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 ($114.8m this quarter). Holder counts are more reliable. Shares outstanding: 225.9m as of 2024-01-31, 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 ≈ $236.18. Options: 34 managers hold calls ($284.9m notional), 32 hold puts ($272.1m).
Trends to Q4 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 |
| Q4 2023 | 1,586 |
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 |
| Q4 2023 | 600 | 661 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $275.0m | $292.2m | 1.06 |
| Q2 2023 | $220.7m | $243.2m | 1.10 |
| Q3 2023 | $187.8m | $202.4m | 1.08 |
| Q4 2023 | $284.9m | $272.1m | 0.95 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +13.9m |
| MORGAN STANLEY | Added | +2.4m |
| Dodge & Cox | Added | +1.8m |
| EdgePoint Investment Group Inc. | Added | +1.7m |
| STIFEL FINANCIAL CORP | Added | +875.5k |
| Mitsubishi UFJ Trust & Banking Corp | Added | +620.3k |
| Balyasny Asset Management L.P. | Added | +584.5k |
| Ancora Advisors LLC | Added | +347.8k |
| GOLDMAN SACHS GROUP INC | Added | +328.9k |
| AMERICAN CENTURY COMPANIES INC | Added | +323.5k |
Biggest sellers
| Capital World Investors | Reduced | -1.4m |
| BlackRock Inc. | Reduced | -921.7k |
| LAZARD ASSET MANAGEMENT LLC | Reduced | -772.6k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -384.6k |
| TWO SIGMA ADVISERS, LP | Reduced | -308.6k |
| MARSHALL WACE, LLP | Reduced | -292.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -272.2k |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -263.3k |
| NORDEA INVESTMENT MANAGEMENT AB | Reduced | -250.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Sold out | -201.9k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $61.5m260.3k shares |
| CITADEL ADVISORS LLC | Added | $40.0m169.1k shares |
| BlackRock Inc. | New | $29.9m126.7k shares |
| JANE STREET GROUP, LLC | Added | $23.9m101.1k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $20.3m86.0k shares |
| SIMPLEX TRADING, LLC | Added | $15.9m67.2k shares |
| Cubist Systematic Strategies, LLC | Reduced | $14.9m62.9k shares |
| D. E. Shaw & Co., Inc. | New | $10.6m44.9k shares |
| GROUP ONE TRADING LLC | Unchanged | $10.3m43.5k shares |
| UBS Group AG | Added | $9.2m39.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $83.0m351.2k shares |
| CITADEL ADVISORS LLC | Reduced | $46.4m196.4k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $40.3m170.3k shares |
| UBS Group AG | Added | $15.1m63.8k shares |
| CITIGROUP INC | Added | $12.9m54.7k shares |
| Walleye Trading LLC | Reduced | $11.6m49.1k shares |
| Walleye Capital LLC | Added | $8.7m36.9k shares |
| Cubist Systematic Strategies, LLC | Added | $7.5m31.6k shares |
| WOLVERINE TRADING, LLC | Added | $6.4m27.2k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Added | $6.3m26.6k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
None reported in Q4 2023.
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| JPMORGAN CHASE & CO 0.32% of their portfolio | 26.7m $6.3bn | Added +13.9m |
| VANGUARD GROUP INC 0.10% of their portfolio | 18.5m $4.4bn | Added +30.7k |
| BlackRock Inc. 0.09% of their portfolio | 14.4m $3.4bn | Reduced -921.7k |
| STATE STREET CORP 0.11% of their portfolio | 9.2m $2.2bn | Added +154.4k |
| Dodge & Cox 1.24% of their portfolio | 8.2m $1.9bn | Added +1.8m |
| LAZARD ASSET MANAGEMENT LLC 2.35% of their portfolio | 7.9m $1.9bn | Reduced -772.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.19% of their portfolio | 5.9m $1.4bn | Added +104.5k |
| MORGAN STANLEY 0.05% of their portfolio | 4.8m $1.1bn | Added +2.4m |
| GEODE CAPITAL MANAGEMENT, LLC 0.11% of their portfolio | 4.3m $1.0bn | Added +69.3k |
| WELLS FARGO & COMPANY/MN 0.28% of their portfolio | 4.2m $981.5m | Reduced -35.4k |
| EdgePoint Investment Group Inc. 6.97% of their portfolio | 3.4m $804.7m | Added +1.7m |
| BANK OF AMERICA CORP /DE/ 0.09% of their portfolio | 3.2m $767.3m | Added +103.6k |
| AMERICAN CENTURY COMPANIES INC 0.50% of their portfolio | 3.0m $720.2m | Added +323.5k |
| NORTHERN TRUST CORP 0.13% of their portfolio | 3.0m $697.3m | Reduced -123.8k |
| NORGES BANK 0.10% of their portfolio | 2.4m $556.8m | Reduced -130.6k |
| Legal & General Group Plc 0.16% of their portfolio | 2.2m $520.0m | Added +219.0k |
| Capital World Investors 0.09% of their portfolio | 2.2m $514.0m | Reduced -1.4m |
| DIMENSIONAL FUND ADVISORS LP 0.14% of their portfolio | 2.0m $472.4m | Reduced -77.6k |
| Bank of New York Mellon Corp 0.10% of their portfolio | 2.0m $470.0m | Reduced -13.2k |
| LONDON CO OF VIRGINIA 2.48% of their portfolio | 1.9m $440.6m | Reduced -113.0k |
| FRANKLIN RESOURCES INC 0.20% of their portfolio | 1.9m $438.1m | Reduced -62.7k |
| FIL Ltd 0.46% of their portfolio | 1.8m $433.3m | Reduced -22.5k |
| GOLDMAN SACHS GROUP INC 0.07% of their portfolio | 1.4m $334.0m | Added +328.9k |
| LORD, ABBETT & CO. LLC 0.57% of their portfolio | 1.4m $319.8m | Added +11.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.08% of their portfolio | 1.3m $306.5m | Added +38.1k |
| Boston Partners 0.35% of their portfolio | 1.1m $265.8m | Reduced -16.3k |
| ATLAS Infrastructure Partners (UK) Ltd. 18.77% of their portfolio | 1.0m $248.0m | Reduced -8.6k |
| STIFEL FINANCIAL CORP 0.30% of their portfolio | 1.0m $241.4m | Added +875.5k |
| Magellan Asset Management Ltd 2.28% of their portfolio | 970.1k $229.3m | Reduced -54.7k |
| Invesco Ltd. 0.05% of their portfolio | 845.2k $199.8m | Reduced -10.0k |
| Fisher Asset Management, LLC 0.11% of their portfolio | 841.2k $198.8m | Added +16.0k |
| ALLIANCEBERNSTEIN L.P. 0.07% of their portfolio | 791.0k $187.0m | Reduced -38.7k |
| Mitsubishi UFJ Trust & Banking Corp 0.44% of their portfolio | 786.7k $186.1m | Added +620.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 783.9k $185.3m | Reduced -24.5k |
| TWO SIGMA ADVISERS, LP 0.42% of their portfolio | 761.9k $180.1m | Reduced -308.6k |
| UBS Group AG 0.07% of their portfolio | 715.4k $169.1m | Added +31.0k |
| Amundi 0.07% of their portfolio | 713.6k $162.4m | Reduced -22.4k |
| Swiss National Bank 0.12% of their portfolio | 709.9k $167.8m | Reduced -22.3k |
| MILLENNIUM MANAGEMENT LLC 0.14% of their portfolio | 610.4k $144.3m | Added +286.9k |
| Mirae Asset Global Investments Co., Ltd. 0.29% of their portfolio | 604.9k $143.0m | Reduced -18.5k |
| CINCINNATI FINANCIAL CORP 3.06% of their portfolio | 587.7k $138.9m | Unchanged |
| Balyasny Asset Management L.P. 0.38% of their portfolio | 587.2k $138.8m | Added +584.5k |
| Sumitomo Mitsui Trust Group, Inc. 0.10% of their portfolio | 571.0k $135.0m | Reduced -1.0k |
| BARCLAYS PLC 0.07% of their portfolio | 537.8k $127.1m | Reduced -8.1k |
| FMR LLC 0.01% of their portfolio | 529.1k $125.1m | Added +158.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.04% of their portfolio | 518.1k $122.5m | Reduced -6.0k |
| Nuveen Asset Management, LLC 0.04% of their portfolio | 508.6k $120.2m | Reduced -80.3k |
| AMERIPRISE FINANCIAL INC 0.04% of their portfolio | 498.4k $117.8m | Reduced -52.2k |
| DEUTSCHE BANK AG\ 0.06% of their portfolio | 492.4k $116.4m | Reduced -81.4k |
| RHUMBLINE ADVISERS 0.12% of their portfolio | 485.1k $114.7m | Reduced -3.3k |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.49% of their portfolio | 451.2k $106.7m | Reduced -1.2k |
| National Pension Service 0.15% of their portfolio | 441.6k $104.4m | Added +10.8k |
| ROYAL BANK OF CANADA 0.03% of their portfolio | 433.2k $102.4m | Added +61.8k |
| PNC Financial Services Group, Inc. 0.08% of their portfolio | 415.3k $98.2m | Reduced -9.5k |
| California Public Employees Retirement System 0.07% of their portfolio | 413.3k $97.7m | Reduced -19.0k |
| DAVENPORT & Co LLC 0.63% of their portfolio | 385.1k $91.0m | Reduced -10.3k |
| Aberdeen Group plc 0.19% of their portfolio | 375.2k $88.7m | Added +49.0k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 370.2k $87.5m | Added +18.6k |
| FIRST TRUST ADVISORS LP 0.09% of their portfolio | 365.3k $86.4m | Reduced -40.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.12% of their portfolio | 360.3k $85.2m | Reduced -463 |
| Ancora Advisors LLC 2.00% of their portfolio | 357.2k $84.4m | Added +347.8k |
| CREDIT SUISSE AG/ 0.08% of their portfolio | 355.9k $84.1m | Added +1.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio | 331.8k $78.4m | Added +17.2k |
| MARSHALL WACE, LLP 0.15% of their portfolio | 330.1k $78.0m | Reduced -292.0k |
| BANK OF MONTREAL /CAN/ 0.03% of their portfolio | 328.4k $77.8m | Added +81.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.10% of their portfolio | 320.7k $75.8m | Reduced -25.1k |
| RAYMOND JAMES & ASSOCIATES 0.06% of their portfolio | 317.4k $75.0m | Reduced -19.3k |
| Point72 Asset Management, L.P. 0.22% of their portfolio | 303.4k $71.7m | New |
| WILBANKS SMITH & THOMAS ASSET MANAGEMENT LLC 2.14% of their portfolio | 296.1k $70.0m | Reduced -5.3k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.11% of their portfolio | 271.9k $64.3m | Added +176.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.12% of their portfolio | 270.1k $63.8m | Added +69.5k |
| NORDEA INVESTMENT MANAGEMENT AB 0.08% of their portfolio | 268.2k $63.3m | Reduced -250.7k |
| CINCINNATI INSURANCE CO 1.12% of their portfolio | 264.4k $62.5m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 251.5k $59.4m | Reduced -1.9k |
| SEI INVESTMENTS CO 0.09% of their portfolio | 242.9k $57.4m | Added +35.9k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.12% of their portfolio | 235.8k $55.7m | Added +6.2k |
| REAVES W H & CO INC 2.02% of their portfolio | 235.1k $55.6m | Unchanged |
| TRUIST FINANCIAL CORP 0.09% of their portfolio | 235.0k $55.5m | Reduced -15.1k |
| Swedbank AB 0.09% of their portfolio | 232.0k $54.8m | Reduced -77.3k |
| Markel Group Inc. 0.59% of their portfolio | 229.5k $54.2m | Unchanged |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.09% of their portfolio | 227.0k $52.9m | Added +12.1k |
| PRIMECAP MANAGEMENT CO/CA/ 0.04% of their portfolio | 224.1k $53.0m | Reduced -5.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.11% of their portfolio | 219.7k $51.9m | Reduced -6.0k |
| Aristotle Atlantic Partners, LLC 1.80% of their portfolio | 216.3k $51.1m | Added +1.3k |
| US BANCORP \DE\ 0.07% of their portfolio | 211.1k $49.9m | Added +4.4k |
| Brandywine Global Investment Management, LLC 0.40% of their portfolio | 207.6k $49.1m | Reduced -996 |
| NATIXIS ADVISORS, LLC 0.13% of their portfolio | 206.4k $48.8m | Added +49.3k |
| SATURNA CAPITAL CORP 0.75% of their portfolio | 204.7k $48.4m | Reduced -24.0k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.11% of their portfolio | 204.5k $48.3m | Reduced -3.3k |
| COHEN & STEERS, INC. 0.10% of their portfolio | 202.9k $48.0m | Reduced -73.6k |
| LPL Financial LLC 0.03% of their portfolio | 200.9k $47.5m | Added +13.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.03% of their portfolio | 198.6k $47.0m | Added +6.4k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.33% of their portfolio | 191.8k $45.3m | Added +4.9k |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 190.9k $45.1m | Added +21.5k |
| ING GROEP NV 0.36% of their portfolio | 190.0k $44.9m | Added +153.8k |
| Korea Investment CORP 0.12% of their portfolio | 186.5k $44.1m | Reduced -18.0k |
| J. Goldman & Co LP 2.36% of their portfolio | 178.4k $42.2m | New |
| Capital International Investors 0.01% of their portfolio | 173.1k $40.9m | Reduced -158.8k |
| ClearBridge Investments Ltd 1.13% of their portfolio | 170.6k $40.3m | Reduced -7.0k |
| Cornerstone Investment Partners, LLC 2.26% of their portfolio | 169.9k $40.2m | Added +20.3k |