Advisory Services Network LLC lifted its stake in Norfolk Southern Corp. (NYSE:NSC) by 27.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,429 shares of the railroad operator’s stock after acquiring an additional 2,902 shares during the quarter. Advisory Services Network LLC’s holdings in Norfolk Southern were worth $1,946,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in NSC. Janus Henderson Group PLC grew its stake in shares of Norfolk Southern by 1,659.5% in the second quarter. Janus Henderson Group PLC now owns 683,553 shares of the railroad operator’s stock worth $83,189,000 after acquiring an additional 644,703 shares during the period. Colonial Trust Advisors grew its stake in shares of Norfolk Southern by 17.6% in the second quarter. Colonial Trust Advisors now owns 19,592 shares of the railroad operator’s stock worth $2,384,000 after acquiring an additional 2,932 shares during the period. FTB Advisors Inc. grew its position in Norfolk Southern by 10.3% during the second quarter. FTB Advisors Inc. now owns 23,061 shares of the railroad operator’s stock valued at $2,766,000 after buying an additional 2,155 shares during the period. BlueCrest Capital Management Ltd bought a new stake in Norfolk Southern during the second quarter valued at approximately $6,698,000. Finally, Steadfast Capital Management LP bought a new stake in Norfolk Southern during the second quarter valued at approximately $78,435,000. Hedge funds and other institutional investors own 72.93% of the company’s stock.
Several analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $166.00 target price for the company in a research report on Monday, January 29th. JPMorgan Chase & Co. cut their target price on shares of Norfolk Southern from $154.00 to $151.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. Morgan Stanley boosted their target price on shares of Norfolk Southern from $77.00 to $100.00 and gave the company an “underweight” rating in a research report on Thursday, January 25th. Credit Suisse Group boosted their target price on shares of Norfolk Southern from $177.00 to $178.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Finally, Cowen restated an “outperform” rating and set a $165.00 target price (up from $143.00) on shares of Norfolk Southern in a research report on Thursday, January 25th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $140.85.
Norfolk Southern (NYSE:NSC) last released its earnings results on Wednesday, January 24th. The railroad operator reported $1.69 EPS for the quarter, topping the 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 for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the previous year, the firm earned $1.42 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. research analysts expect that Norfolk Southern Corp. will post 8.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, March 10th. Stockholders of record on Friday, February 2nd will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend 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 payout ratio is 15.38%.
In related news, VP Thomas E. Hurlbut sold 6,175 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $129.61, for a total transaction of $800,341.75. Following the sale, the vice president now owns 7,568 shares of the company’s stock, valued at $980,888.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Thomas E. Hurlbut sold 467 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $150.17, for a total transaction of $70,129.39. Following the sale, the vice president now directly owns 5,000 shares in the company, valued at approximately $750,850. The disclosure for this sale can be found here. Insiders sold 19,012 shares of company stock worth $2,690,734 in the last three months. Insiders own 0.36% of the company’s stock.
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Norfolk Southern 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.
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