BlackRock Inc. raised its position in shares of Norfolk Souther Corporation (NYSE:NSC) by 3,039.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 19,551,432 shares of the railroad operator’s stock after buying an additional 18,928,598 shares during the period. BlackRock Inc. owned about 6.75% of Norfolk Souther Corporation worth $2,189,172,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. RMB Capital Management LLC boosted its position in Norfolk Souther Corporation by 3.4% in the fourth quarter. RMB Capital Management LLC now owns 4,629 shares of the railroad operator’s stock worth $500,000 after buying an additional 152 shares in the last quarter. Teachers Advisors LLC boosted its position in Norfolk Souther Corporation by 45.2% in the fourth quarter. Teachers Advisors LLC now owns 604,869 shares of the railroad operator’s stock worth $65,368,000 after buying an additional 188,394 shares in the last quarter. Macquarie Group Ltd. boosted its position in Norfolk Souther Corporation by 22.5% in the fourth quarter. Macquarie Group Ltd. now owns 60,300 shares of the railroad operator’s stock worth $6,517,000 after buying an additional 11,060 shares in the last quarter. Park National Corp OH boosted its position in Norfolk Souther Corporation by 1.2% in the first quarter. Park National Corp OH now owns 14,759 shares of the railroad operator’s stock worth $1,652,000 after buying an additional 174 shares in the last quarter. Finally, Franklin Street Advisors Inc. NC boosted its position in Norfolk Souther Corporation by 11.6% in the first quarter. Franklin Street Advisors Inc. NC now owns 16,385 shares of the railroad operator’s stock worth $1,835,000 after buying an additional 1,700 shares in the last quarter. Hedge funds and other institutional investors own 70.59% of the company’s stock.
Shares of Norfolk Souther Corporation (NYSE NSC) traded up 0.97% during trading on Friday, hitting $116.56. The stock had a trading volume of 1,101,405 shares. The firm has a 50 day moving average price of $118.78 and a 200-day moving average price of $118.14. The stock has a market capitalization of $33.59 billion, a price-to-earnings ratio of 18.94 and a beta of 1.33. Norfolk Souther Corporation has a 52 week low of $88.07 and a 52 week high of $125.31.
Norfolk Souther Corporation (NYSE:NSC) last announced its quarterly earnings data on Wednesday, July 26th. The railroad operator reported $1.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.06. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.64 billion. Norfolk Souther Corporation had a return on equity of 14.45% and a net margin of 17.66%. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.36 earnings per share. On average, equities research analysts forecast that Norfolk Souther Corporation will post $6.32 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Monday, August 7th will be paid a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Thursday, August 3rd. Norfolk Souther Corporation’s payout ratio is 39.61%.
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Several analysts have recently weighed in on NSC shares. Cowen and Company restated a “buy” rating and set a $130.00 price target on shares of Norfolk Souther Corporation in a report on Tuesday, July 11th. Zacks Investment Research upgraded Norfolk Souther Corporation from a “hold” rating to a “buy” rating and set a $133.00 price target on the stock in a report on Tuesday, June 13th. ValuEngine upgraded Norfolk Souther Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. UBS AG reiterated a “buy” rating and issued a $138.00 target price (up from $135.00) on shares of Norfolk Souther Corporation in a report on Friday, April 28th. Finally, Deutsche Bank AG upped their target price on Norfolk Souther Corporation from $126.00 to $132.00 and gave the company a “buy” rating in a report on Friday, April 28th. Four equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $112.17.
In other Norfolk Souther Corporation news, VP Thomas E. Hurlbut sold 802 shares of Norfolk Souther Corporation stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $116.54, for a total transaction of $93,465.08. Following the completion of the transaction, the vice president now owns 4,300 shares in the company, valued at $501,122. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.36% of the stock is currently owned by insiders.
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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