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 ($174.0m this quarter). Holder counts are more reliable. Shares outstanding: 224.6m as of 2026-03-31, 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 ≈ $286.71. Options: 24 managers hold calls ($178.0m notional), 26 hold puts ($220.6m).
Trends to Q1 2026
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 |
| Q3 2025 | 1,800 |
| Q4 2025 | 1,850 |
| Q1 2026 | 1,840 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 612 | 713 |
| Q3 2024 | 622 | 697 |
| Q4 2024 | 620 | 680 |
| Q1 2025 | 640 | 699 |
| Q2 2025 | 663 | 717 |
| Q3 2025 | 734 | 710 |
| Q4 2025 | 675 | 732 |
| Q1 2026 | 682 | 780 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $221.8m | $197.4m | 0.89 |
| Q3 2025 | $278.5m | $328.6m | 1.18 |
| Q4 2025 | $244.6m | $232.5m | 0.95 |
| Q1 2026 | $178.0m | $220.6m | 1.24 |
Biggest buyers
| Capital Wealth Planning, LLC | New | +898.4k |
| Qube Research & Technologies Ltd | Added | +735.4k |
| UBS Group AG | Added | +725.7k |
| Amundi | Added | +434.1k |
| MILLENNIUM MANAGEMENT LLC | Added | +433.7k |
| MARSHALL WACE, LLP | Added | +413.7k |
| SG Americas Securities, LLC | Added | +374.2k |
| BlackRock, Inc. | Added | +370.3k |
| Capital World Investors | Added | +259.2k |
| CAXTON ASSOCIATES LLP | Added | +259.1k |
Biggest sellers
| Dodge & Cox | Reduced | -3.4m |
| JPMORGAN CHASE & CO | Reduced | -931.1k |
| Third Point LLC | Reduced | -875.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -648.7k |
| TORONTO DOMINION BANK | Reduced | -500.2k |
| HBK INVESTMENTS L P | Reduced | -393.6k |
| SONA ASSET MANAGEMENT (US) LLC | Reduced | -375.2k |
| Corient Private Wealth LP | Reduced | -344.5k |
| Balyasny Asset Management L.P. | Reduced | -331.5k |
| HSBC HOLDINGS PLC | Reduced | -301.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $71.1m247.6k shares |
| UBS Group AG | Added | $32.7m113.9k shares |
| GROUP ONE TRADING LLC | Added | $20.4m71.1k shares |
| CITADEL ADVISORS LLC | Reduced | $12.7m44.1k shares |
| ExodusPoint Capital Management, LP | Added | $10.0m35.0k shares |
| Allianz Asset Management GmbH | Added | $6.0m20.8k shares |
| GOLDMAN SACHS GROUP INC | Reduced | $3.4m11.8k shares |
| DAVENPORT & Co LLC | Reduced | $2.9m10.2k shares |
| Walleye Trading LLC | Added | $2.6m9.2k shares |
| ZEGA Investments, LLC | New | $2.6m8.9k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $53.5m186.4k shares |
| UBS Group AG | Added | $51.4m179.1k shares |
| Pentwater Capital Management LP | New | $29.6m103.3k shares |
| GROUP ONE TRADING LLC | Added | $25.4m88.6k shares |
| CITIGROUP INC | Reduced | $12.5m43.6k shares |
| Allianz Asset Management GmbH | Added | $9.0m31.2k shares |
| HSBC HOLDINGS PLC | Reduced | $6.6m23.2k shares |
| CITADEL ADVISORS LLC | Reduced | $4.9m16.9k shares |
| LOGAN CAPITAL MANAGEMENT INC | New | $4.4m15.3k shares |
| Balyasny Asset Management L.P. | Added | $4.4m15.3k 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 2026
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 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 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 3 | $1.3m | 1 | $253.4k | — |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.08% of their portfolio | 15.3m $4.4bn | Added +370.3k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.10% of their portfolio | 14.6m $4.2bn | First filing |
| STATE STREET CORP 0.10% of their portfolio | 9.8m $2.8bn | Added +123.5k |
| Dodge & Cox 0.99% of their portfolio | 6.3m $1.8bn | Reduced -3.4m |
| GEODE CAPITAL MANAGEMENT, LLC 0.09% of their portfolio | 5.1m $1.5bn | Added +198.2k |
| MILLENNIUM MANAGEMENT LLC 0.98% of their portfolio | 4.6m $1.3bn | Added +433.7k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.06% of their portfolio | 4.0m $1.2bn | First filing |
| Pentwater Capital Management LP 6.57% of their portfolio | 3.2m $924.1m | Added +201.0k |
| BANK OF AMERICA CORP /DE/ 0.07% of their portfolio | 3.2m $918.7m | Reduced -27.6k |
| NORTHERN TRUST CORP 0.10% of their portfolio | 2.6m $757.0m | Reduced -54.7k |
| MORGAN STANLEY 0.05% of their portfolio | 2.6m $754.1m | Reduced -2.6k |
| CITADEL ADVISORS LLC 0.53% of their portfolio | 2.6m $752.0m | Added +81.7k |
| D. E. Shaw & Co., Inc. 0.51% of their portfolio | 2.3m $649.6m | Reduced -14.9k |
| DIMENSIONAL FUND ADVISORS LP 0.13% of their portfolio | 2.3m $648.4m | Added +46.1k |
| Amundi 0.17% of their portfolio | 2.2m $639.1m | Added +434.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.07% of their portfolio | 2.1m $611.3m | Reduced -648.7k |
| AMERICAN CENTURY COMPANIES INC 0.30% of their portfolio | 2.0m $582.3m | Added +7 |
| Capital World Investors 0.08% of their portfolio | 2.0m $575.9m | Added +259.2k |
| FMR LLC 0.03% of their portfolio | 1.8m $522.5m | Added +20.9k |
| UBS Group AG 0.09% of their portfolio | 1.8m $510.3m | Added +725.7k |
| Invesco Ltd. 0.05% of their portfolio | 1.8m $507.2m | Added +210.6k |
| HBK INVESTMENTS L P 6.27% of their portfolio | 1.7m $498.3m | Reduced -393.6k |
| Legal & General Group Plc 0.11% of their portfolio | 1.7m $490.6m | Reduced -25.5k |
| LONDON CO OF VIRGINIA 3.01% of their portfolio | 1.7m $488.0m | Reduced -110.6k |
| JPMORGAN CHASE & CO 0.03% of their portfolio | 1.6m $459.5m | Reduced -931.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.25% of their portfolio | 1.6m $466.9m | Added +160.7k |
| GOLDMAN SACHS GROUP INC 0.06% of their portfolio | 1.6m $466.6m | Reduced -16.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 1.5m $424.4m | Added +28.7k |
| Balyasny Asset Management L.P. 0.75% of their portfolio | 1.3m $384.2m | Reduced -331.5k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.51% of their portfolio | 1.3m $377.1m | Added +132.8k |
| VANGUARD FIDUCIARY TRUST CO 0.09% of their portfolio | 1.3m $362.8m | First filing |
| Bank of New York Mellon Corp 0.06% of their portfolio | 1.2m $342.3m | Reduced -117.7k |
| Fisher Asset Management, LLC 0.11% of their portfolio | 1.2m $331.6m | Added +14.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 1.2m $331.2m | Reduced -8.3k |
| WELLS FARGO & COMPANY/MN 0.06% of their portfolio | 1.0m $299.5m | Reduced -32.5k |
| PRIMECAP MANAGEMENT CO/CA/ 0.23% of their portfolio | 1.0m $296.6m | Added +31.2k |
| Qube Research & Technologies Ltd 0.37% of their portfolio | 918.0k $263.5m | Added +735.4k |
| Capital Wealth Planning, LLC 1.42% of their portfolio | 898.4k $257.8m | New |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.38% of their portfolio | 854.0k $245.1m | Added +55.9k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.21% of their portfolio | 793.2k $227.7m | Reduced -289.1k |
| Squarepoint Ops LLC 0.47% of their portfolio | 765.7k $219.7m | Reduced -71.5k |
| COHEN & STEERS, INC. 0.37% of their portfolio | 744.1k $213.6m | Added +21.1k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.66% of their portfolio | 741.7k $212.9m | Reduced -29.0k |
| Verition Fund Management LLC 2.04% of their portfolio | 731.1k $209.8m | Added +145.0k |
| DEUTSCHE BANK AG\ 0.07% of their portfolio | 703.3k $201.9m | Added +11.2k |
| Nuveen, LLC 0.05% of their portfolio | 668.6k $191.9m | Added +169.4k |
| Swiss National Bank 0.11% of their portfolio | 658.5k $189.0m | Added +44.1k |
| Sculptor Capital LP 2.13% of their portfolio | 658.4k $189.0m | Added +150.4k |
| CITIGROUP INC 0.12% of their portfolio | 655.3k $188.1m | Added +197.7k |
| MARSHALL WACE, LLP 0.20% of their portfolio | 643.5k $184.7m | Added +413.7k |
| TUDOR INVESTMENT CORP ET AL 0.98% of their portfolio | 631.7k $181.3m | Added +231.9k |
| BANK OF NOVA SCOTIA 0.30% of their portfolio | 588.5k $168.9m | Added +249.0k |
| CINCINNATI FINANCIAL CORP 3.40% of their portfolio | 587.7k $168.7m | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.05% of their portfolio | 571.6k $165.0m | Added +17.3k |
| NEUBERGER BERMAN GROUP LLC 0.12% of their portfolio | 566.6k $162.6m | Reduced -36.0k |
| Kryger Capital LLC 10.76% of their portfolio | 530.3k $152.2m | First filing |
| National Pension Service 0.12% of their portfolio | 530.2k $152.2m | Reduced -31.4k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.10% of their portfolio | 520.5k $149.4m | Reduced -122.8k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.10% of their portfolio | 509.3k $146.2m | Added +41.5k |
| Sumitomo Mitsui Trust Group, Inc. 0.09% of their portfolio | 504.0k $144.7m | Reduced -20.6k |
| Westchester Capital Management, LLC 6.97% of their portfolio | 501.6k $144.0m | Added +114.0k |
| FIL Ltd 0.11% of their portfolio | 490.8k $140.8m | Reduced -176.2k |
| Vanguard Global Advisers, LLC 0.08% of their portfolio | 490.2k $140.7m | First filing |
| ALPINE ASSOCIATES MANAGEMENT INC. 7.86% of their portfolio | 464.5k $133.3m | Reduced -3.7k |
| SG Americas Securities, LLC 0.15% of their portfolio | 459.8k $132.0m | Added +374.2k |
| DAVENPORT & Co LLC 0.72% of their portfolio | 451.1k $129.0m | Reduced -849 |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 448.1k $128.4m | Reduced -301.8k |
| AQR Arbitrage LLC 2.08% of their portfolio | 446.1k $126.6m | Added +103.7k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 444.0k $127.4m | Reduced -265.6k |
| LMR Partners LLP 1.15% of their portfolio | 434.8k $124.8m | Added +126.7k |
| RHUMBLINE ADVISERS 0.10% of their portfolio | 424.8k $121.9m | Added +903 |
| VANGUARD ASSET MANAGEMENT, Ltd 0.10% of their portfolio | 422.5k $121.3m | First filing |
| California Public Employees Retirement System 0.07% of their portfolio | 415.7k $119.3m | Added +1.5k |
| Hudson Bay Capital Management LP 0.71% of their portfolio | 412.6k $118.4m | Added +77.2k |
| BARCLAYS PLC 0.04% of their portfolio | 411.6k $118.1m | Reduced -33.1k |
| Eurizon Capital SGR S.p.A. 0.37% of their portfolio | 411.5k $117.7m | Reduced -137.0k |
| Assenagon Asset Management S.A. 0.17% of their portfolio | 360.5k $103.5m | Added +126.3k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.52% of their portfolio | 353.7k $101.5m | Reduced -6.8k |
| PNC Financial Services Group, Inc. 0.06% of their portfolio | 353.0k $101.3m | Reduced -8.9k |
| Laurion Capital Management LP 9.47% of their portfolio | 351.6k $100.9m | Unchanged |
| CAXTON ASSOCIATES LLP 2.25% of their portfolio | 338.1k $97.0m | Added +259.1k |
| TIG Advisors, LLC 4.61% of their portfolio | 336.2k $96.5m | Added +116.5k |
| RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio | 332.4k $95.4m | Reduced -35.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio | 317.4k $91.1m | Added +51.3k |
| Empyrean Capital Partners, LP 3.03% of their portfolio | 317.1k $91.0m | Added +113.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.09% of their portfolio | 311.7k $89.5m | Reduced -9.5k |
| Aberdeen Group plc 0.14% of their portfolio | 301.4k $86.5m | Reduced -154.4k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 295.4k $84.7m | Reduced -8.7k |
| Markel Group Inc. 0.68% of their portfolio | 282.5k $81.1m | Added +9.0k |
| HighTower Advisors, LLC 0.08% of their portfolio | 276.9k $79.5m | Reduced -5.2k |
| Magnetar Financial LLC 0.79% of their portfolio | 275.2k $77.7m | Reduced -68.8k |
| LPL Financial LLC 0.02% of their portfolio | 268.6k $77.1m | Reduced -7.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 265.6k $76.2m | Reduced -4.8k |
| Clearstead Advisors, LLC 0.66% of their portfolio | 250.1k $71.8m | Reduced -14.8k |
| Calamos Advisors LLC 0.27% of their portfolio | 244.6k $70.2m | Added +31.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.10% of their portfolio | 243.1k $69.8m | Added +2.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 230.6k $66.2m | Reduced -130.4k |
| Governors Lane LP 8.21% of their portfolio | 229.3k $65.8m | Added +32.0k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.15% of their portfolio | 227.1k $65.2m | Added +110.8k |
| ING GROEP NV 0.39% of their portfolio | 224.3k $64.4m | Added +151.4k |