CIBC Asset Management Inc trimmed its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 2.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,187 shares of the railroad operator’s stock after selling 659 shares during the period. CIBC Asset Management Inc’s holdings in Norfolk Southern were worth $4,084,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Krilogy Financial LLC lifted its position in shares of Norfolk Southern by 2.6% during the second quarter. Krilogy Financial LLC now owns 855 shares of the railroad operator’s stock worth $104,000 after purchasing an additional 22 shares in the last quarter. Sawyer & Company Inc acquired a new position in shares of Norfolk Southern during the fourth quarter worth approximately $104,000. Arcadia Investment Management Corp MI lifted its position in shares of Norfolk Southern by 165.1% during the fourth quarter. Arcadia Investment Management Corp MI now owns 835 shares of the railroad operator’s stock worth $121,000 after purchasing an additional 520 shares in the last quarter. Atlantic Trust LLC acquired a new position in shares of Norfolk Southern during the second quarter worth approximately $144,000. Finally, Welch Investments LLC acquired a new position in shares of Norfolk Southern during the fourth quarter worth approximately $156,000. Institutional investors own 72.87% of the company’s stock.
In other Norfolk Southern news, VP Thomas E. Hurlbut sold 6,175 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $129.61, for a total value of $800,341.75. Following the completion of the sale, the vice president now owns 7,568 shares of the company’s stock, valued at $980,888.48. 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 company’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $134.71, for a total transaction of $319,262.70. Following the completion of the sale, the vice president now directly 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 sold 19,012 shares of company stock valued at $2,690,734 in the last ninety days. Insiders own 0.36% of the company’s stock.
Norfolk Southern (NYSE:NSC) last issued its earnings results on Wednesday, January 24th. The railroad operator reported $1.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.56 by $0.13. Norfolk Southern had a net margin of 51.22% and a return on equity of 14.16%. The firm had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. analysts predict that Norfolk Southern Corp. will post 8.28 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, March 10th. Shareholders of record on Friday, February 2nd will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 2.02%. The ex-dividend date is Thursday, February 1st. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.61. Norfolk Southern’s dividend payout ratio is presently 15.44%.
A number of equities analysts have recently issued reports on NSC shares. Credit Suisse Group reiterated a “buy” rating and set a $143.00 target price (up 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. Loop Capital lowered shares of Norfolk Southern from a “hold” rating to a “sell” rating and set a $133.00 target price on the stock. in a research report on Monday, November 27th. Zacks Investment Research lowered shares of Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Thursday, November 2nd. ValuEngine upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, TD Securities upped their target price on shares of Norfolk Southern from $130.00 to $135.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the company. Norfolk Southern presently has an average rating of “Hold” and an average target price of $140.85.
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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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