Summit Financial Group Inc. trimmed its stake in Norfolk Southern Corp. (NYSE:NSC) by 6.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,584 shares of the railroad operator’s stock after selling 1,325 shares during the quarter. Norfolk Southern accounts for 2.4% of Summit Financial Group Inc.’s portfolio, making the stock its 8th biggest holding. Summit Financial Group Inc.’s holdings in Norfolk Southern were worth $2,982,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also made changes to their positions in the company. Krilogy Financial LLC lifted its holdings in Norfolk Southern by 2.6% in 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 period. AlphaMark Advisors LLC lifted its holdings in Norfolk Southern by 20.7% in the second quarter. AlphaMark Advisors LLC now owns 875 shares of the railroad operator’s stock valued at $106,000 after acquiring an additional 150 shares during the period. Harfst & Associates Inc. increased its position in Norfolk Southern by 58.8% in the second quarter. Harfst & Associates Inc. now owns 945 shares of the railroad operator’s stock worth $115,000 after buying an additional 350 shares in the last quarter. Live Your Vision LLC increased its position in Norfolk Southern by 25.6% in the second quarter. Live Your Vision LLC now owns 1,130 shares of the railroad operator’s stock worth $128,000 after buying an additional 230 shares in the last quarter. Finally, QCI Asset Management Inc. NY increased its position in Norfolk Southern by 0.5% in the second quarter. QCI Asset Management Inc. NY now owns 1,099 shares of the railroad operator’s stock worth $134,000 after buying an additional 5 shares in the last quarter. 72.45% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have commented on the company. ValuEngine cut Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Royal Bank of Canada restated a “sell” rating and issued a $137.00 price target on shares of Norfolk Southern in a research report on Tuesday. BMO Capital Markets restated a “hold” rating and issued a $127.00 price target on shares of Norfolk Southern in a research report on Friday, October 20th. JPMorgan Chase & Co. increased their target price on Norfolk Southern from $121.00 to $132.00 and gave the stock a “neutral” rating in a research report on Thursday, October 12th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $75.00 target price (down previously from $77.00) on shares of Norfolk Southern in a research report on Monday, October 2nd. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $130.75.
Shares of Norfolk Southern Corp. (NYSE:NSC) traded down $1.99 during trading on Thursday, reaching $151.61. The company had a trading volume of 1,123,300 shares, compared to its average volume of 1,306,171. The company has a market capitalization of $44,020.00, a price-to-earnings ratio of 24.10, a PEG ratio of 1.75 and a beta of 1.37. Norfolk Southern Corp. has a 52 week low of $105.89 and a 52 week high of $154.61. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.73 and a current ratio of 0.83.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Wednesday, October 25th. The railroad operator reported $1.75 earnings per share (EPS) for the quarter, beating 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 Southern had a return on equity of 14.72% and a net margin of 17.86%. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the company earned $1.55 EPS. sell-side analysts predict that Norfolk Southern Corp. will post 6.47 earnings per share for the current year.
Norfolk Southern declared that its board has approved a stock repurchase program on Tuesday, September 26th that permits the company to buyback 50,000,000 outstanding shares. This buyback authorization permits the railroad operator to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
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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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