Sumitomo Mitsui Asset Management Company LTD cut its stake in Norfolk Souther Corporation (NYSE:NSC) by 5.0% during the second quarter, Holdings Channel reports. The firm owned 23,408 shares of the railroad operator’s stock after selling 1,220 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Norfolk Souther Corporation were worth $2,848,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. increased its position in 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 increased its position in 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. increased its position in 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. increased its position in 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 increased its position in 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 own 70.51% of the company’s stock.

Shares of Norfolk Souther Corporation (NYSE:NSC) opened at 118.63 on Friday. The firm has a market capitalization of $34.19 billion, a PE ratio of 19.28 and a beta of 1.33. Norfolk Souther Corporation has a 12-month low of $89.92 and a 12-month high of $125.31. The company’s 50-day moving average price is $118.72 and its 200 day moving average price is $118.14.

Norfolk Souther Corporation (NYSE:NSC) last posted its quarterly earnings data on Wednesday, July 26th. The railroad operator reported $1.71 EPS for the quarter, beating the 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 business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. Norfolk Souther Corporation’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities analysts forecast that Norfolk Souther Corporation will post $6.32 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Monday, August 7th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $2.44 annualized dividend and a dividend yield of 2.06%. Norfolk Souther Corporation’s dividend payout ratio is currently 39.61%.

ILLEGAL ACTIVITY NOTICE: “Norfolk Souther Corporation (NSC) Stake Decreased by Sumitomo Mitsui Asset Management Company LTD” was published by Daily Political and is the property of of Daily Political. If you are viewing this story on another domain, it was stolen and republished in violation of United States and international copyright law. The original version of this story can be accessed at https://www.dailypolitical.com/2017/08/19/norfolk-souther-corporation-nsc-stake-decreased-by-sumitomo-mitsui-asset-management-company-ltd.html.

NSC has been the subject of a number of research reports. Zacks Investment Research upgraded Norfolk Souther Corporation from a “hold” rating to a “buy” rating and set a $134.00 price objective for the company in a report on Tuesday, June 27th. TD Securities reiterated a “hold” rating on shares of Norfolk Souther Corporation in a report on Thursday, April 27th. UBS AG reiterated a “buy” rating and set a $138.00 price objective (up from $135.00) on shares of Norfolk Souther Corporation in a report on Friday, April 28th. ValuEngine upgraded Norfolk Souther Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Cowen and Company reiterated a “buy” rating and set a $130.00 price objective on shares of Norfolk Souther Corporation in a report on Tuesday, July 11th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $112.35.

In other Norfolk Souther Corporation news, VP Thomas E. Hurlbut sold 802 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $116.54, for a total transaction of $93,465.08. Following the sale, the vice president now owns 4,300 shares in the company, valued at $501,122. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman James A. Squires sold 24,407 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $119.95, for a total value of $2,927,619.65. Following the sale, the chairman now owns 76,481 shares in the company, valued at approximately $9,173,895.95. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

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.

Want to see what other hedge funds are holding NSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Norfolk Souther Corporation (NYSE:NSC).

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

Receive News & Ratings for Norfolk Souther Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Norfolk Souther Corporation and related companies with MarketBeat.com's FREE daily email newsletter.