Retirement Systems of Alabama Sells 4,600 Shares of Norfolk Southern Corp. (NSC)

Retirement Systems of Alabama lowered its stake in Norfolk Southern Corp. (NYSE:NSC) by 3.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 124,538 shares of the railroad operator’s stock after selling 4,600 shares during the period. Retirement Systems of Alabama’s holdings in Norfolk Southern were worth $23,275,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of NSC. Oregon Public Employees Retirement Fund grew its stake in shares of Norfolk Southern by 14,153.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 22,774,792 shares of the railroad operator’s stock worth $152,000 after buying an additional 22,615,008 shares during the last quarter. Norges Bank purchased a new stake in shares of Norfolk Southern in the 4th quarter worth approximately $400,313,000. Packer & Co Ltd grew its stake in shares of Norfolk Southern by 597.3% in the 4th quarter. Packer & Co Ltd now owns 1,239,800 shares of the railroad operator’s stock worth $26,588,000 after buying an additional 1,062,000 shares during the last quarter. Swedbank purchased a new stake in shares of Norfolk Southern in the 4th quarter worth approximately $127,592,000. Finally, PNC Financial Services Group Inc. boosted its stake in Norfolk Southern by 87.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,196,717 shares of the railroad operator’s stock valued at $178,960,000 after purchasing an additional 558,407 shares during the last quarter. Institutional investors own 74.39% of the company’s stock.

In other Norfolk Southern news, VP Jason Andrew Zampi sold 519 shares of the business’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $181.34, for a total transaction of $94,115.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael Joseph Wheeler sold 4,761 shares of the business’s stock in a transaction that occurred on Tuesday, February 12th. The shares were sold at an average price of $180.23, for a total value of $858,075.03. Following the transaction, the chief operating officer now owns 19,724 shares of the company’s stock, valued at approximately $3,554,856.52. The disclosure for this sale can be found here. 0.19% of the stock is owned by insiders.

NSC has been the topic of several recent analyst reports. JPMorgan Chase & Co. upgraded Norfolk Southern from a “neutral” rating to an “overweight” rating and increased their target price for the company from $198.00 to $203.00 in a research note on Tuesday, December 18th. Zacks Investment Research downgraded Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Tuesday, December 18th. Argus reiterated a “buy” rating on shares of Norfolk Southern in a research note on Thursday, January 3rd. Credit Suisse Group cut their target price on Norfolk Southern from $187.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, January 7th. Finally, Morgan Stanley increased their target price on Norfolk Southern from $115.00 to $116.00 and gave the company an “underweight” rating in a research note on Monday, January 7th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the company’s stock. Norfolk Southern has an average rating of “Hold” and an average target price of $190.47.

Shares of NYSE:NSC opened at $193.22 on Wednesday. Norfolk Southern Corp. has a 1 year low of $133.47 and a 1 year high of $196.57. The company has a market cap of $51.81 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 1.64 and a beta of 1.43. The company has a quick ratio of 0.64, a current ratio of 0.72 and a debt-to-equity ratio of 0.69.

Norfolk Southern (NYSE:NSC) last announced its earnings results on Thursday, January 24th. The railroad operator reported $2.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.30 by $0.27. Norfolk Southern had a return on equity of 16.71% and a net margin of 23.27%. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.85 billion. During the same quarter in the previous year, the business earned $1.69 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. Analysts anticipate that Norfolk Southern Corp. will post 10.43 EPS for the current fiscal year.

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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.

Further Reading: Preferred Stock

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Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

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