Assenagon Asset Management S.A. Raises Stake in Norfolk Southern Co. (NYSE:NSC)

Assenagon Asset Management S.A. lifted its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 4,083.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 325,270 shares of the railroad operator’s stock after acquiring an additional 317,494 shares during the period. Assenagon Asset Management S.A.’s holdings in Norfolk Southern were worth $80,830,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of NSC. Boston Partners grew its stake in shares of Norfolk Southern by 157.1% in the 1st quarter. Boston Partners now owns 2,890,665 shares of the railroad operator’s stock valued at $735,749,000 after buying an additional 1,766,135 shares during the period. Vanguard Group Inc. grew its position in Norfolk Southern by 5.9% in the first quarter. Vanguard Group Inc. now owns 19,623,690 shares of the railroad operator’s stock worth $5,001,490,000 after acquiring an additional 1,088,072 shares during the period. American Century Companies Inc. increased its stake in Norfolk Southern by 17.3% during the second quarter. American Century Companies Inc. now owns 3,356,590 shares of the railroad operator’s stock worth $720,626,000 after acquiring an additional 496,088 shares during the last quarter. EdgePoint Investment Group Inc. lifted its stake in shares of Norfolk Southern by 10.2% in the 1st quarter. EdgePoint Investment Group Inc. now owns 3,752,050 shares of the railroad operator’s stock valued at $956,285,000 after purchasing an additional 347,852 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of Norfolk Southern by 23,037.4% during the 3rd quarter. International Assets Investment Management LLC now owns 349,143 shares of the railroad operator’s stock worth $86,762,000 after purchasing an additional 347,634 shares during the period. Institutional investors and hedge funds own 75.10% of the company’s stock.

Insider Buying and Selling

In other Norfolk Southern news, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the sale, the chief executive officer now owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Norfolk Southern news, CEO Alan H. Shaw sold 51,325 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $255.98, for a total transaction of $13,138,173.50. Following the transaction, the chief executive officer now owns 35,045 shares of the company’s stock, valued at approximately $8,970,819.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard H. Anderson bought 2,000 shares of Norfolk Southern stock in a transaction dated Monday, July 29th. The stock was purchased at an average cost of $247.48 per share, with a total value of $494,960.00. Following the completion of the acquisition, the director now directly owns 3,000 shares in the company, valued at approximately $742,440. The trade was a 200.00 % increase in their position. The disclosure for this purchase can be found here. 0.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NSC. Wells Fargo & Company boosted their price objective on shares of Norfolk Southern from $270.00 to $280.00 and gave the company an “overweight” rating in a report on Wednesday. Stephens restated an “equal weight” rating and issued a $263.00 price objective on shares of Norfolk Southern in a report on Wednesday. Evercore ISI dropped their target price on shares of Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a report on Wednesday. JPMorgan Chase & Co. upped their price target on Norfolk Southern from $283.00 to $288.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Royal Bank of Canada lifted their price objective on Norfolk Southern from $272.00 to $282.00 and gave the company an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $274.16.

Norfolk Southern Stock Down 1.7 %

NYSE NSC traded down $4.32 on Thursday, hitting $252.66. 525,330 shares of the stock were exchanged, compared to its average volume of 1,256,359. Norfolk Southern Co. has a fifty-two week low of $183.09 and a fifty-two week high of $263.66. The company has a 50-day moving average price of $248.76 and a 200-day moving average price of $236.88. The company has a quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. The company has a market cap of $57.08 billion, a PE ratio of 41.38, a PEG ratio of 2.33 and a beta of 1.31.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, topping analysts’ consensus estimates of $3.11 by $0.14. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. The firm had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the firm posted $2.65 earnings per share. The company’s revenue was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that Norfolk Southern Co. will post 11.79 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 1st will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, November 1st. Norfolk Southern’s dividend payout ratio (DPR) is presently 86.96%.

About Norfolk Southern

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals consist of sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal.