Investment Management of Virginia LLC lessened its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 2.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,461 shares of the railroad operator’s stock after selling 631 shares during the period. Investment Management of Virginia LLC’s holdings in Norfolk Southern were worth $4,124,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of NSC. Capital World Investors lifted its position in Norfolk Southern by 3.2% during the second quarter. Capital World Investors now owns 5,054,985 shares of the railroad operator’s stock worth $615,192,000 after buying an additional 154,985 shares during the period. Dimensional Fund Advisors LP lifted its position in Norfolk Southern by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,519,512 shares of the railroad operator’s stock worth $428,268,000 after buying an additional 15,712 shares during the period. Legal & General Group Plc lifted its position in Norfolk Southern by 2.7% during the third quarter. Legal & General Group Plc now owns 1,661,751 shares of the railroad operator’s stock worth $219,751,000 after buying an additional 43,131 shares during the period. Investec Asset Management LTD lifted its position in Norfolk Southern by 6.2% during the third quarter. Investec Asset Management LTD now owns 1,615,077 shares of the railroad operator’s stock worth $213,578,000 after buying an additional 93,624 shares during the period. Finally, Commonwealth Bank of Australia lifted its position in Norfolk Southern by 2,921.5% during the third quarter. Commonwealth Bank of Australia now owns 1,277,777 shares of the railroad operator’s stock worth $168,353,000 after buying an additional 1,235,488 shares during the period. 72.93% of the stock is currently owned by institutional investors.
In related news, VP Thomas E. Hurlbut sold 467 shares of Norfolk Southern stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $150.17, for a total value of $70,129.39. Following the transaction, the vice president now directly owns 5,000 shares in the company, valued at approximately $750,850. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman James A. Squires sold 10,000 shares of Norfolk Southern stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $150.10, for a total value of $1,501,000.00. The disclosure for this sale can be found here. Insiders sold a total of 19,012 shares of company stock worth $2,690,734 in the last three months. Company insiders own 0.36% of the company’s stock.
Norfolk Southern (NYSE:NSC) last announced its earnings results on Wednesday, January 24th. The railroad operator reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.13. Norfolk Southern had a return on equity of 14.16% and a net margin of 51.22%. The firm had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the previous year, the business earned $1.42 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. equities research analysts predict that Norfolk Southern Corp. will post 8.43 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 10th. Stockholders of record on Friday, February 2nd will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Thursday, February 1st. This is an increase from Norfolk Southern’s previous quarterly dividend of $0.61. Norfolk Southern’s payout ratio is currently 15.38%.
NSC has been the topic of a number of research reports. ValuEngine upgraded Norfolk Southern from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $147.00 price objective on the stock in a report on Wednesday, November 1st. Argus raised their price objective on Norfolk Southern from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, October 31st. UBS Group increased their target price on Norfolk Southern from $133.00 to $154.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. Finally, Scotiabank upgraded Norfolk Southern from a “sector perform” rating to a “buy” rating and set a $165.00 target price for the company in a research note on Friday, January 12th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus 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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