Assenagon Asset Management S.A. Purchases 317,494 Shares of Norfolk Southern Co. (NYSE:NSC)

Assenagon Asset Management S.A. grew its position in Norfolk Southern Co. (NYSE:NSC) by 4,083.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 325,270 shares of the railroad operator’s stock after buying an additional 317,494 shares during the period. Assenagon Asset Management S.A. owned 0.14% of Norfolk Southern worth $80,830,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NSC. Cedar Wealth Management LLC purchased a new position in Norfolk Southern in the first quarter worth $27,000. 1620 Investment Advisors Inc. purchased a new position in Norfolk Southern during the 2nd quarter worth $27,000. Financial Connections Group Inc. acquired a new position in Norfolk Southern during the 2nd quarter valued at about $31,000. HWG Holdings LP purchased a new stake in Norfolk Southern in the second quarter valued at about $31,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Norfolk Southern in the second quarter worth about $34,000. Hedge funds and other institutional investors own 75.10% of the company’s stock.

Norfolk Southern Price Performance

Shares of NYSE:NSC traded down $4.32 during trading on Thursday, reaching $252.66. 525,330 shares of the company’s stock traded hands, compared to its average volume of 1,256,359. The firm has a market cap of $57.08 billion, a PE ratio of 41.38, a P/E/G ratio of 2.33 and a beta of 1.31. 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 quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. The company has a 50-day simple moving average of $248.76 and a 200-day simple moving average of $236.88.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Tuesday, October 22nd. The railroad operator reported $3.25 EPS for the quarter, beating analysts’ consensus estimates of $3.11 by $0.14. Norfolk Southern had a return on equity of 19.64% and a net margin of 14.85%. The business had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the business earned $2.65 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. As a group, analysts predict that Norfolk Southern Co. will post 11.79 earnings per share for the current year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Friday, November 1st will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.14%. The ex-dividend date is Friday, November 1st. Norfolk Southern’s payout ratio is 86.96%.

Insider Activity

In related news, EVP Nabanita C. Nag sold 355 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $249.38, for a total value of $88,529.90. Following the transaction, the executive vice president now directly owns 1,488 shares of the company’s stock, valued at approximately $371,077.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Alan H. Shaw sold 51,325 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $255.98, for a total value of $13,138,173.50. Following the completion of the sale, the chief executive officer now directly owns 35,045 shares in the company, valued at $8,970,819.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nabanita C. Nag sold 355 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $249.38, for a total transaction of $88,529.90. Following the transaction, the executive vice president now owns 1,488 shares in the company, valued at $371,077.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on NSC. Jefferies Financial Group increased their price objective on shares of Norfolk Southern from $275.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Loop Capital lifted their price objective on shares of Norfolk Southern from $285.00 to $287.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup upped their target price on Norfolk Southern from $294.00 to $302.00 and gave the company a “buy” rating in a research report on Tuesday. Morgan Stanley reaffirmed an “underweight” rating and set a $175.00 price target on shares of Norfolk Southern in a research report on Monday, July 8th. Finally, Evercore ISI reduced their price objective on Norfolk Southern from $276.00 to $274.00 and set an “outperform” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $274.16.

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.