Metropolitan Life Insurance Co. NY cut its position in shares of Norfolk Southern Corp. (NYSE:NSC) by 67.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,063 shares of the railroad operator’s stock after selling 92,823 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Norfolk Southern were worth $6,385,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in NSC. Raymond James Financial Services Advisors Inc. increased its position in shares of Norfolk Southern by 11.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 92,534 shares of the railroad operator’s stock valued at $12,237,000 after purchasing an additional 9,721 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Norfolk Southern by 1.3% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 66,394 shares of the railroad operator’s stock valued at $8,126,000 after purchasing an additional 873 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Norfolk Southern by 14.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 383,235 shares of the railroad operator’s stock valued at $50,666,000 after purchasing an additional 47,734 shares during the last quarter. Novare Capital Management LLC bought a new position in shares of Norfolk Southern during the 3rd quarter valued at about $1,612,000. Finally, Buckingham Asset Management LLC bought a new position in shares of Norfolk Southern during the 3rd quarter valued at about $277,000. Hedge funds and other institutional investors own 72.50% of the company’s stock.
In related news, VP Thomas E. Hurlbut sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $142.90, for a total transaction of $142,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas E. Hurlbut sold 467 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were 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 of the company’s stock, valued at approximately $750,850. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,166 shares of company stock valued at $1,958,040. 0.36% of the stock is owned by corporate insiders.
Norfolk Southern (NYSE:NSC) last released its earnings results on Wednesday, January 24th. The railroad operator reported $1.69 EPS for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.13. The company had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Norfolk Southern had a return on equity of 14.16% and a net margin of 51.22%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.42 EPS. analysts expect that Norfolk Southern Corp. will post 8.43 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 10th. Investors of record on Friday, February 2nd were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Thursday, February 1st. This is a positive change from Norfolk Southern’s previous quarterly dividend of $0.61. Norfolk Southern’s dividend payout ratio (DPR) is 15.38%.
Several equities analysts have recently commented on the company. Cowen reiterated an “outperform” rating and set a $165.00 price objective (up from $143.00) on shares of Norfolk Southern in a research report on Thursday, January 25th. Loop Capital reduced their price objective on Norfolk Southern from $139.00 to $135.00 and set a “sell” rating on the stock in a research report on Thursday. Credit Suisse Group reiterated an “outperform” rating and set a $166.00 price objective (down from $178.00) on shares of Norfolk Southern in a research report on Thursday, March 8th. Zacks Investment Research upgraded Norfolk Southern from a “hold” rating to a “buy” rating and set a $166.00 target price for the company in a report on Monday, January 29th. Finally, Morgan Stanley increased their target price on Norfolk Southern from $77.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday, January 25th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $139.60.
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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