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 ($184.3m this quarter). Holder counts are more reliable. Shares outstanding: 224.6m as of 2025-06-30, 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 ≈ $255.97. Options: 32 managers hold calls ($221.8m notional), 26 hold puts ($197.4m).
Trends to Q2 2025
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 |
| Q2 2024 | 1,565 |
| Q3 2024 | 1,612 |
| Q4 2024 | 1,686 |
| Q1 2025 | 1,657 |
| Q2 2025 | 1,692 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 536 | 683 |
| Q4 2023 | 600 | 661 |
| Q1 2024 | 630 | 668 |
| Q2 2024 | 612 | 713 |
| Q3 2024 | 622 | 697 |
| Q4 2024 | 620 | 680 |
| Q1 2025 | 640 | 699 |
| Q2 2025 | 663 | 717 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $240.5m | $172.1m | 0.72 |
| Q4 2024 | $355.0m | $177.8m | 0.50 |
| Q1 2025 | $177.3m | $157.9m | 0.89 |
| Q2 2025 | $221.8m | $197.4m | 0.89 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +967.0k |
| Holocene Advisors, LP | Added | +832.2k |
| Interval Partners, LP | New | +778.9k |
| TOMS Capital Investment Management LP | New | +711.0k |
| D. E. Shaw & Co., Inc. | New | +537.7k |
| GOLDMAN SACHS GROUP INC | Added | +448.9k |
| MILLENNIUM MANAGEMENT LLC | Added | +407.1k |
| DEUTSCHE BANK AG\ | Added | +394.5k |
| PRIMECAP MANAGEMENT CO/CA/ | Added | +345.2k |
| Point72 Asset Management, L.P. | New | +276.9k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -1.8m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -1.1m |
| BlackRock, Inc. | Reduced | -579.6k |
| Boston Partners | Reduced | -400.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -377.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Reduced | -297.6k |
| NORTHERN TRUST CORP | Reduced | -227.0k |
| NEUBERGER BERMAN GROUP LLC | Reduced | -220.0k |
| MARSHALL WACE, LLP | Reduced | -188.5k |
| Cornerstone Investment Partners, LLC | Sold out | -180.1k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $45.5m177.9k shares |
| JANE STREET GROUP, LLC | Added | $24.3m95.1k shares |
| UBS Group AG | Added | $19.6m76.4k shares |
| Laurion Capital Management LP | New | $19.2m75.0k shares |
| CITADEL ADVISORS LLC | Reduced | $18.9m73.7k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $13.6m531 shares |
| IMC-Chicago, LLC | Reduced | $7.7m30.2k shares |
| Verition Fund Management LLC | Added | $7.2m28.1k shares |
| WOLVERINE TRADING, LLC | Reduced | $6.9m27.0k shares |
| Twin Tree Management, LP | Reduced | $6.7m26.0k shares |
Biggest puts
| UBS Group AG | Added | $35.4m138.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $33.2m129.7k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $31.3m1.2k shares |
| Laurion Capital Management LP | New | $19.2m75.0k shares |
| CITADEL ADVISORS LLC | Reduced | $15.3m59.9k shares |
| HSBC HOLDINGS PLC | Reduced | $8.5m33.3k shares |
| Verition Fund Management LLC | Added | $8.2m31.9k shares |
| GARDA CAPITAL PARTNERS LP | Reduced | $7.7m30.0k shares |
| Allianz Asset Management GmbH | Reduced | $6.0m23.3k shares |
| IMC-Chicago, LLC | Reduced | $5.0m19.4k 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 Q2 2025
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 |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 6 | $3.8m | 1 | $1.9m | — |
| Q3 2024 | 2 | $739.1k | 1 | $88.5k | — |
| Q4 2024 | 4 | $799.5k | 0 | — | — |
| Q1 2025 | 1 | $157.7k | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.09% of their portfolio | 20.6m $5.3bn | Added +239.9k |
| BlackRock, Inc. 0.07% of their portfolio | 14.7m $3.8bn | Reduced -579.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.32% of their portfolio | 10.9m $2.8bn | Reduced -377.3k |
| Dodge & Cox 1.56% of their portfolio | 10.9m $2.8bn | Added +192.6k |
| STATE STREET CORP 0.09% of their portfolio | 9.4m $2.4bn | Reduced -77.8k |
| JPMORGAN CHASE & CO 0.10% of their portfolio | 5.7m $1.5bn | Reduced -1.8m |
| GEODE CAPITAL MANAGEMENT, LLC 0.09% of their portfolio | 4.8m $1.2bn | Added +36.4k |
| EdgePoint Investment Group Inc. 8.10% of their portfolio | 4.2m $1.1bn | Added +184.6k |
| FMR LLC 0.06% of their portfolio | 4.0m $1.0bn | Reduced -135.7k |
| Boston Partners 1.07% of their portfolio | 3.8m $964.5m | Reduced -400.3k |
| LAZARD ASSET MANAGEMENT LLC 1.16% of their portfolio | 3.3m $842.0m | Added +201.9k |
| BANK OF AMERICA CORP /DE/ 0.06% of their portfolio | 3.1m $784.9m | Added +217.4k |
| AMERICAN CENTURY COMPANIES INC 0.42% of their portfolio | 3.0m $769.4m | Reduced -122.3k |
| NORTHERN TRUST CORP 0.10% of their portfolio | 2.8m $705.6m | Reduced -227.0k |
| NORGES BANK 0.08% of their portfolio | 2.4m $613.3m | Added +27.4k |
| MORGAN STANLEY 0.04% of their portfolio | 2.4m $611.2m | Reduced -47.6k |
| DIMENSIONAL FUND ADVISORS LP 0.12% of their portfolio | 2.1m $527.5m | Added +16.8k |
| GOLDMAN SACHS GROUP INC 0.08% of their portfolio | 2.0m $521.0m | Added +448.9k |
| LONDON CO OF VIRGINIA 2.67% of their portfolio | 1.8m $472.3m | Added +250.1k |
| Invesco Ltd. 0.08% of their portfolio | 1.8m $459.1m | Reduced -138.3k |
| Bank of New York Mellon Corp 0.08% of their portfolio | 1.7m $439.1m | Reduced -88.3k |
| Legal & General Group Plc 0.11% of their portfolio | 1.7m $426.8m | Reduced -80.9k |
| Capital World Investors 0.06% of their portfolio | 1.6m $418.2m | Added +2.8k |
| ROYAL BANK OF CANADA 0.04% of their portfolio | 1.5m $385.8m | Added +967.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 1.4m $367.9m | Added +6.3k |
| DEUTSCHE BANK AG\ 0.14% of their portfolio | 1.4m $367.7m | Added +394.5k |
| WELLS FARGO & COMPANY/MN 0.07% of their portfolio | 1.2m $307.6m | Added +12.5k |
| FIL Ltd 0.26% of their portfolio | 1.2m $305.5m | Added +4.1k |
| Ancora Advisors LLC 6.10% of their portfolio | 1.1m $292.9m | Added +180.6k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.55% of their portfolio | 1.1m $286.1m | Reduced -57.6k |
| UBS Group AG 0.06% of their portfolio | 1.1m $284.5m | Added +89.4k |
| Fisher Asset Management, LLC 0.11% of their portfolio | 1.1m $269.9m | Added +72.1k |
| PRIMECAP MANAGEMENT CO/CA/ 0.21% of their portfolio | 1.1m $268.8m | Added +345.2k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.19% of their portfolio | 1.0m $262.1m | Added +242.1k |
| Holocene Advisors, LP 0.62% of their portfolio | 983.4k $251.7m | Added +832.2k |
| Mitsubishi UFJ Trust & Banking Corp 0.56% of their portfolio | 951.4k $243.5m | Added +148.2k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.68% of their portfolio | 818.6k $209.5m | Reduced -5.1k |
| Interval Partners, LP 4.55% of their portfolio | 778.9k $199.4m | New |
| Amundi 0.06% of their portfolio | 715.4k $187.4m | Added +57.0k |
| TOMS Capital Investment Management LP 13.49% of their portfolio | 711.0k $182.0m | New |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.30% of their portfolio | 696.1k $178.2m | Reduced -93.8k |
| Swiss National Bank 0.10% of their portfolio | 684.7k $175.3m | Added +46.6k |
| BARCLAYS PLC 0.07% of their portfolio | 657.4k $168.3m | Added +267.1k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.05% of their portfolio | 630.9k $161.5m | Added +30.1k |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC 2.37% of their portfolio | 609.8k $156.1m | Reduced -6.6k |
| CINCINNATI FINANCIAL CORP 3.19% of their portfolio | 587.7k $150.4m | Unchanged |
| Phoenix Financial Ltd. 1.96% of their portfolio | 580.3k $148.6m | Added +115.1k |
| National Pension Service 0.13% of their portfolio | 569.2k $145.7m | Added +7.7k |
| Sumitomo Mitsui Trust Group, Inc. 0.09% of their portfolio | 546.2k $139.8m | Added +4.8k |
| DAVENPORT & Co LLC 0.77% of their portfolio | 543.2k $139.0m | Added +3.5k |
| D. E. Shaw & Co., Inc. 0.14% of their portfolio | 537.7k $137.6m | New |
| Aberdeen Group plc 0.23% of their portfolio | 529.7k $135.6m | Added +31.9k |
| FRANKLIN RESOURCES INC 0.04% of their portfolio | 528.5k $135.3m | Reduced -19.6k |
| Nuveen, LLC 0.04% of their portfolio | 513.2k $131.4m | Reduced -3.0k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 503.8k $129.0m | Reduced -14.1k |
| Assenagon Asset Management S.A. 0.20% of their portfolio | 493.4k $126.3m | Added +206.6k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.10% of their portfolio | 467.8k $119.7m | Added +35.2k |
| RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio | 451.9k $115.7m | Reduced -10.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio | 446.1k $114.2m | Reduced -10.4k |
| MILLENNIUM MANAGEMENT LLC 0.10% of their portfolio | 436.2k $111.7m | Added +407.1k |
| RHUMBLINE ADVISERS 0.09% of their portfolio | 432.1k $110.6m | Reduced -3.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio | 425.7k $109.0m | Reduced -22.2k |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.42% of their portfolio | 422.5k $108.2m | Reduced -816 |
| Magellan Asset Management Ltd 1.17% of their portfolio | 398.3k $101.9m | Reduced -60.1k |
| PNC Financial Services Group, Inc. 0.06% of their portfolio | 375.5k $96.1m | Reduced -7.3k |
| HSBC HOLDINGS PLC 0.06% of their portfolio | 360.8k $92.3m | Reduced -54.0k |
| California Public Employees Retirement System 0.06% of their portfolio | 360.1k $92.2m | Added +23.8k |
| NATIONAL BANK OF CANADA /FI/ 0.10% of their portfolio | 358.5k $91.8m | Added +181.0k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.47% of their portfolio | 344.4k $88.1m | Added +7.3k |
| Corvex Management LP 3.22% of their portfolio | 297.4k $76.1m | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 289.3k $74.1m | Reduced -55.4k |
| CITIGROUP INC 0.05% of their portfolio | 287.5k $73.6m | Added +53.6k |
| HighTower Advisors, LLC 0.09% of their portfolio | 279.8k $71.6m | Reduced -10.3k |
| Clearstead Advisors, LLC 1.00% of their portfolio | 278.6k $71.3m | Reduced -22.9k |
| Point72 Asset Management, L.P. 0.17% of their portfolio | 276.9k $70.9m | New |
| LPL Financial LLC 0.02% of their portfolio | 276.6k $70.8m | Added +2.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.08% of their portfolio | 271.7k $69.5m | Reduced -61.9k |
| MANNING & NAPIER ADVISORS LLC 0.81% of their portfolio | 266.0k $68.1m | Reduced -13.0k |
| CINCINNATI INSURANCE CO 1.14% of their portfolio | 264.4k $67.7m | Unchanged |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 263.4k $67.4m | Reduced -3.6k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.09% of their portfolio | 260.8k $66.8m | Reduced -3.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.05% of their portfolio | 248.5k $63.6m | Added +42.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio | 248.1k $63.5m | Reduced -3.8k |
| Markel Group Inc. 0.51% of their portfolio | 236.5k $60.5m | Added +7.0k |
| Schonfeld Strategic Advisors LLC 0.46% of their portfolio | 235.9k $60.4m | Added +190.7k |
| TRUIST FINANCIAL CORP 0.08% of their portfolio | 225.9k $57.8m | Reduced -11.5k |
| MARSHALL WACE, LLP 0.07% of their portfolio | 223.5k $57.2m | Reduced -188.5k |
| REAVES W H & CO INC 1.24% of their portfolio | 219.3k $56.1m | Unchanged |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.10% of their portfolio | 216.5k $55.4m | Added +2.6k |
| COHEN & STEERS, INC. 0.10% of their portfolio | 204.9k $52.5m | Unchanged |
| ZACKS INVESTMENT MANAGEMENT 0.45% of their portfolio | 204.2k $52.3m | Added +1.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 202.5k $51.8m | Reduced -1.1m |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 200.1k $51.2m | Added +8.9k |
| CANADA LIFE ASSURANCE Co 0.08% of their portfolio | 199.7k $51.2m | Reduced -7.5k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio | 198.8k $50.9m | Reduced -297.6k |
| Calamos Advisors LLC 0.21% of their portfolio | 194.0k $49.7m | Added +88.5k |
| WHITTIER TRUST CO 0.59% of their portfolio | 192.6k $49.3m | Added +13.6k |
| Aristotle Atlantic Partners, LLC 1.48% of their portfolio | 189.7k $48.5m | Reduced -6.3k |
| US BANCORP \DE\ 0.06% of their portfolio | 182.9k $46.8m | Reduced -1.6k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 181.5k $46.5m | Reduced -45.5k |