Norfolk Southern Corporation $NSC Stock Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its stake in shares of Norfolk Southern Corporation (NYSE:NSC) by 1.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 109,070 shares of the railroad operator’s stock after purchasing an additional 1,836 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Norfolk Southern were worth $33,703,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC lifted its position in shares of Norfolk Southern by 2.6% in the 3rd quarter. Parallel Advisors LLC now owns 4,578 shares of the railroad operator’s stock valued at $1,415,000 after acquiring an additional 114 shares in the last quarter. Ashton Thomas Private Wealth LLC grew its position in Norfolk Southern by 5.6% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 6,020 shares of the railroad operator’s stock worth $1,860,000 after purchasing an additional 320 shares in the last quarter. Providence First Trust Co raised its stake in Norfolk Southern by 3.3% during the 3rd quarter. Providence First Trust Co now owns 1,223 shares of the railroad operator’s stock valued at $378,000 after purchasing an additional 39 shares during the period. Calamos Wealth Management LLC raised its stake in Norfolk Southern by 8.7% during the 3rd quarter. Calamos Wealth Management LLC now owns 1,994 shares of the railroad operator’s stock valued at $616,000 after purchasing an additional 159 shares during the period. Finally, Calamos Advisors LLC raised its stake in Norfolk Southern by 13.5% during the 3rd quarter. Calamos Advisors LLC now owns 274,799 shares of the railroad operator’s stock valued at $84,913,000 after purchasing an additional 32,775 shares during the period. 75.10% of the stock is owned by hedge funds and other institutional investors.

Norfolk Southern Stock Up 0.6%

Norfolk Southern stock opened at $327.65 on Wednesday. The firm has a market cap of $73.60 billion, a PE ratio of 25.04, a P/E/G ratio of 4.86 and a beta of 1.20. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.90. The firm’s 50 day moving average price is $324.08 and its two-hundred day moving average price is $316.48. Norfolk Southern Corporation has a twelve month low of $277.80 and a twelve month high of $358.60.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, October 22nd. The railroad operator reported $3.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.46 by $0.16. Norfolk Southern had a net margin of 20.70% and a return on equity of 18.22%. The company had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same quarter last year, the business posted $3.30 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, research analysts predict that Norfolk Southern Corporation will post 12.83 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, November 6th. Norfolk Southern’s dividend payout ratio (DPR) is currently 45.26%.

Analyst Ratings Changes

Several brokerages have recently commented on NSC. Wells Fargo & Company raised their target price on Norfolk Southern from $365.00 to $385.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Robert W. Baird upped their price target on Norfolk Southern from $360.00 to $377.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Susquehanna reduced their price objective on Norfolk Southern from $386.00 to $350.00 and set a “neutral” rating for the company in a research note on Friday, October 2nd. TD Cowen raised their price objective on Norfolk Southern from $376.00 to $379.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. Finally, BMO Capital Markets lifted their target price on Norfolk Southern from $310.00 to $355.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Seven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $348.81.

About Norfolk Southern

Norfolk Southern Corporation is a freight transportation company that operates a major railroad network across the eastern United States. Its rail services connect businesses, ports and communities, and link with other railroads to move goods across North America. The company transports a broad range of products, including coal, chemicals, agricultural goods, automotive vehicles and parts, metals, construction materials and consumer products. Its services include intermodal transportation, which combines rail with truck or container shipping, as well as rail freight and logistics solutions.