Norfolk Souther Corporation (NSC) to Issue Quarterly Dividend of $0.61 on December 11th
Norfolk Souther Corporation (NYSE:NSC) announced a quarterly dividend on Tuesday, October 24th, RTT News reports. Shareholders of record on Friday, November 3rd will be paid a dividend of 0.61 per share by the railroad operator on Monday, December 11th. This represents a $2.44 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, November 2nd.
Norfolk Souther Corporation has decreased its dividend payment by an average of 4.6% per year over the last three years and has increased its dividend annually for the last 7 consecutive years. Norfolk Souther Corporation has a dividend payout ratio of 37.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Norfolk Souther Corporation to earn $7.02 per share next year, which means the company should continue to be able to cover its $2.44 annual dividend with an expected future payout ratio of 34.8%.
Norfolk Souther Corporation (NSC) opened at 131.42 on Wednesday. The company has a market capitalization of $37.87 billion, a P/E ratio of 21.36 and a beta of 1.38. The company’s 50 day moving average price is $130.69 and its 200-day moving average price is $121.75. Norfolk Souther Corporation has a 12-month low of $91.28 and a 12-month high of $134.52.
Norfolk Souther Corporation (NYSE:NSC) last announced its quarterly earnings results on Wednesday, October 25th. The railroad operator reported $1.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.11. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.65 billion. Norfolk Souther Corporation had a return on equity of 14.72% and a net margin of 17.86%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.55 EPS. Equities analysts forecast that Norfolk Souther Corporation will post $6.47 earnings per share for the current fiscal year.
Several brokerages have recently issued reports on NSC. Wolfe Research upgraded Norfolk Souther Corporation from a “market perform” rating to a “buy” rating and set a $126.00 price target for the company in a report on Monday, August 7th. ValuEngine lowered Norfolk Souther Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Argus lifted their price target on Norfolk Souther Corporation from $145.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday. BidaskClub lowered Norfolk Souther Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Finally, Cowen and Company reiterated an “outperform” rating and set a $130.00 price target on shares of Norfolk Souther Corporation in a report on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $126.17.
Norfolk Souther Corporation announced that its Board of Directors has initiated a stock buyback plan on Tuesday, September 26th that permits the company to buyback 50,000,000 shares. This buyback authorization permits the railroad operator to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other Norfolk Souther Corporation news, COO Michael Joseph Wheeler sold 2,370 shares of Norfolk Souther Corporation stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $118.68, for a total value of $281,271.60. Following the transaction, the chief operating officer now directly owns 13,492 shares of the company’s stock, valued at approximately $1,601,230.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman James A. Squires sold 24,407 shares of Norfolk Souther Corporation stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $119.95, for a total value of $2,927,619.65. Following the completion of the transaction, the chairman now directly owns 76,481 shares in the company, valued at $9,173,895.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,645 shares of company stock worth $3,719,075. Company insiders own 0.36% of the company’s stock.
Norfolk Souther Corporation 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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