Cornerstone Investment Partners LLC Cuts Stake in Norfolk Southern Corp. (NSC)

Cornerstone Investment Partners LLC Cuts Stake in Norfolk Southern Corp. (NSC)

Cornerstone Investment Partners LLC cut its stake in shares of Norfolk Southern Corp. (NYSE:NSC) by 12.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,575 shares of the railroad operator’s stock after selling 1,081 shares during the period. Cornerstone Investment Partners LLC’s holdings in Norfolk Southern were worth $1,133,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc raised its position in shares of Norfolk Southern by 1.6% in the third quarter. Vanguard Group Inc now owns 21,159,132 shares of the railroad operator’s stock valued at $3,819,223,000 after buying an additional 336,725 shares in the last quarter. FMR LLC raised its position in shares of Norfolk Southern by 14.8% in the third quarter. FMR LLC now owns 8,080,231 shares of the railroad operator’s stock valued at $1,458,480,000 after buying an additional 1,043,444 shares in the last quarter. Capital International Investors raised its position in shares of Norfolk Southern by 47.1% in the third quarter. Capital International Investors now owns 7,020,157 shares of the railroad operator’s stock valued at $1,267,138,000 after buying an additional 2,249,296 shares in the last quarter. Legal & General Group Plc raised its position in shares of Norfolk Southern by 0.9% in the third quarter. Legal & General Group Plc now owns 1,553,179 shares of the railroad operator’s stock valued at $280,349,000 after buying an additional 13,737 shares in the last quarter. Finally, Artemis Investment Management LLP raised its position in shares of Norfolk Southern by 21.3% in the third quarter. Artemis Investment Management LLP now owns 1,462,459 shares of the railroad operator’s stock valued at $263,981,000 after buying an additional 256,367 shares in the last quarter. Hedge funds and other institutional investors own 72.95% of the company’s stock.

A number of equities research analysts have recently weighed in on the stock. Bank of America lifted their price target on shares of Norfolk Southern from $183.00 to $187.00 and gave the company a “buy” rating in a research report on Monday, October 1st. Morgan Stanley lifted their price target on shares of Norfolk Southern from $112.00 to $116.00 and gave the company a “sell” rating in a research report on Tuesday, October 9th. Zacks Investment Research upgraded shares of Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price target for the company in a research report on Monday, October 8th. Barclays reiterated a “hold” rating and issued a $190.00 price target on shares of Norfolk Southern in a research report on Wednesday, September 26th. Finally, Edward Jones downgraded shares of Norfolk Southern from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $176.42.

In other Norfolk Southern news, COO Michael Joseph Wheeler sold 801 shares of the business’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total transaction of $138,212.55. Following the sale, the chief operating officer now owns 9,406 shares of the company’s stock, valued at $1,623,005.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Shares of NYSE NSC traded up $1.51 during midday trading on Friday, reaching $162.92. 97,626 shares of the company were exchanged, compared to its average volume of 2,083,864. The stock has a market cap of $43.31 billion, a PE ratio of 24.65, a PEG ratio of 1.30 and a beta of 1.33. Norfolk Southern Corp. has a one year low of $127.79 and a one year high of $186.91. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.75 and a current ratio of 0.86.

Norfolk Southern (NYSE:NSC) last posted its earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.08. The firm had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.90 billion. Norfolk Southern had a net margin of 52.82% and a return on equity of 15.12%. The company’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.75 earnings per share. As a group, sell-side analysts predict that Norfolk Southern Corp. will post 9.24 earnings per share for the current fiscal year.

About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.

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