ClariVest Asset Management LLC reduced its position in Norfolk Southern Corp. (NYSE:NSC) by 36.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 180,306 shares of the railroad operator’s stock after selling 104,184 shares during the quarter. ClariVest Asset Management LLC owned about 0.07% of Norfolk Southern worth $33,698,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc boosted its stake in 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 acquiring an additional 336,725 shares during the period. Advisors Asset Management Inc. raised its holdings in Norfolk Southern by 2.7% during the fourth quarter. Advisors Asset Management Inc. now owns 9,124 shares of the railroad operator’s stock worth $1,364,000 after purchasing an additional 236 shares in the last quarter. Financial Counselors Inc. raised its holdings in Norfolk Southern by 8.2% during the fourth quarter. Financial Counselors Inc. now owns 4,739 shares of the railroad operator’s stock worth $709,000 after purchasing an additional 358 shares in the last quarter. Spinnaker Trust bought a new position in shares of Norfolk Southern in the fourth quarter valued at $223,000. Finally, Dearborn Partners LLC increased its holdings in shares of Norfolk Southern by 52.2% in the fourth quarter. Dearborn Partners LLC now owns 7,586 shares of the railroad operator’s stock valued at $1,134,000 after buying an additional 2,601 shares in the last quarter. 72.50% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on NSC shares. Zacks Investment Research raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $200.00 price target on the stock in a report on Friday, March 8th. Bank of America raised shares of Norfolk Southern from a “neutral” rating to a “buy” rating and set a $205.00 target price on the stock in a research note on Monday, April 1st. Citigroup upped their target price on shares of Norfolk Southern from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Argus upped their price objective on shares of Norfolk Southern to $210.00 and gave the stock a “positive” rating in a research note on Monday, April 8th. Finally, ValuEngine raised shares of Norfolk Southern from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. Norfolk Southern has an average rating of “Buy” and an average target price of $203.11.
Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Wednesday, April 24th. The railroad operator reported $2.51 EPS for the quarter, beating the Zacks’ consensus estimate of $2.17 by $0.34. Norfolk Southern had a net margin of 24.10% and a return on equity of 17.80%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period in the prior year, the firm posted $1.93 EPS. The company’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities research analysts predict that Norfolk Southern Corp. will post 10.86 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 3rd were paid a $0.86 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $3.44 annualized dividend and a dividend yield of 1.71%. Norfolk Southern’s payout ratio is 36.17%.
In related news, Chairman James A. Squires sold 3,024 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $204.71, for a total transaction of $619,043.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michael Joseph Wheeler sold 2,500 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $204.57, for a total transaction of $511,425.00. Following the transaction, the chief operating officer now owns 12,919 shares of the company’s stock, valued at approximately $2,642,839.83. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.
About Norfolk Southern
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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