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 ($133.2m this quarter). Holder counts are more reliable. Shares outstanding: 225.9m as of 2024-03-31, 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 ≈ $254.56. Options: 34 managers hold calls ($359.2m notional), 25 hold puts ($313.3m).
Trends to Q1 2024
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 |
| Q1 2024 | 1,628 |
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 |
| Q1 2024 | 630 | 668 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2023 | $220.7m | $243.2m | 1.10 |
| Q3 2023 | $187.8m | $202.4m | 1.08 |
| Q4 2023 | $284.9m | $272.1m | 0.95 |
| Q1 2024 | $359.2m | $313.3m | 0.87 |
Biggest buyers
| MORGAN STANLEY | Added | +2.4m |
| Boston Partners | Added | +1.8m |
| VANGUARD GROUP INC | Added | +1.1m |
| CITADEL ADVISORS LLC | Added | +952.7k |
| COHEN & STEERS, INC. | Added | +605.1k |
| Point72 Asset Management, L.P. | Added | +502.1k |
| Ancora Advisors LLC | Added | +468.4k |
| FMR LLC | Added | +464.0k |
| MARSHALL WACE, LLP | Added | +451.1k |
| Invesco Ltd. | Added | +434.5k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -8.2m |
| LAZARD ASSET MANAGEMENT LLC | Reduced | -2.3m |
| ATLAS Infrastructure Partners (UK) Ltd. | Sold out | -1.0m |
| Capital World Investors | Reduced | -549.7k |
| LORD, ABBETT & CO. LLC | Reduced | -401.5k |
| TWO SIGMA ADVISERS, LP | Reduced | -350.5k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -289.0k |
| REAVES W H & CO INC | Sold out | -235.1k |
| BANK OF AMERICA CORP /DE/ | Reduced | -194.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -194.1k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $98.3m385.8k shares |
| BlackRock Inc. | Added | $64.3m252.3k shares |
| Twin Tree Management, LP | New | $43.3m170.0k shares |
| CITADEL ADVISORS LLC | Added | $43.2m169.4k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $21.5m84.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $11.8m46.4k shares |
| JANE STREET GROUP, LLC | Reduced | $8.0m31.3k shares |
| D. E. Shaw & Co., Inc. | Reduced | $7.9m30.9k shares |
| Schonfeld Strategic Advisors LLC | New | $7.6m30.0k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $7.0m27.3k shares |
Biggest puts
| Twin Tree Management, LP | New | $92.0m360.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $56.2m220.6k shares |
| CITIGROUP INC | Added | $54.5m213.9k shares |
| CITADEL ADVISORS LLC | Added | $50.7m199.1k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $11.9m46.5k shares |
| WOLVERINE TRADING, LLC | Added | $11.0m43.3k shares |
| UBS Group AG | Reduced | $10.3m40.6k shares |
| Verition Fund Management LLC | New | $4.5m17.5k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $4.2m16.5k shares |
| Walleye Capital LLC | Reduced | $3.8m14.8k 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 Q1 2024
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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
None reported in Q1 2024.
Holders, Q1 2024
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.10% of their portfolio | 19.6m $5.0bn | Added +1.1m |
| JPMORGAN CHASE & CO 0.21% of their portfolio | 18.5m $4.7bn | Reduced -8.2m |
| BlackRock Inc. 0.09% of their portfolio | 14.3m $3.6bn | Reduced -90.7k |
| STATE STREET CORP 0.10% of their portfolio | 9.1m $2.3bn | Reduced -103.7k |
| Dodge & Cox 1.20% of their portfolio | 8.1m $2.1bn | Reduced -108.3k |
| MORGAN STANLEY 0.05% of their portfolio | 7.2m $1.8bn | Added +2.4m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.19% of their portfolio | 6.0m $1.5bn | Added +124.4k |
| LAZARD ASSET MANAGEMENT LLC 1.73% of their portfolio | 5.6m $1.4bn | Reduced -2.3m |
| GEODE CAPITAL MANAGEMENT, LLC 0.10% of their portfolio | 4.5m $1.1bn | Added +132.7k |
| WELLS FARGO & COMPANY/MN 0.28% of their portfolio | 4.2m $1.1bn | Added +42.0k |
| EdgePoint Investment Group Inc. 7.62% of their portfolio | 3.8m $956.3m | Added +347.9k |
| BANK OF AMERICA CORP /DE/ 0.08% of their portfolio | 3.1m $777.7m | Reduced -194.9k |
| Boston Partners 0.88% of their portfolio | 2.9m $735.7m | Added +1.8m |
| AMERICAN CENTURY COMPANIES INC 0.46% of their portfolio | 2.9m $729.1m | Reduced -186.4k |
| NORTHERN TRUST CORP 0.12% of their portfolio | 2.8m $716.8m | Reduced -137.6k |
| NORGES BANK 0.10% of their portfolio | 2.4m $605.7m | Added +21.1k |
| Legal & General Group Plc 0.16% of their portfolio | 2.2m $565.5m | Added +18.6k |
| Bank of New York Mellon Corp 0.09% of their portfolio | 1.9m $484.1m | Reduced -89.0k |
| DIMENSIONAL FUND ADVISORS LP 0.13% of their portfolio | 1.9m $481.6m | Reduced -108.9k |
| FRANKLIN RESOURCES INC 0.15% of their portfolio | 1.8m $465.2m | Reduced -28.2k |
| LONDON CO OF VIRGINIA 2.44% of their portfolio | 1.8m $462.5m | Reduced -49.0k |
| FIL Ltd 0.44% of their portfolio | 1.8m $446.2m | Reduced -82.5k |
| Capital World Investors 0.07% of their portfolio | 1.6m $414.2m | Reduced -549.7k |
| GOLDMAN SACHS GROUP INC 0.07% of their portfolio | 1.4m $350.6m | Reduced -37.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.08% of their portfolio | 1.3m $336.8m | Added +24.8k |
| Invesco Ltd. 0.07% of their portfolio | 1.3m $326.1m | Added +434.5k |
| STIFEL FINANCIAL CORP 0.31% of their portfolio | 1.1m $270.3m | Added +39.4k |
| CITADEL ADVISORS LLC 0.25% of their portfolio | 1.0m $255.3m | Added +952.7k |
| FMR LLC 0.02% of their portfolio | 993.1k $253.1m | Added +464.0k |
| LORD, ABBETT & CO. LLC 0.39% of their portfolio | 951.6k $242.5m | Reduced -401.5k |
| Fisher Asset Management, LLC 0.11% of their portfolio | 919.2k $234.3m | Added +78.0k |
| Mitsubishi UFJ Trust & Banking Corp 0.49% of their portfolio | 853.7k $215.5m | Added +67.0k |
| Magellan Asset Management Ltd 2.02% of their portfolio | 830.8k $211.7m | Reduced -139.3k |
| Ancora Advisors LLC 4.82% of their portfolio | 825.6k $210.4m | Added +468.4k |
| COHEN & STEERS, INC. 0.43% of their portfolio | 807.9k $205.9m | Added +605.1k |
| Point72 Asset Management, L.P. 0.60% of their portfolio | 805.6k $205.3m | Added +502.1k |
| ALLIANCEBERNSTEIN L.P. 0.07% of their portfolio | 805.3k $205.2m | Added +14.3k |
| UBS Group AG 0.07% of their portfolio | 786.4k $200.4m | Added +71.0k |
| MARSHALL WACE, LLP 0.33% of their portfolio | 781.1k $199.1m | Added +451.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 770.6k $196.4m | Reduced -13.4k |
| Swiss National Bank 0.12% of their portfolio | 677.2k $172.6m | Reduced -32.7k |
| Balyasny Asset Management L.P. 0.43% of their portfolio | 663.4k $169.1m | Added +76.2k |
| Amundi 0.07% of their portfolio | 630.1k $151.4m | Reduced -83.5k |
| DEUTSCHE BANK AG\ 0.07% of their portfolio | 623.8k $159.0m | Added +131.4k |
| ROYAL BANK OF CANADA 0.04% of their portfolio | 592.0k $150.9m | Added +158.8k |
| CINCINNATI FINANCIAL CORP 3.30% of their portfolio | 587.7k $149.8m | Unchanged |
| Sumitomo Mitsui Trust Group, Inc. 0.10% of their portfolio | 570.9k $145.5m | Reduced -85 |
| BARCLAYS PLC 0.06% of their portfolio | 535.8k $136.6m | Reduced -2.0k |
| Nuveen Asset Management, LLC 0.04% of their portfolio | 527.3k $135.1m | Added +18.8k |
| Mirae Asset Global Investments Co., Ltd. 0.23% of their portfolio | 518.4k $106.7m | Reduced -86.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.04% of their portfolio | 514.6k $131.2m | Reduced -3.5k |
| RHUMBLINE ADVISERS 0.11% of their portfolio | 454.6k $115.9m | Reduced -30.5k |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.49% of their portfolio | 443.2k $113.0m | Reduced -8.0k |
| PRIMECAP MANAGEMENT CO/CA/ 0.08% of their portfolio | 439.6k $112.0m | Added +215.5k |
| National Pension Service 0.13% of their portfolio | 438.2k $111.7m | Reduced -3.4k |
| NEUBERGER BERMAN GROUP LLC 0.09% of their portfolio | 435.0k $110.9m | Added +290.5k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 424.6k $108.1m | Added +54.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.20% of their portfolio | 416.6k $106.2m | Added +196.9k |
| PNC Financial Services Group, Inc. 0.07% of their portfolio | 411.6k $104.9m | Reduced -3.7k |
| TWO SIGMA ADVISERS, LP 0.24% of their portfolio | 411.4k $104.9m | Reduced -350.5k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 408.7k $104.2m | Reduced -89.7k |
| California Public Employees Retirement System 0.07% of their portfolio | 401.4k $102.3m | Reduced -11.9k |
| DAVENPORT & Co LLC 0.60% of their portfolio | 379.9k $96.6m | Reduced -5.2k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.12% of their portfolio | 359.7k $91.7m | Reduced -577 |
| CREDIT SUISSE AG/ 0.09% of their portfolio | 355.1k $90.5m | Reduced -770 |
| ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio | 348.4k $88.8m | Added +16.6k |
| Cartenna Capital, LP 8.15% of their portfolio | 340.0k $86.7m | Added +245.0k |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 321.4k $81.9m | Reduced -289.0k |
| RAYMOND JAMES & ASSOCIATES 0.06% of their portfolio | 320.2k $81.6m | Added +2.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.11% of their portfolio | 314.6k $80.2m | Reduced -6.1k |
| ClearBridge Investments Ltd 2.27% of their portfolio | 312.5k $79.7m | Added +141.9k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 303.6k $77.5m | Reduced -24.8k |
| Aberdeen Group plc 0.15% of their portfolio | 294.7k $75.1m | Reduced -80.5k |
| WILBANKS SMITH & THOMAS ASSET MANAGEMENT LLC 2.10% of their portfolio | 294.0k $74.9m | Reduced -2.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.09% of their portfolio | 277.0k $70.6m | Added +7.0k |
| FIRST TRUST ADVISORS LP 0.07% of their portfolio | 274.0k $69.8m | Reduced -91.3k |
| SEI INVESTMENTS CO 0.10% of their portfolio | 272.5k $69.5m | Added +29.6k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.10% of their portfolio | 270.8k $69.0m | Added +43.9k |
| CINCINNATI INSURANCE CO 1.11% of their portfolio | 264.4k $67.4m | Unchanged |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.13% of their portfolio | 258.8k $54.9m | Added +23.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 250.9k $64.0m | Reduced -542 |
| Markel Group Inc. 0.58% of their portfolio | 229.5k $58.5m | Unchanged |
| ATALANTA SOSNOFF CAPITAL, LLC 1.35% of their portfolio | 228.6k $58.3m | New |
| NATIXIS ADVISORS, LLC 0.13% of their portfolio | 227.7k $58.0m | Added +21.4k |
| Cornerstone Investment Partners, LLC 2.80% of their portfolio | 224.9k $57.3m | Added +54.9k |
| TRUIST FINANCIAL CORP 0.09% of their portfolio | 223.8k $57.0m | Reduced -11.2k |
| Artemis Investment Management LLP 0.73% of their portfolio | 220.4k $56.1m | New |
| Russell Investments Group, Ltd. 0.09% of their portfolio | 214.0k $54.5m | Added +23.1k |
| JANE STREET GROUP, LLC 0.07% of their portfolio | 212.9k $54.3m | Added +83.9k |
| US BANCORP \DE\ 0.07% of their portfolio | 207.7k $52.9m | Reduced -3.3k |
| Aristotle Atlantic Partners, LLC 1.72% of their portfolio | 207.3k $52.8m | Reduced -8.9k |
| LPL Financial LLC 0.03% of their portfolio | 207.1k $52.8m | Added +6.2k |
| Brandywine Global Investment Management, LLC 0.38% of their portfolio | 205.4k $52.4m | Reduced -2.2k |
| SATURNA CAPITAL CORP 0.72% of their portfolio | 203.7k $51.9m | Reduced -1.0k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.11% of their portfolio | 201.5k $51.3m | Reduced -3.0k |
| Cerity Partners LLC 0.13% of their portfolio | 201.0k $50.7m | Added +50.0k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.34% of their portfolio | 193.9k $49.4m | Added +2.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.04% of their portfolio | 184.4k $47.0m | Reduced -14.3k |
| 1832 Asset Management L.P. 0.08% of their portfolio | 180.8k $46.1m | New |
| J. Goldman & Co LP 2.08% of their portfolio | 180.8k $46.1m | Added +2.3k |