Highstreet Asset Management Inc. Decreases Position in Norfolk Souther Corporation (NYSE:NSC)

Highstreet Asset Management Inc. lowered its stake in Norfolk Souther Corporation (NYSE:NSC) by 32.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,815 shares of the railroad operator’s stock after selling 5,080 shares during the quarter. Highstreet Asset Management Inc.’s holdings in Norfolk Souther Corporation were worth $1,430,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of NSC. Private Advisor Group LLC grew its holdings in Norfolk Souther Corporation by 59.3% during the 1st quarter. Private Advisor Group LLC now owns 26,915 shares of the railroad operator’s stock valued at $1,948,000 after buying an additional 10,014 shares in the last quarter. Delta Lloyd NV boosted its holdings in shares of Norfolk Souther Corporation by 5.5% in the 1st quarter. Delta Lloyd NV now owns 55,876 shares of the railroad operator’s stock worth $6,565,000 after purchasing an additional 2,907 shares during the period. Congress Asset Management Co. MA boosted its holdings in shares of Norfolk Souther Corporation by 1.3% in the 1st quarter. Congress Asset Management Co. MA now owns 43,949 shares of the railroad operator’s stock worth $4,921,000 after purchasing an additional 559 shares during the period. Pinnacle Associates Ltd. boosted its holdings in shares of Norfolk Souther Corporation by 1.3% in the 1st quarter. Pinnacle Associates Ltd. now owns 9,219 shares of the railroad operator’s stock worth $1,032,000 after purchasing an additional 118 shares during the period. Finally, Meiji Yasuda Life Insurance Co purchased a new position in shares of Norfolk Souther Corporation in the 1st quarter worth approximately $224,000. 70.88% of the stock is currently owned by hedge funds and other institutional investors.

NSC has been the subject of a number of recent research reports. Morgan Stanley reiterated an “underweight” rating and issued a $75.00 target price (down previously from $77.00) on shares of Norfolk Souther Corporation in a report on Monday, October 2nd. ValuEngine raised Norfolk Souther Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Royal Bank Of Canada reaffirmed a “sell” rating and set a $117.00 target price on shares of Norfolk Souther Corporation in a research report on Tuesday, August 29th. Stifel Nicolaus reaffirmed a “hold” rating and set a $124.00 target price on shares of Norfolk Souther Corporation in a research report on Tuesday, September 12th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and set a $143.00 target price (up from $133.00) on shares of Norfolk Souther Corporation in a research report on Thursday, October 12th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Norfolk Souther Corporation currently has an average rating of “Hold” and a consensus price target of $127.62.

Shares of Norfolk Souther Corporation (NYSE:NSC) traded up $0.47 during trading on Tuesday, reaching $127.62. The company had a trading volume of 925,900 shares, compared to its average volume of 1,780,952. Norfolk Souther Corporation has a 52 week low of $100.91 and a 52 week high of $134.52. The stock has a market capitalization of $36,383.82, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 1.64 and a beta of 1.37. 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 Souther Corporation (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. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.65 billion. Norfolk Souther Corporation had a return on equity of 14.72% and a net margin of 17.86%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period last year, the business posted $1.55 earnings per share. equities research analysts predict that Norfolk Souther Corporation will post 6.46 earnings per share for the current fiscal year.

Norfolk Souther Corporation announced that its Board of Directors has authorized a share buyback plan on Tuesday, September 26th that allows the company to repurchase 50,000,000 outstanding shares. This repurchase authorization allows the railroad operator to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 3rd will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date is Thursday, November 2nd. Norfolk Souther Corporation’s dividend payout ratio is presently 38.36%.

ILLEGAL ACTIVITY NOTICE: This piece of content was reported by Week Herald and is the sole property of of Week Herald. If you are viewing this piece of content on another site, it was copied illegally and reposted in violation of United States and international copyright law. The correct version of this piece of content can be read at https://weekherald.com/2017/11/15/highstreet-asset-management-inc-sells-5080-shares-of-norfolk-souther-corporation-nsc.html.

In other Norfolk Souther Corporation news, VP Thomas E. Hurlbut sold 300 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $118.80, for a total transaction of $35,640.00. Following the transaction, the vice president now owns 4,000 shares of the company’s stock, valued at $475,200. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Michael Joseph Wheeler sold 3,568 shares of the firm’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $133.00, for a total value of $474,544.00. Following the transaction, the chief operating officer now directly owns 15,837 shares in the company, valued at approximately $2,106,321. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,238 shares of company stock worth $791,456. 0.36% of the stock is owned by insiders.

Norfolk Souther Corporation 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)

Receive News & Ratings for Norfolk Souther Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Norfolk Souther Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply