BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its stake in Norfolk Southern Corp. (NYSE:NSC) by 21.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,377 shares of the railroad operator’s stock after selling 44,953 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.06% of Norfolk Southern worth $21,869,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Krilogy Financial LLC boosted its position in Norfolk Southern by 2.6% during the second quarter. Krilogy Financial LLC now owns 855 shares of the railroad operator’s stock valued at $104,000 after acquiring an additional 22 shares during the last quarter. AlphaMark Advisors LLC boosted its position in shares of Norfolk Southern by 20.7% during the 2nd quarter. AlphaMark Advisors LLC now owns 875 shares of the railroad operator’s stock worth $106,000 after purchasing an additional 150 shares in the last quarter. D Orazio & Associates Inc. boosted its position in shares of Norfolk Southern by 0.5% during the 1st quarter. D Orazio & Associates Inc. now owns 891 shares of the railroad operator’s stock worth $100,000 after purchasing an additional 4 shares in the last quarter. Harfst & Associates Inc. boosted its position in shares of Norfolk Southern by 58.8% during the 2nd quarter. Harfst & Associates Inc. now owns 945 shares of the railroad operator’s stock worth $115,000 after purchasing an additional 350 shares in the last quarter. Finally, QCI Asset Management Inc. NY boosted its position in shares of Norfolk Southern by 0.5% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 72.55% of the company’s stock.
Norfolk Southern Corp. (NYSE NSC) traded down $0.11 during mid-day trading on Thursday, reaching $138.73. 1,215,700 shares of the company traded hands, compared to its average volume of 1,771,820. Norfolk Southern Corp. has a 52 week low of $105.89 and a 52 week high of $141.81. The stock has a market cap of $39,732.05, a P/E ratio of 21.83, a PEG ratio of 1.79 and a beta of 1.38. The company has a quick ratio of 0.73, a current ratio of 0.83 and a debt-to-equity ratio of 0.73.
Norfolk Southern announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 26th that allows the company to repurchase 50,000,000 outstanding shares. This repurchase authorization allows the railroad operator to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 3rd will be given a $0.61 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $2.44 dividend on an annualized basis and a yield of 1.76%. Norfolk Southern’s payout ratio is currently 38.36%.
In other news, COO Michael Joseph Wheeler sold 3,568 shares of the firm’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $133.00, for a total value of $474,544.00. Following the completion of the transaction, the chief operating officer now owns 15,837 shares in the company, valued at $2,106,321. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Thomas E. Hurlbut sold 2,370 shares of the firm’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $134.71, for a total value of $319,262.70. Following the completion of the transaction, the vice president now owns 6,370 shares of the company’s stock, valued at approximately $858,102.70. The disclosure for this sale can be found here. Insiders have sold 12,113 shares of company stock worth $1,594,148 over the last quarter. Insiders own 0.36% of the company’s stock.
NSC has been the topic of a number of research analyst reports. UBS reissued a “buy” rating and set a $133.00 price objective on shares of Norfolk Southern in a research report on Monday, August 14th. ValuEngine raised shares of Norfolk Southern from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Credit Suisse Group reissued a “buy” rating and set a $143.00 price objective (up previously from $133.00) on shares of Norfolk Southern in a research report on Thursday, October 12th. They noted that the move was a valuation call. Argus increased their price objective on shares of Norfolk Southern from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, October 31st. Finally, Zacks Investment Research raised shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $147.00 price objective on the stock in a research report on Wednesday, November 1st. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company. Norfolk Southern presently has a consensus rating of “Hold” and an average price target of $127.62.
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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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