California State Teachers Retirement System boosted its holdings in shares of Norfolk Southern Corp. (NYSE:NSC) by 0.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 512,812 shares of the railroad operator’s stock after purchasing an additional 1,947 shares during the period. California State Teachers Retirement System owned 0.18% of Norfolk Southern worth $74,306,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in NSC. Sawyer & Company Inc acquired a new stake in shares of Norfolk Southern in the 4th quarter valued at $104,000. Arcadia Investment Management Corp MI increased its stake in shares of Norfolk Southern by 165.1% in the 4th quarter. Arcadia Investment Management Corp MI now owns 835 shares of the railroad operator’s stock valued at $121,000 after buying an additional 520 shares during the period. Welch Investments LLC acquired a new stake in shares of Norfolk Southern in the 4th quarter valued at $156,000. Avestar Capital LLC acquired a new stake in shares of Norfolk Southern in the 4th quarter valued at $171,000. Finally, Advantage Investment Management LLC increased its stake in shares of Norfolk Southern by 43.6% in the 3rd quarter. Advantage Investment Management LLC now owns 1,363 shares of the railroad operator’s stock valued at $180,000 after buying an additional 414 shares during the period. 72.50% of the stock is owned by hedge funds and other institutional investors.
Shares of Norfolk Southern Corp. (NYSE NSC) opened at $142.56 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.76 and a current ratio of 0.84. Norfolk Southern Corp. has a 52 week low of $109.27 and a 52 week high of $157.15. The company has a market capitalization of $40,490.00, a price-to-earnings ratio of 19.99, a P/E/G ratio of 1.44 and a beta of 1.32.
The firm also recently announced a quarterly dividend, which was paid on Saturday, March 10th. Shareholders of record on Friday, February 2nd were issued a dividend of $0.72 per share. The ex-dividend date of this dividend was Thursday, February 1st. This is a positive change from Norfolk Southern’s previous quarterly dividend of $0.61. This represents a $2.88 annualized dividend and a yield of 2.02%. Norfolk Southern’s payout ratio is currently 40.39%.
Several research firms have recently commented on NSC. Credit Suisse Group reissued an “outperform” rating and issued a $166.00 target price (down from $178.00) on shares of Norfolk Southern in a research note on Thursday, March 8th. Cowen reissued an “outperform” rating and issued a $163.00 target price (down from $165.00) on shares of Norfolk Southern in a research note on Wednesday, February 28th. Zacks Investment Research raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $166.00 target price for the company in a research note on Monday, January 29th. JPMorgan Chase & Co. lowered their target price on Norfolk Southern from $154.00 to $151.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. Finally, Morgan Stanley lifted their target price on Norfolk Southern from $77.00 to $100.00 and gave the company an “underweight” rating in a research note on Thursday, January 25th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $140.15.
In other Norfolk Southern news, Chairman James A. Squires sold 10,000 shares of Norfolk Southern stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $150.10, for a total transaction of $1,501,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Thomas E. Hurlbut sold 467 shares of Norfolk Southern stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $150.17, for a total value of $70,129.39. Following the transaction, the vice president now owns 5,000 shares in the company, valued at $750,850. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,166 shares of company stock worth $1,958,040. Corporate insiders own 0.36% of the company’s stock.
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Norfolk Southern 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.
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