(The following appeared at GuruFocus.com on December 14, 2009.)
President, Chairman & CEO of Norfolk Southern Corp. (NSC) Charles W Moorman sells 50,000 shares of NSC on 12/14/2009 at an average price of $53.01 a share.
Norfolk Southern Corp., a Virginia-based holding company, owns two major freight railroads, Norfolk Southern Railway Company and Norfolk Western Railway Company, which operates in numerous states, the District of Columbia and the Province of Ontario. (Company Press Release) Norfolk Southern Corp. has a market cap of $19.53 billion; its shares were traded at around $53.08 with a P/E ratio of 16.9 and P/S ratio of 1.8. The dividend yield of Norfolk Southern Corp. stocks is 2.6%. Norfolk Southern Corp. had an annual average earning growth of 9.7% over the past 10 years.
Exec. V.P. and CMO Donald W Seale sold 6,462 shares of NSC stock on 11/06/2009 at the average price of 52.13, the price of the stock has increased by 1.82% since
Sell:: Exec.VP-Law & Corp. Relatiions James A Hixon sold 10,000 shares of NSC stock on 11/04/2009 at the average price of 50, the price of the stock has increased by 6.16% since
Sell:: Exec.VP-Law & Corp. Relatiions James A Hixon sold 10,000 shares of NSC stock on 08/07/2009 at the average price of 45, the price of the stock has increased by 17.96% since
NORFOLK, Va. - Two top executives at Norfolk Southern Corp. sold 60,000 shares of stock this week, according to filings with the Securities and Exchange Commission and the Virginian Pilot.
Wick Moorman, the company's chairman, president and CEO, sold 50,000 shares, and James A. Hixon, executive vice president/law and corporate relations, sold 10,000 shares.
"There are only certain times of the year when officers can buy or sell stock or exercise options," said Frank Brown, a Norfolk Southern spokesman. "Other factors include the types of shares that they have, the time of the expiration dates that are associated with their shares and personal financial-planning reasons.
"Due to those factors, there will often be changes in the holdings of the corporation's officers."
The transactions, which occurred Monday, involved the exercise of stock options both executives were given in 2002, enabling them to acquire stock at $22.49 a share before selling it for about $53 a share. The expiration date for the stock options was Jan. 27, 2012, according to the SEC.
As of Monday, Moorman had 215,548 total remaining shares of company stock, including those in a 401(k) plan; Hixon had 119,271, the records show.
(This item appeared Dec. 17, 2009, in the Virginian Pilot.)
