NORFOLK SOUTHN CORP NSC
COM · Common Stock · CUSIP 655844108 · ISIN US6558441084
Holding company formed in 1982 for Norfolk and Western Railway and Southern Railway
- SectorIndustrials
- IndustryRailroads, Line-Haul Operating
- HeadquartersAtlanta, GA
- Founded1980
- Websitenorfolksouthern.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($120.7m this quarter). Holder counts are more reliable. Shares outstanding: 226.1m as of 2023-09-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $197.08. Options: 29 managers hold calls ($187.8m notional), 30 hold puts ($202.4m).
Trends to Q3 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,500 |
| Q4 2022 | 1,588 |
| Q1 2023 | 1,500 |
| Q2 2023 | 1,530 |
| Q3 2023 | 1,445 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 577 | 632 |
| Q1 2023 | 505 | 830 |
| Q2 2023 | 581 | 652 |
| Q3 2023 | 536 | 683 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2022 | $480.5m | $288.0m | 0.60 |
| Q1 2023 | $275.0m | $292.2m | 1.06 |
| Q2 2023 | $220.7m | $243.2m | 1.10 |
| Q3 2023 | $187.8m | $202.4m | 1.08 |
Biggest buyers
| Dodge & Cox | Added | +2.1m |
| EdgePoint Investment Group Inc. | Added | +1.4m |
| AMERICAN CENTURY COMPANIES INC | Added | +1.1m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +703.2k |
| LONDON CO OF VIRGINIA | Added | +577.2k |
| BANK OF AMERICA CORP /DE/ | Added | +553.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | New | +524.2k |
| JPMORGAN CHASE & CO | Added | +413.5k |
| LAZARD ASSET MANAGEMENT LLC | Added | +264.0k |
| MILLENNIUM MANAGEMENT LLC | Added | +237.4k |
Biggest sellers
| Capital World Investors | Reduced | -1.9m |
| CITADEL ADVISORS LLC | Reduced | -907.6k |
| Balyasny Asset Management L.P. | Reduced | -732.8k |
| Point72 Asset Management, L.P. | Sold out | -556.2k |
| BlackRock Inc. | Reduced | -552.1k |
| Anomaly Capital Management, LP | Reduced | -544.5k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -417.5k |
| TWO SIGMA ADVISERS, LP | Reduced | -303.6k |
| Rokos Capital Management LLP | Sold out | -295.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -294.6k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $61.3m311.2k shares |
| CITADEL ADVISORS LLC | Added | $28.3m143.9k shares |
| JANE STREET GROUP, LLC | Added | $17.3m87.8k shares |
| Cubist Systematic Strategies, LLC | Added | $12.7m64.7k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $12.1m61.3k shares |
| SIMPLEX TRADING, LLC | Reduced | $9.2m46.7k shares |
| GROUP ONE TRADING LLC | Added | $8.6m43.5k shares |
| UBS Group AG | Unchanged | $4.7m24.0k shares |
| Paloma Partners Management Co | Added | $4.7m23.7k shares |
| GTS SECURITIES LLC | New | $3.9m19.9k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $63.2m320.8k shares |
| CITADEL ADVISORS LLC | Added | $44.0m223.2k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $16.9m85.7k shares |
| Walleye Trading LLC | Added | $13.5m68.5k shares |
| UBS Group AG | Reduced | $6.6m33.4k shares |
| Cubist Systematic Strategies, LLC | Reduced | $6.1m30.9k shares |
| CITIGROUP INC | Added | $5.1m26.0k shares |
| SANDLER CAPITAL MANAGEMENT | New | $4.9m25.0k shares |
| WOLVERINE TRADING, LLC | Added | $4.9m24.7k shares |
| Walleye Capital LLC | Reduced | $4.6m23.5k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2021 | 0 | — | 2 | $1.7m | — |
| Q1 2022 | 0 | — | 3 | $17.4m | — |
| Q2 2022 | 0 | — | 2 | $7.1m | — |
| Q3 2022 | 0 | — | 2 | $26.7m | — |
| Q4 2022 | 0 | — | 2 | $5.7m | — |
| Q1 2023 | 0 | — | 1 | $448.3k | — |
| Q2 2023 | 0 | — | 1 | $419.1k | $419.1k |
| Q3 2023 | 0 | — | 0 | — | — |
None reported in Q3 2023.
Holders, Q3 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.09% of their portfolio | 18.5m $3.6bn | Added +9.8k |
| BlackRock Inc. 0.09% of their portfolio | 15.3m $3.0bn | Reduced -552.1k |
| JPMORGAN CHASE & CO 0.29% of their portfolio | 12.8m $2.5bn | Added +413.5k |
| STATE STREET CORP 0.10% of their portfolio | 9.0m $1.8bn | Reduced -191.7k |
| LAZARD ASSET MANAGEMENT LLC 2.31% of their portfolio | 8.6m $1.7bn | Added +264.0k |
| Dodge & Cox 0.85% of their portfolio | 6.4m $1.3bn | Added +2.1m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.17% of their portfolio | 5.8m $1.1bn | Added +703.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.10% of their portfolio | 4.3m $837.4m | Added +63.2k |
| WELLS FARGO & COMPANY/MN 0.26% of their portfolio | 4.2m $824.7m | Added +6.7k |
| Capital World Investors 0.14% of their portfolio | 3.6m $710.7m | Reduced -1.9m |
| BANK OF AMERICA CORP /DE/ 0.08% of their portfolio | 3.1m $618.8m | Added +553.6k |
| NORTHERN TRUST CORP 0.12% of their portfolio | 3.1m $605.3m | Added +26.7k |
| AMERICAN CENTURY COMPANIES INC 0.41% of their portfolio | 2.7m $536.3m | Added +1.1m |
| NORGES BANK 0.10% of their portfolio | 2.5m $489.6m | Added +63.3k |
| MORGAN STANLEY 0.05% of their portfolio | 2.4m $469.8m | Added +73.1k |
| DIMENSIONAL FUND ADVISORS LP 0.13% of their portfolio | 2.1m $408.8m | Reduced -34.6k |
| Bank of New York Mellon Corp 0.09% of their portfolio | 2.0m $394.2m | Added +49.2k |
| Legal & General Group Plc 0.14% of their portfolio | 2.0m $390.1m | Reduced -73.4k |
| LONDON CO OF VIRGINIA 2.34% of their portfolio | 2.0m $389.3m | Added +577.2k |
| FRANKLIN RESOURCES INC 0.19% of their portfolio | 1.9m $377.4m | Reduced -56.3k |
| FIL Ltd 0.43% of their portfolio | 1.9m $365.4m | Reduced -264.9k |
| EdgePoint Investment Group Inc. 3.21% of their portfolio | 1.7m $335.7m | Added +1.4m |
| LORD, ABBETT & CO. LLC 0.49% of their portfolio | 1.3m $264.2m | Added +177.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.07% of their portfolio | 1.3m $247.8m | Added +23.1k |
| Boston Partners 0.31% of their portfolio | 1.1m $224.6m | Added +119.6k |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 1.1m $213.5m | Added +28.5k |
| TWO SIGMA ADVISERS, LP 0.54% of their portfolio | 1.1m $210.8m | Reduced -303.6k |
| ATLAS Infrastructure Partners (UK) Ltd. 20.35% of their portfolio | 1.1m $208.3m | Added +641 |
| Magellan Asset Management Ltd 2.14% of their portfolio | 1.0m $201.8m | Added +44.9k |
| Invesco Ltd. 0.05% of their portfolio | 855.2k $168.4m | Added +92.2k |
| ALLIANCEBERNSTEIN L.P. 0.07% of their portfolio | 829.6k $163.4m | Reduced -113.9k |
| Fisher Asset Management, LLC 0.09% of their portfolio | 825.2k $162.5m | Reduced -8.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 808.4k $159.2m | Reduced -19.4k |
| Amundi 0.07% of their portfolio | 735.9k $147.9m | Added +85.2k |
| Swiss National Bank 0.11% of their portfolio | 732.2k $144.2m | Reduced -89.9k |
| UBS Group AG 0.06% of their portfolio | 684.4k $134.8m | Reduced -26.7k |
| Mirae Asset Global Investments Co., Ltd. 0.27% of their portfolio | 623.4k $122.8m | Added +59.7k |
| MARSHALL WACE, LLP 0.26% of their portfolio | 622.0k $122.5m | Added +22.6k |
| Nuveen Asset Management, LLC 0.04% of their portfolio | 588.8k $116.0m | Reduced -170.9k |
| CINCINNATI FINANCIAL CORP 2.79% of their portfolio | 587.7k $115.7m | Unchanged |
| DEUTSCHE BANK AG\ 0.07% of their portfolio | 573.8k $113.0m | Reduced -10.8k |
| Sumitomo Mitsui Trust Group, Inc. 0.09% of their portfolio | 572.0k $112.6m | Reduced -12.9k |
| AMERIPRISE FINANCIAL INC 0.04% of their portfolio | 550.6k $108.4m | Added +4.0k |
| BARCLAYS PLC 0.07% of their portfolio | 545.9k $107.5m | Added +153.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.04% of their portfolio | 524.2k $103.2m | New |
| NORDEA INVESTMENT MANAGEMENT AB 0.14% of their portfolio | 519.0k $103.1m | Reduced -8.1k |
| RHUMBLINE ADVISERS 0.11% of their portfolio | 488.4k $96.2m | Reduced -6.0k |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.46% of their portfolio | 452.5k $89.1m | Reduced -15.2k |
| TWO SIGMA INVESTMENTS, LP 0.24% of their portfolio | 434.4k $85.5m | Reduced -417.5k |
| California Public Employees Retirement System 0.07% of their portfolio | 432.2k $85.1m | Added +5.3k |
| National Pension Service 0.14% of their portfolio | 430.8k $85.4m | Added +17.5k |
| PNC Financial Services Group, Inc. 0.07% of their portfolio | 424.8k $83.6m | Reduced -4.9k |
| FIRST TRUST ADVISORS LP 0.09% of their portfolio | 405.8k $79.9m | Added +43.1k |
| DAVENPORT & Co LLC 0.60% of their portfolio | 395.4k $77.9m | Reduced -10.1k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 371.4k $73.1m | Added +23.5k |
| FMR LLC 0.01% of their portfolio | 370.2k $72.9m | Reduced -161.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.11% of their portfolio | 360.8k $71.0m | Reduced -16.9k |
| CREDIT SUISSE AG/ 0.07% of their portfolio | 354.4k $69.8m | Added +6.5k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 351.6k $69.3m | Added +51.5k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.10% of their portfolio | 345.7k $68.1m | Reduced -30.6k |
| RAYMOND JAMES & ASSOCIATES 0.06% of their portfolio | 336.6k $66.3m | Reduced -21.6k |
| Capital International Investors 0.02% of their portfolio | 332.0k $65.4m | Reduced -43.6k |
| Aberdeen Group plc 0.16% of their portfolio | 326.3k $64.2m | Added +14.5k |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 323.5k $63.7m | Added +237.4k |
| ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio | 314.7k $62.0m | Added +72.3k |
| Swedbank AB 0.11% of their portfolio | 309.3k $60.9m | Added +9.5k |
| WILBANKS SMITH & THOMAS ASSET MANAGEMENT LLC 2.05% of their portfolio | 301.4k $59.4m | Reduced -4.2k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.07% of their portfolio | 281.4k $55.4m | Reduced -294.6k |
| COHEN & STEERS, INC. 0.13% of their portfolio | 276.5k $54.4m | Reduced -282.8k |
| CINCINNATI INSURANCE CO 1.03% of their portfolio | 264.4k $52.1m | Unchanged |
| RENAISSANCE TECHNOLOGIES LLC 0.09% of their portfolio | 263.3k $51.9m | Added +80.4k |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 253.3k $49.9m | Reduced -3.7k |
| TRUIST FINANCIAL CORP 0.08% of their portfolio | 250.1k $49.2m | Added +10.8k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 246.7k $50.6m | Reduced -3.5k |
| REAVES W H & CO INC 1.83% of their portfolio | 235.1k $46.3m | Added +10.0k |
| PRIMECAP MANAGEMENT CO/CA/ 0.04% of their portfolio | 229.7k $45.2m | Reduced -1.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.11% of their portfolio | 229.6k $45.2m | Reduced -19.6k |
| Markel Group Inc. 0.55% of their portfolio | 229.5k $45.2m | Unchanged |
| SATURNA CAPITAL CORP 0.80% of their portfolio | 228.7k $45.0m | Reduced -23.8k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.10% of their portfolio | 225.7k $44.4m | Reduced -1.1k |
| TORONTO DOMINION BANK 0.04% of their portfolio | 221.1k $43.5m | Reduced -45.0k |
| Aristotle Atlantic Partners, LLC 1.70% of their portfolio | 215.0k $42.3m | Reduced -3.7k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.09% of their portfolio | 214.9k $42.3m | Added +20.6k |
| Brandywine Global Investment Management, LLC 0.36% of their portfolio | 208.6k $41.1m | Added +14.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.10% of their portfolio | 207.9k $40.9m | Reduced -9.7k |
| SEI INVESTMENTS CO 0.07% of their portfolio | 207.0k $40.8m | Added +69.7k |
| US BANCORP \DE\ 0.07% of their portfolio | 206.6k $40.7m | Reduced -5.0k |
| Assenagon Asset Management S.A. 0.14% of their portfolio | 206.3k $40.6m | Reduced -84.4k |
| Korea Investment CORP 0.12% of their portfolio | 204.6k $40.3m | Reduced -23.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.20% of their portfolio | 201.9k $39.8m | Added +36.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.09% of their portfolio | 200.5k $39.5m | Reduced -6.0k |
| PRUDENTIAL FINANCIAL INC 0.06% of their portfolio | 199.4k $39.3m | Reduced -9.3k |
| BANK OF NOVA SCOTIA 0.10% of their portfolio | 197.4k $38.9m | Reduced -129.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 192.2k $37.9m | Added +25.3k |
| LPL Financial LLC 0.03% of their portfolio | 187.3k $36.9m | Added +16.7k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.30% of their portfolio | 186.9k $36.8m | Added +644 |
| Retirement Systems of Alabama 0.17% of their portfolio | 186.7k $36.8m | Added +10.4k |
| ClearBridge Investments Ltd 1.13% of their portfolio | 177.6k $35.0m | New |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 169.4k $33.4m | Reduced -21.9k |
| Anomaly Capital Management, LP 1.52% of their portfolio | 169.2k $33.3m | Reduced -544.5k |