the consensus estimate of $1.64 by $0.11. Norfolk Southern had a return on equity of 14.72% and a net margin of 17.86%. The firm had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period in the previous year, the company posted $1.55 EPS. Norfolk Southern’s revenue for the quarter was up 5.8% on a year-over-year basis. equities research analysts predict that Norfolk Southern Corp. will post 6.48 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 3rd will be given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Thursday, November 2nd. Norfolk Southern’s dividend payout ratio is currently 38.36%.
Norfolk Southern declared that its Board of Directors has approved a share buyback plan on Tuesday, September 26th that authorizes the company to buyback 50,000,000 outstanding shares. This buyback authorization authorizes the railroad operator to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, VP Thomas E. Hurlbut sold 6,175 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $129.61, for a total value of $800,341.75. Following the completion of the transaction, the vice president now owns 7,568 shares of the company’s stock, valued at $980,888.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michael Joseph Wheeler sold 3,568 shares of the company’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $133.00, for a total value of $474,544.00. Following the completion of the sale, the chief operating officer now owns 15,837 shares of the company’s stock, valued at approximately $2,106,321. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,113 shares of company stock worth $1,594,148. Corporate insiders own 0.36% of the company’s stock.
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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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