Pictet Asset Management Holding SA Acquires 1,836 Shares of Norfolk Southern Corporation $NSC

Pictet Asset Management Holding SA lifted its holdings in Norfolk Southern Corporation (NYSE:NSC) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. 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 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of NSC. BlackRock Inc. acquired a new position in shares of Norfolk Southern during the second quarter valued at approximately $5,033,549,000. Bank of America Corp DE bought a new stake in Norfolk Southern during the second quarter worth approximately $978,977,000. Legal & General Group Plc acquired a new stake in Norfolk Southern in the second quarter worth approximately $503,093,000. Bank of New York Mellon Corp acquired a new stake in Norfolk Southern in the second quarter worth approximately $364,414,000. Finally, Deutsche Bank AG acquired a new stake in Norfolk Southern in the second quarter worth approximately $356,558,000. 75.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NSC has been the topic of several research analyst reports. Weiss Ratings upgraded Norfolk Southern from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Wells Fargo & Company boosted their price objective on Norfolk Southern from $365.00 to $385.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. BMO Capital Markets upped their price objective on Norfolk Southern from $310.00 to $355.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Royal Bank Of Canada raised their target price on Norfolk Southern from $330.00 to $350.00 and gave the company a “sector perform” rating in a research note on Friday, October 23rd. Finally, Robert W. Baird raised their target price on Norfolk Southern from $360.00 to $377.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to MarketBeat.com, Norfolk Southern presently has an average rating of “Hold” and a consensus price target of $348.81.

Norfolk Southern Stock Up 0.6%

NYSE NSC opened at $327.65 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.90 and a quick ratio of 0.81. The company’s 50 day simple moving average is $324.08 and its 200 day simple moving average is $316.48. Norfolk Southern Corporation has a 12 month low of $277.80 and a 12 month high of $358.60. The company has a market capitalization of $73.60 billion, a P/E ratio of 25.04, a PEG ratio of 4.86 and a beta of 1.20.

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

Norfolk Southern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, November 6th. Norfolk Southern’s dividend payout ratio is 45.26%.

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.