Assenagon Asset Management S.A. Sells 168,596 Shares of Norfolk Southern Corporation $NSC

Key Points

• Assenagon Asset Management cut its Norfolk Southern stake by 46.8% in the second quarter, selling 168,596 shares and retaining 191,873 shares worth about $60.4 million. Institutional investors own approximately 75.1% of NSC.
• Analysts maintain a broadly neutral outlook: seven rate the stock a Buy and 15 a Hold, resulting in a consensus “Hold” rating and a $348 price target.
• Norfolk Southern exceeded quarterly expectations, reporting $3.52 in EPS and $3.46 billion in revenue, up 12.5% year over year. The company also declared a quarterly dividend of $1.35 per share, representing a 1.6% yield.

Assenagon Asset Management S.A. reduced its stake in Norfolk Southern Corporation (NYSE:NSC - Free Report) by 46.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,873 shares of the railroad operator's stock after selling 168,596 shares during the period. Assenagon Asset Management S.A. owned 0.09% of Norfolk Southern worth $60,361,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. JPL Wealth Management LLC purchased a new stake in Norfolk Southern during the third quarter worth $25,000. BNP Paribas bought a new position in shares of Norfolk Southern in the 2nd quarter worth $26,000. Meeder Asset Management Inc. lifted its stake in shares of Norfolk Southern by 239.3% during the 4th quarter. Meeder Asset Management Inc. now owns 95 shares of the railroad operator's stock worth $27,000 after purchasing an additional 67 shares during the last quarter. Financial Life Planners purchased a new stake in shares of Norfolk Southern during the 1st quarter worth $33,000. Finally, Bayban bought a new stake in Norfolk Southern during the fourth quarter valued at about $34,000. 75.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NSC. Stephens upgraded Norfolk Southern to a "hold" rating in a research note on Wednesday, July 8th. TD Cowen increased their target price on shares of Norfolk Southern from $337.00 to $376.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Susquehanna raised their target price on shares of Norfolk Southern from $337.00 to $360.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Robert W. Baird lifted their price target on shares of Norfolk Southern from $360.00 to $377.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Finally, Royal Bank Of Canada increased their price objective on Norfolk Southern from $320.00 to $360.00 and gave the company a "sector perform" rating in a report on Friday, July 24th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $348.00.

Norfolk Southern Stock Performance

Norfolk Southern stock opened at $334.86 on Friday. The firm has a 50 day simple moving average of $322.11 and a 200-day simple moving average of $309.66. The stock has a market cap of $75.21 billion, a price-to-earnings ratio of 28.57, a price-to-earnings-growth ratio of 6.09 and a beta of 1.27. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.83 and a quick ratio of 0.73. Norfolk Southern Corporation has a 1-year low of $268.23 and a 1-year high of $358.60.

Norfolk Southern (NYSE:NSC - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The railroad operator reported $3.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.32 by $0.20. The firm had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.38 billion. Norfolk Southern had a return on equity of 18.21% and a net margin of 21.02%.The company's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.29 EPS. On average, analysts expect that Norfolk Southern Corporation will post 12.6 EPS for the current year.

Norfolk Southern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Friday, August 7th will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 7th. Norfolk Southern's dividend payout ratio is 46.08%.

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.

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