Parsons Capital Management Inc. RI Has $514,000 Stock Holdings in Norfolk Southern Co. (NYSE:NSC)

Parsons Capital Management Inc. RI raised its holdings in Norfolk Southern Co. (NYSE:NSC) by 12.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,191 shares of the railroad operator’s stock after acquiring an additional 238 shares during the period. Parsons Capital Management Inc. RI’s holdings in Norfolk Southern were worth $514,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its stake in shares of Norfolk Southern by 3.6% in the third quarter. Principal Financial Group Inc. now owns 255,200 shares of the railroad operator’s stock valued at $63,417,000 after buying an additional 8,844 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Norfolk Southern by 20.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,428 shares of the railroad operator’s stock valued at $3,556,000 after acquiring an additional 2,453 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Norfolk Southern by 0.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 533,459 shares of the railroad operator’s stock worth $132,565,000 after acquiring an additional 3,621 shares during the period. Pathway Financial Advisers LLC grew its holdings in shares of Norfolk Southern by 25,181.8% during the 3rd quarter. Pathway Financial Advisers LLC now owns 893,459 shares of the railroad operator’s stock worth $222,025,000 after purchasing an additional 889,925 shares in the last quarter. Finally, Grandview Asset Management LLC bought a new stake in shares of Norfolk Southern during the fourth quarter valued at approximately $918,000. 75.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on NSC. Susquehanna reduced their target price on Norfolk Southern from $285.00 to $265.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Stephens reiterated an “equal weight” rating and set a $263.00 target price on shares of Norfolk Southern in a research report on Wednesday, October 23rd. Stifel Nicolaus increased their price target on shares of Norfolk Southern from $241.00 to $245.00 and gave the stock a “hold” rating in a research report on Friday, October 11th. Benchmark lifted their price objective on Norfolk Southern from $270.00 to $285.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Bank of America upped their price objective on Norfolk Southern from $276.00 to $291.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $275.68.

Insider Activity

In other Norfolk Southern news, Director Sameh Fahmy purchased 350 shares of the stock in a transaction dated Thursday, December 12th. The stock was bought at an average price of $249.37 per share, for a total transaction of $87,279.50. Following the transaction, the director now directly owns 10,350 shares in the company, valued at $2,580,979.50. This represents a 3.50 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Norfolk Southern Stock Performance

Norfolk Southern stock opened at $252.20 on Wednesday. The stock has a 50-day simple moving average of $249.56 and a 200 day simple moving average of $248.42. The stock has a market capitalization of $57.06 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 2.29 and a beta of 1.34. The company has a quick ratio of 0.65, a current ratio of 0.73 and a debt-to-equity ratio of 1.21. Norfolk Southern Co. has a 12-month low of $206.71 and a 12-month high of $277.60.

Norfolk Southern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Friday, February 7th 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 2.14%. Norfolk Southern’s payout ratio is 50.70%.

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.