Assetmark Inc. Lowers Holdings in Norfolk Southern Corporation $NSC

Assetmark Inc. trimmed its holdings in Norfolk Southern Corporation (NYSE:NSC) by 36.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 4,477 shares of the railroad operator’s stock after selling 2,556 shares during the period. Assetmark Inc.’s holdings in Norfolk Southern were worth $1,146,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. WPG Advisers LLC purchased a new position in Norfolk Southern during the first quarter worth about $27,000. Financial Gravity Asset Management Inc. purchased a new position in Norfolk Southern during the first quarter worth about $41,000. Pinnacle Bancorp Inc. boosted its stake in Norfolk Southern by 30.5% during the second quarter. Pinnacle Bancorp Inc. now owns 184 shares of the railroad operator’s stock worth $47,000 after buying an additional 43 shares during the period. Chung Wu Investment Group LLC purchased a new position in shares of Norfolk Southern during the 2nd quarter worth approximately $51,000. Finally, McClarren Financial Advisors Inc. purchased a new position in shares of Norfolk Southern during the 1st quarter worth approximately $56,000. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Norfolk Southern Stock Down 1.1%

Shares of Norfolk Southern stock opened at $280.79 on Thursday. Norfolk Southern Corporation has a 52-week low of $201.63 and a 52-week high of $302.24. The company has a 50 day moving average of $285.96 and a 200 day moving average of $266.41. The company has a quick ratio of 0.78, a current ratio of 0.86 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $63.01 billion, a P/E ratio of 21.42, a P/E/G ratio of 2.52 and a beta of 1.33.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Thursday, October 23rd. The railroad operator reported $3.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.31 by ($0.01). The firm had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Norfolk Southern had a return on equity of 18.93% and a net margin of 24.22%.Norfolk Southern’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the firm posted $3.25 earnings per share. As a group, research analysts forecast that Norfolk Southern Corporation will post 13 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Friday, November 7th will be paid a dividend of $1.35 per share. The ex-dividend date is Friday, November 7th. This represents a $5.40 annualized dividend and a yield of 1.9%. Norfolk Southern’s payout ratio is presently 41.19%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NSC. BMO Capital Markets increased their price objective on shares of Norfolk Southern from $285.00 to $305.00 and gave the stock a “market perform” rating in a research report on Friday, October 24th. Jefferies Financial Group restated a “hold” rating and set a $300.00 price target on shares of Norfolk Southern in a research report on Friday, July 25th. Loop Capital raised their target price on Norfolk Southern from $235.00 to $278.00 and gave the company a “hold” rating in a report on Tuesday, September 16th. Weiss Ratings cut Norfolk Southern from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, JPMorgan Chase & Co. raised their target price on Norfolk Southern from $288.00 to $303.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $299.70.

Insiders Place Their Bets

In other Norfolk Southern news, Director Richard H. Anderson bought 2,600 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The stock was purchased at an average price of $281.86 per share, for a total transaction of $732,836.00. Following the completion of the purchase, the director directly owned 7,000 shares in the company, valued at $1,973,020. This trade represents a 59.09% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by insiders.

Norfolk Southern Company Profile

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.