MARSHALL WACE ASIA Ltd lowered its holdings in Norfolk Southern Corp. (NYSE:NSC) by 3.2% during the 1st quarter, HoldingsChannel.com reports. The firm owned 396,487 shares of the railroad operator’s stock after selling 12,937 shares during the quarter. Norfolk Southern makes up approximately 2.2% of MARSHALL WACE ASIA Ltd’s investment portfolio, making the stock its 16th largest holding. MARSHALL WACE ASIA Ltd’s holdings in Norfolk Southern were worth $74,100,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of NSC. Tiemann Investment Advisors LLC purchased a new position in Norfolk Southern in the 1st quarter worth approximately $211,000. Marshall Wace North America L.P. grew its stake in Norfolk Southern by 1,188.9% in the 1st quarter. Marshall Wace North America L.P. now owns 374,453 shares of the railroad operator’s stock worth $69,981,000 after buying an additional 345,401 shares in the last quarter. Altavista Wealth Management Inc. purchased a new position in Norfolk Southern in the 1st quarter worth approximately $206,000. Stonebridge Capital Advisors LLC grew its stake in Norfolk Southern by 9.5% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 1,677 shares of the railroad operator’s stock worth $313,000 after buying an additional 146 shares in the last quarter. Finally, SRB Corp grew its stake in Norfolk Southern by 19.5% in the 1st quarter. SRB Corp now owns 3,996 shares of the railroad operator’s stock worth $746,000 after buying an additional 651 shares in the last quarter. 72.84% of the stock is currently owned by institutional investors.
In related news, COO Michael Joseph Wheeler sold 2,500 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $204.57, for a total transaction of $511,425.00. Following the completion of the sale, the chief operating officer now directly owns 12,919 shares in the company, valued at approximately $2,642,839.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman James A. Squires sold 3,024 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $204.71, for a total transaction of $619,043.04. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.
Norfolk Southern (NYSE:NSC) last announced its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.17 by $0.34. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.82 billion. Norfolk Southern had a net margin of 24.10% and a return on equity of 17.80%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.93 EPS. As a group, equities research analysts predict that Norfolk Southern Corp. will post 10.89 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 3rd were issued a $0.86 dividend. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.77%. Norfolk Southern’s payout ratio is 36.17%.
A number of equities analysts have commented on NSC shares. Citigroup boosted their price target on shares of Norfolk Southern from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Morgan Stanley boosted their price target on shares of Norfolk Southern from $133.00 to $138.00 and gave the stock an “underweight” rating in a research note on Monday, April 29th. Cowen reissued an “outperform” rating and issued a $230.00 price target (up previously from $200.00) on shares of Norfolk Southern in a research note on Wednesday, April 24th. Bank of America raised shares of Norfolk Southern from a “neutral” rating to a “buy” rating and set a $205.00 price target for the company in a research note on Monday, April 1st. Finally, Deutsche Bank cut their price target on shares of Norfolk Southern from $198.00 to $196.00 and set a “hold” rating for the company in a research note on Wednesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $203.11.
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Norfolk Southern Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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