Meridian Wealth Management LLC acquired a new position in Norfolk Souther Corporation (NYSE:NSC) during the first quarter, Holdings Channel reports. The fund acquired 2,760 shares of the railroad operator’s stock, valued at approximately $309,000.

Several other hedge funds have also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Norfolk Souther Corporation by 3,039.1% in the first quarter. BlackRock Inc. now owns 19,551,432 shares of the railroad operator’s stock worth $2,189,172,000 after buying an additional 18,928,598 shares during the last quarter. State Street Corp boosted its stake in shares of Norfolk Souther Corporation by 2.2% in the first quarter. State Street Corp now owns 12,960,797 shares of the railroad operator’s stock worth $1,451,226,000 after buying an additional 281,088 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Norfolk Souther Corporation by 936.1% in the first quarter. Alliancebernstein L.P. now owns 5,378,457 shares of the railroad operator’s stock worth $602,226,000 after buying an additional 4,859,355 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Norfolk Souther Corporation by 31.8% in the first quarter. JPMorgan Chase & Co. now owns 4,209,269 shares of the railroad operator’s stock worth $471,313,000 after buying an additional 1,016,319 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Norfolk Souther Corporation by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 3,503,800 shares of the railroad operator’s stock worth $392,383,000 after buying an additional 30,856 shares during the last quarter. Institutional investors and hedge funds own 70.59% of the company’s stock.

Shares of Norfolk Souther Corporation (NSC) traded up 0.64% during midday trading on Friday, hitting $116.18. 346,004 shares of the stock traded hands. Norfolk Souther Corporation has a 1-year low of $87.97 and a 1-year high of $125.31. The company has a market capitalization of $33.48 billion, a P/E ratio of 18.88 and a beta of 1.33. The stock has a 50 day moving average of $118.80 and a 200 day moving average of $118.12.

Norfolk Souther Corporation (NYSE:NSC) last issued its quarterly earnings results on Wednesday, July 26th. The railroad operator reported $1.71 EPS for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.06. Norfolk Souther Corporation had a return on equity of 14.45% and a net margin of 17.66%. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter last year, the business earned $1.36 earnings per share. Norfolk Souther Corporation’s revenue was up 7.5% on a year-over-year basis. Equities research analysts predict that Norfolk Souther Corporation will post $6.32 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Monday, August 7th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Thursday, August 3rd. Norfolk Souther Corporation’s payout ratio is currently 39.61%.

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A number of brokerages recently issued reports on NSC. Zacks Investment Research raised shares of Norfolk Souther Corporation from a “hold” rating to a “buy” rating and set a $134.00 target price on the stock in a research report on Tuesday, June 27th. TD Securities reaffirmed a “hold” rating on shares of Norfolk Souther Corporation in a research report on Thursday, April 27th. UBS AG reaffirmed a “buy” rating and set a $138.00 target price (up previously from $135.00) on shares of Norfolk Souther Corporation in a research report on Friday, April 28th. ValuEngine raised shares of Norfolk Souther Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Cowen and Company reaffirmed a “buy” rating and set a $130.00 target price on shares of Norfolk Souther Corporation in a research report on Tuesday, July 11th. Four investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and nine have assigned a buy rating to the company. Norfolk Souther Corporation currently has an average rating of “Hold” and a consensus target price of $112.17.

In related news, VP Thomas E. Hurlbut sold 802 shares of the firm’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $116.54, for a total value of $93,465.08. Following the transaction, the vice president now owns 4,300 shares in the company, valued at $501,122. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.36% of the stock is currently owned by company insiders.

Norfolk Souther Corporation 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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Institutional Ownership by Quarter for Norfolk Souther Corporation (NYSE:NSC)

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