Cornerstone Investment Partners LLC trimmed its position in Norfolk Southern Corp. (NYSE:NSC) by 12.5% during the fourth quarter, according to its most recent 13F filing with the SEC. 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 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Verition Fund Management LLC lifted its stake in shares of Norfolk Southern by 362.9% in the 2nd quarter. Verition Fund Management LLC now owns 21,405 shares of the railroad operator’s stock valued at $3,229,000 after purchasing an additional 16,781 shares during the period. Resources Management Corp CT ADV acquired a new position in shares of Norfolk Southern in the 3rd quarter valued at $733,000. Virtu Financial LLC lifted its stake in shares of Norfolk Southern by 57.6% in the 3rd quarter. Virtu Financial LLC now owns 10,153 shares of the railroad operator’s stock valued at $1,832,000 after purchasing an additional 3,712 shares during the period. PointState Capital LP acquired a new position in shares of Norfolk Southern in the 2nd quarter valued at $63,296,000. Finally, NuWave Investment Management LLC lifted its stake in shares of Norfolk Southern by 32.9% in the 3rd quarter. NuWave Investment Management LLC now owns 5,444 shares of the railroad operator’s stock valued at $983,000 after purchasing an additional 1,349 shares during the period. Hedge funds and other institutional investors own 72.95% of the company’s stock.
In other Norfolk Southern news, COO Michael Joseph Wheeler sold 801 shares of Norfolk Southern stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $172.55, for a total value of $138,212.55. Following the sale, the chief operating officer now owns 9,406 shares of the company’s stock, valued at approximately $1,623,005.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.
NSC has been the topic of a number of analyst reports. Barclays reissued a “hold” rating and issued a $190.00 price target on shares of Norfolk Southern in a research note on Wednesday, September 26th. Zacks Investment Research downgraded Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Wednesday, September 26th. Edward Jones downgraded Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Friday, September 28th. Bank of America increased their price target on Norfolk Southern from $183.00 to $187.00 and gave the company a “buy” rating in a research note on Monday, October 1st. Finally, Morgan Stanley raised their price objective on Norfolk Southern from $112.00 to $116.00 and gave the stock a “sell” rating in a research note on Tuesday, October 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $176.42.
Shares of NSC traded up $1.51 during midday trading on Friday, hitting $162.92. The stock had a trading volume of 97,626 shares, compared to its average volume of 2,083,864. Norfolk Southern Corp. has a twelve month low of $127.79 and a twelve month high of $186.91. The company has a market capitalization of $43.31 billion, a price-to-earnings ratio of 24.65, a P/E/G ratio of 1.30 and a beta of 1.33. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.86 and a quick ratio of 0.75.
Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Wednesday, October 24th. The railroad operator reported $2.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.44 by $0.08. Norfolk Southern had a return on equity of 15.12% and a net margin of 52.82%. The firm had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.90 billion. During the same quarter last year, the business posted $1.75 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. Sell-side analysts anticipate 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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