Pictet Asset Management Holding SA Lowers Stock Position in Norfolk Southern Corporation $NSC

Pictet Asset Management Holding SA reduced its position in shares of Norfolk Southern Corporation (NYSE:NSC) by 4.4% during the first quarter, Holdings Channel reports. The firm owned 103,712 shares of the railroad operator’s stock after selling 4,796 shares during the period. Pictet Asset Management Holding SA’s holdings in Norfolk Southern were worth $29,764,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NSC. Sterling Capital Management LLC grew its position in Norfolk Southern by 50.2% in the 1st quarter. Sterling Capital Management LLC now owns 1,544 shares of the railroad operator’s stock worth $443,000 after purchasing an additional 516 shares in the last quarter. Cambient Family Office LLC purchased a new stake in Norfolk Southern in the 1st quarter valued at about $249,000. River Street Advisors LLC lifted its position in shares of Norfolk Southern by 4.1% during the 1st quarter. River Street Advisors LLC now owns 4,599 shares of the railroad operator’s stock worth $1,320,000 after buying an additional 180 shares in the last quarter. OLD Second National Bank of Aurora lifted its position in shares of Norfolk Southern by 0.8% during the 1st quarter. OLD Second National Bank of Aurora now owns 11,173 shares of the railroad operator’s stock worth $3,207,000 after buying an additional 94 shares in the last quarter. Finally, Welch Group LLC boosted its stake in shares of Norfolk Southern by 364.4% in the 1st quarter. Welch Group LLC now owns 14,503 shares of the railroad operator’s stock worth $4,162,000 after buying an additional 11,380 shares during the last quarter. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Evercore set a $325.00 target price on Norfolk Southern in a report on Friday, April 24th. Wolfe Research lifted their price target on Norfolk Southern from $350.00 to $355.00 and gave the stock an “outperform” rating in a report on Tuesday, April 7th. JPMorgan Chase & Co. cut their price objective on Norfolk Southern from $296.00 to $292.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. TD Cowen upped their price objective on Norfolk Southern from $313.00 to $337.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Finally, Rothschild & Co Redburn raised their target price on Norfolk Southern from $308.00 to $315.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Six research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $320.35.

Norfolk Southern Stock Down 0.6%

Norfolk Southern stock opened at $314.68 on Wednesday. The firm has a 50 day moving average price of $311.31 and a 200-day moving average price of $301.49. The company has a quick ratio of 0.81, a current ratio of 0.91 and a debt-to-equity ratio of 1.04. Norfolk Southern Corporation has a twelve month low of $255.41 and a twelve month high of $326.00. The company has a market capitalization of $70.67 billion, a P/E ratio of 26.51, a P/E/G ratio of 5.84 and a beta of 1.27.

Norfolk Southern (NYSE:NSC) last posted its quarterly earnings data on Friday, April 24th. The railroad operator reported $2.65 EPS for the quarter, beating the consensus estimate of $2.49 by $0.16. Norfolk Southern had a return on equity of 18.30% and a net margin of 21.91%.The business had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the business earned $2.69 earnings per share. Norfolk Southern’s revenue for the quarter was up .2% on a year-over-year basis. As a group, equities analysts predict that Norfolk Southern Corporation will post 12.12 EPS for the current year.

Norfolk Southern Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were paid a $1.35 dividend. The ex-dividend date was Friday, May 8th. This represents a $5.40 annualized dividend and a dividend yield of 1.7%. Norfolk Southern’s payout ratio is presently 45.49%.

Norfolk Southern Profile

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.