Macquarie Group Ltd. Sells 9,000 Shares of Norfolk Souther Corporation (NSC)
Macquarie Group Ltd. cut its position in shares of Norfolk Souther Corporation (NYSE:NSC) by 17.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,500 shares of the railroad operator’s stock after selling 9,000 shares during the quarter. Macquarie Group Ltd.’s holdings in Norfolk Souther Corporation were worth $5,172,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in NSC. BlackRock Inc. increased its position in shares of Norfolk Souther Corporation by 3,039.1% during the 1st quarter. BlackRock Inc. now owns 19,551,432 shares of the railroad operator’s stock valued at $2,189,172,000 after purchasing an additional 18,928,598 shares during the last quarter. Alliancebernstein L.P. grew its position in Norfolk Souther Corporation by 936.1% during the 1st quarter. Alliancebernstein L.P. now owns 5,378,457 shares of the railroad operator’s stock worth $602,226,000 after acquiring an additional 4,859,355 shares during the last quarter. JPMorgan Chase & Co. grew its position in Norfolk Souther Corporation by 31.8% during the 1st quarter. JPMorgan Chase & Co. now owns 4,209,269 shares of the railroad operator’s stock worth $471,313,000 after acquiring an additional 1,016,319 shares during the last quarter. Lazard Asset Management LLC grew its position in Norfolk Souther Corporation by 17.1% during the 2nd quarter. Lazard Asset Management LLC now owns 6,343,533 shares of the railroad operator’s stock worth $772,007,000 after acquiring an additional 925,496 shares during the last quarter. Finally, Investec Asset Management LTD bought a new position in Norfolk Souther Corporation during the 1st quarter worth approximately $92,710,000. Hedge funds and other institutional investors own 70.45% of the company’s stock.
In other news, Chairman James A. Squires sold 24,407 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $119.95, for a total transaction of $2,927,619.65. Following the transaction, the chairman now owns 76,481 shares of the company’s stock, valued at $9,173,895.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Thomas E. Hurlbut sold 300 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $118.80, for a total value of $35,640.00. Following the transaction, the vice president now directly owns 4,000 shares in the company, valued at approximately $475,200. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,077 shares of company stock worth $3,244,531. Insiders own 0.36% of the company’s stock.
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Norfolk Souther Corporation (NSC) opened at 130.52 on Thursday. Norfolk Souther Corporation has a 1-year low of $89.95 and a 1-year high of $134.52. The stock has a 50 day moving average price of $128.51 and a 200-day moving average price of $120.61. The stock has a market cap of $37.61 billion, a PE ratio of 21.21 and a beta of 1.38.
Norfolk Souther Corporation (NYSE:NSC) last released its earnings results on Wednesday, July 26th. The railroad operator reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.06. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.64 billion. Norfolk Souther Corporation had a return on equity of 14.45% and a net margin of 17.66%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.36 earnings per share. On average, equities analysts expect that Norfolk Souther Corporation will post $6.36 EPS for the current year.
Norfolk Souther Corporation announced that its Board of Directors has initiated a share repurchase plan on Tuesday, September 26th that permits the company to repurchase 50,000,000 shares. This repurchase authorization permits the railroad operator to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
Several equities analysts recently issued reports on NSC shares. Wolfe Research upgraded Norfolk Souther Corporation from a “market perform” rating to a “buy” rating and set a $126.00 price target on the stock in a research report on Monday, August 7th. Cowen and Company restated a “buy” rating and set a $130.00 price target on shares of Norfolk Souther Corporation in a research report on Tuesday, July 11th. UBS AG restated a “buy” rating and set a $133.00 price target on shares of Norfolk Souther Corporation in a research report on Monday, August 14th. ValuEngine upgraded Norfolk Souther Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, Credit Suisse Group restated a “buy” rating and set a $143.00 price target (up from $133.00) on shares of Norfolk Souther Corporation in a research report on Thursday, October 12th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $118.38.
Norfolk Souther Corporation 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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