Parsons Capital Management Inc. RI Lowers Position in Norfolk Southern Co. (NYSE:NSC)

Parsons Capital Management Inc. RI cut its stake in shares of Norfolk Southern Co. (NYSE:NSC) by 3.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 2,123 shares of the railroad operator’s stock after selling 76 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Norfolk Southern were worth $456,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cedar Wealth Management LLC bought a new stake in Norfolk Southern during the first quarter valued at about $27,000. Rise Advisors LLC bought a new stake in Norfolk Southern during the first quarter valued at about $34,000. Rational Advisors LLC bought a new stake in Norfolk Southern during the first quarter valued at about $40,000. Transcendent Capital Group LLC bought a new stake in shares of Norfolk Southern in the fourth quarter worth about $38,000. Finally, Central Valley Advisors LLC bought a new stake in shares of Norfolk Southern in the second quarter worth about $36,000. 75.10% of the stock is currently owned by hedge funds and other institutional investors.

Norfolk Southern Trading Up 0.3 %

NSC traded up $0.73 during trading hours on Monday, reaching $241.17. 636,001 shares of the company’s stock traded hands, compared to its average volume of 1,284,724. The firm has a 50-day moving average price of $228.39 and a 200 day moving average price of $238.44. The firm has a market capitalization of $54.48 billion, a PE ratio of 38.84, a PEG ratio of 2.41 and a beta of 1.32. The company has a quick ratio of 0.54, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. Norfolk Southern Co. has a 52-week low of $183.09 and a 52-week high of $263.66.

Norfolk Southern (NYSE:NSC) last issued its earnings results on Thursday, July 25th. The railroad operator reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.86 by $0.20. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.04 billion. Norfolk Southern had a net margin of 14.85% and a return on equity of 19.64%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.95 earnings per share. As a group, sell-side analysts predict that Norfolk Southern Co. will post 11.78 EPS for the current fiscal year.

Norfolk Southern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Friday, August 2nd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.24%. Norfolk Southern’s dividend payout ratio is currently 86.96%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company lifted their target price on Norfolk Southern from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Susquehanna lifted their target price on Norfolk Southern from $245.00 to $255.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Royal Bank of Canada reduced their target price on Norfolk Southern from $270.00 to $267.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Benchmark lifted their target price on Norfolk Southern from $266.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $175.00 target price on shares of Norfolk Southern in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $264.24.

Insider Transactions at Norfolk Southern

In other news, Director Sameh Fahmy acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were bought at an average price of $219.25 per share, with a total value of $438,500.00. Following the completion of the purchase, the director now directly owns 7,000 shares in the company, valued at $1,534,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Sameh Fahmy acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were bought at an average price of $219.25 per share, with a total value of $438,500.00. Following the completion of the purchase, the director now directly owns 7,000 shares in the company, valued at $1,534,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nabanita C. Nag sold 355 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $249.38, for a total value of $88,529.90. Following the completion of the transaction, the executive vice president now directly owns 1,488 shares in the company, valued at approximately $371,077.44. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 10,350 shares of company stock valued at $2,353,715. 0.19% of the stock is currently owned by company 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.