Assenagon Asset Management S.A. Purchases 126,290 Shares of Norfolk Southern Corporation $NSC

Assenagon Asset Management S.A. raised its holdings in shares of Norfolk Southern Corporation (NYSE:NSC) by 53.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 360,469 shares of the railroad operator’s stock after acquiring an additional 126,290 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Norfolk Southern were worth $103,455,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Burns J W & Co. Inc. NY lifted its position in shares of Norfolk Southern by 1.8% during the first quarter. Burns J W & Co. Inc. NY now owns 20,266 shares of the railroad operator’s stock worth $5,816,000 after acquiring an additional 364 shares in the last quarter. Cidel Asset Management Inc. boosted its holdings in shares of Norfolk Southern by 11.8% in the first quarter. Cidel Asset Management Inc. now owns 1,942 shares of the railroad operator’s stock worth $557,000 after acquiring an additional 205 shares during the period. Bar Harbor Wealth Management grew its position in shares of Norfolk Southern by 0.6% in the first quarter. Bar Harbor Wealth Management now owns 6,290 shares of the railroad operator’s stock valued at $1,805,000 after purchasing an additional 36 shares in the last quarter. HHM Wealth Advisors LLC raised its stake in shares of Norfolk Southern by 3.6% during the 1st quarter. HHM Wealth Advisors LLC now owns 10,215 shares of the railroad operator’s stock valued at $2,932,000 after purchasing an additional 359 shares during the period. Finally, Sovereign Financial Group Inc. raised its stake in shares of Norfolk Southern by 3.3% during the 1st quarter. Sovereign Financial Group Inc. now owns 1,108 shares of the railroad operator’s stock valued at $318,000 after purchasing an additional 35 shares during the period. Institutional investors own 75.10% of the company’s stock.

Norfolk Southern Price Performance

Norfolk Southern stock opened at $303.94 on Thursday. The stock has a market cap of $68.26 billion, a price-to-earnings ratio of 25.61, a PEG ratio of 5.60 and a beta of 1.27. The company has a quick ratio of 0.81, a current ratio of 0.91 and a debt-to-equity ratio of 1.04. The business has a 50-day simple moving average of $310.25 and a 200 day simple moving average of $300.89. Norfolk Southern Corporation has a 52 week low of $252.54 and a 52 week high of $326.00.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings results on Friday, April 24th. The railroad operator reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.16. The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Norfolk Southern had a return on equity of 18.30% and a net margin of 21.91%.The company’s revenue was up .2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.69 EPS. On average, research analysts forecast that Norfolk Southern Corporation will post 12.12 earnings per share for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Friday, May 8th were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, May 8th. Norfolk Southern’s dividend payout ratio is 45.49%.

Analyst Ratings Changes

Several brokerages have commented on NSC. Wall Street Zen upgraded Norfolk Southern from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. TD Cowen upped their price target on Norfolk Southern from $313.00 to $337.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Argus raised shares of Norfolk Southern to a “hold” rating in a report on Wednesday, February 25th. Jefferies Financial Group cut their price objective on shares of Norfolk Southern from $350.00 to $310.00 and set a “hold” rating for the company in a research report on Monday, April 6th. Finally, Zacks Research raised shares of Norfolk Southern from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Six research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $320.35.

About Norfolk Southern

Norfolk Southern Corporation is a major U.S. freight railroad company that provides rail transportation and related logistics services. As a Class I carrier, the company operates an extensive network across the eastern United States and offers scheduled freight service for a broad range of industries. Its core operations include long-haul and regional rail freight transportation, intermodal services that move containers and trailers between rail and other modes, and terminal and switching services that support efficient rail shipments for industrial and port customers.

The company transports a variety of commodities, serving sectors such as coal and energy, automotive and automotive parts, chemicals, agriculture, metals and construction materials, and consumer goods.