Renaissance Technologies LLC Acquires Shares of 242,100 Norfolk Souther Corporation (NSC)

Renaissance Technologies LLC bought a new stake in Norfolk Souther Corporation (NYSE:NSC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 242,100 shares of the railroad operator’s stock, valued at approximately $27,108,000. Renaissance Technologies LLC owned approximately 0.08% of Norfolk Souther Corporation as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MCF Advisors LLC raised its position in shares of Norfolk Souther Corporation by 31.4% in the first quarter. MCF Advisors LLC now owns 949 shares of the railroad operator’s stock valued at $106,000 after buying an additional 227 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Norfolk Souther Corporation by 35.3% in the first quarter. Parkside Financial Bank & Trust now owns 958 shares of the railroad operator’s stock valued at $107,000 after buying an additional 250 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Norfolk Souther Corporation by 29.2% in the first quarter. Parallel Advisors LLC now owns 974 shares of the railroad operator’s stock valued at $114,000 after buying an additional 220 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new position in shares of Norfolk Souther Corporation during the first quarter valued at about $125,000. Finally, Guardian Life Insurance Co. of America raised its position in shares of Norfolk Souther Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,126 shares of the railroad operator’s stock valued at $126,000 after buying an additional 8 shares in the last quarter. 70.51% of the stock is owned by institutional investors and hedge funds.

Norfolk Souther Corporation (NYSE NSC) traded up 0.96% during trading on Friday, hitting $118.63. 1,448,245 shares of the company’s stock traded hands. The company’s 50 day moving average is $118.72 and its 200-day moving average is $118.14. The stock has a market cap of $34.19 billion, a P/E ratio of 19.28 and a beta of 1.33. Norfolk Souther Corporation has a 12 month low of $89.92 and a 12 month high of $125.31.

Norfolk Souther Corporation (NYSE:NSC) last posted its quarterly earnings results on Wednesday, July 26th. The railroad operator reported $1.71 EPS for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.06. Norfolk Souther Corporation had a net margin of 17.66% and a return on equity of 14.45%. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter in the prior year, the company posted $1.36 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, analysts predict that Norfolk Souther Corporation will post $6.32 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Monday, August 7th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Thursday, August 3rd. Norfolk Souther Corporation’s payout ratio is 39.61%.

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NSC has been the subject of several analyst reports. Cowen and Company reaffirmed a “buy” rating and set a $130.00 target price on shares of Norfolk Souther Corporation in a research 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 for the company 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 set a $138.00 price target (up from $135.00) on shares of Norfolk Souther Corporation in a report on Friday, April 28th. Finally, Deutsche Bank AG increased their price target on Norfolk Souther Corporation from $126.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $112.35.

In other news, Chairman James A. Squires sold 24,407 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $119.95, for a total transaction of $2,927,619.65. Following the sale, the chairman now owns 76,481 shares in the company, valued at $9,173,895.95. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Thomas E. Hurlbut sold 802 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $116.54, for a total transaction of $93,465.08. Following the sale, the vice president now owns 4,300 shares in the company, valued at approximately $501,122. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

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.

Institutional Ownership by Quarter for Norfolk Souther Corporation (NYSE:NSC)

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