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 ($185.8m this quarter). Holder counts are more reliable. Shares outstanding: 224.6m as of 2026-06-30, 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 ≈ $314.34. Options: 22 managers hold calls ($144.9m notional), 23 hold puts ($172.2m).
Trends to Q2 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 |
| Q2 2026 | 1,861 |
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 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 |
| Q2 2026 | 725 | 719 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $278.5m | $328.6m | 1.18 |
| Q4 2025 | $244.6m | $232.5m | 0.95 |
| Q1 2026 | $178.0m | $220.6m | 1.24 |
| Q2 2026 | $144.9m | $172.2m | 1.19 |
Biggest buyers
| VANGUARD PORTFOLIO MANAGEMENT LLC | Added | +3.2m |
| BlackRock, Inc. | Added | +724.2k |
| CAXTON ASSOCIATES LLP | Added | +705.2k |
| MILLENNIUM MANAGEMENT LLC | Added | +617.6k |
| Third Point LLC | Added | +500.0k |
| Symmetry Investments LP | Added | +495.6k |
| DEUTSCHE BANK AG\ | Added | +430.1k |
| STATE STREET CORP | Added | +408.8k |
| D. E. Shaw & Co., Inc. | Added | +337.7k |
| Capital Wealth Planning, LLC | Added | +291.4k |
Biggest sellers
| Dodge & Cox | Reduced | -3.7m |
| CITADEL ADVISORS LLC | Reduced | -1.0m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Reduced | -777.9k |
| UBS Group AG | Reduced | -773.4k |
| Amundi | Reduced | -686.3k |
| AMERICAN CENTURY COMPANIES INC | Reduced | -502.7k |
| Pentwater Capital Management LP | Reduced | -445.0k |
| FMR LLC | Reduced | -431.3k |
| Invesco Ltd. | Reduced | -420.7k |
| Eurizon Capital SGR S.p.A. | Reduced | -383.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $61.4m195.2k shares |
| CITADEL ADVISORS LLC | Added | $20.0m63.6k shares |
| UBS Group AG | Reduced | $13.3m42.4k shares |
| ExodusPoint Capital Management, LP | Added | $13.3m42.2k shares |
| GROUP ONE TRADING LLC | Reduced | $10.7m34.0k shares |
| Allianz Asset Management GmbH | Reduced | $6.1m19.5k shares |
| DAVENPORT & Co LLC | Reduced | $3.2m10.1k shares |
| ZEGA Investments, LLC | Unchanged | $2.8m8.9k shares |
| NOMURA HOLDINGS INC | Unchanged | $2.4m7.5k shares |
| CITIGROUP INC | Reduced | $1.6m5.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $48.0m152.5k shares |
| UBS Group AG | Reduced | $32.9m104.5k shares |
| Pentwater Capital Management LP | Unchanged | $32.5m103.3k shares |
| GROUP ONE TRADING LLC | Reduced | $17.2m54.7k shares |
| Allianz Asset Management GmbH | Reduced | $9.8m31.0k shares |
| HSBC HOLDINGS PLC | Added | $9.1m28.9k shares |
| Balyasny Asset Management L.P. | Reduced | $4.6m14.5k shares |
| CITADEL ADVISORS LLC | Reduced | $4.1m13.0k shares |
| NOMURA HOLDINGS INC | Unchanged | $2.4m7.5k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Reduced | $1.8m5.8k 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 since 1 Apr 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 0 | — | — |
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.07% of their portfolio | 16.0m $5.0bn | Added +724.2k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.10% of their portfolio | 14.7m $4.6bn | Added +79.5k |
| STATE STREET CORP 0.10% of their portfolio | 10.2m $3.2bn | Added +408.8k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.10% of their portfolio | 7.2m $2.3bn | Added +3.2m |
| MILLENNIUM MANAGEMENT LLC 1.11% of their portfolio | 5.2m $1.6bn | Added +617.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.09% of their portfolio | 5.1m $1.6bn | Added +38.1k |
| BANK OF AMERICA CORP /DE/ 0.06% of their portfolio | 3.1m $979.0m | Reduced -89.2k |
| NORGES BANK 0.10% of their portfolio | 3.0m $956.6m | Not comparable |
| Pentwater Capital Management LP 6.97% of their portfolio | 2.8m $873.0m | Reduced -445.0k |
| NORTHERN TRUST CORP 0.10% of their portfolio | 2.6m $822.5m | Reduced -23.3k |
| MORGAN STANLEY 0.04% of their portfolio | 2.6m $821.7m | Reduced -15.4k |
| D. E. Shaw & Co., Inc. 0.51% of their portfolio | 2.6m $818.3m | Added +337.7k |
| Dodge & Cox 0.41% of their portfolio | 2.5m $789.0m | Reduced -3.7m |
| DIMENSIONAL FUND ADVISORS LP 0.13% of their portfolio | 2.3m $710.9m | Added +153 |
| Capital World Investors 0.07% of their portfolio | 2.0m $632.9m | Added +5.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.06% of their portfolio | 1.9m $605.6m | Reduced -204.8k |
| GOLDMAN SACHS GROUP INC 0.06% of their portfolio | 1.9m $594.2m | Added +263.2k |
| HBK INVESTMENTS L P 6.44% of their portfolio | 1.8m $550.5m | Added +13.6k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.24% of their portfolio | 1.7m $544.9m | Added +105.4k |
| LONDON CO OF VIRGINIA 2.97% of their portfolio | 1.7m $520.0m | Reduced -47.3k |
| Legal & General Group Plc 0.10% of their portfolio | 1.6m $503.1m | Reduced -110.2k |
| CITADEL ADVISORS LLC 0.29% of their portfolio | 1.6m $498.8m | Reduced -1.0m |
| Amundi 0.12% of their portfolio | 1.5m $484.7m | Reduced -686.3k |
| AMERICAN CENTURY COMPANIES INC 0.21% of their portfolio | 1.5m $480.1m | Reduced -502.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 1.5m $466.7m | Added +4.5k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.54% of their portfolio | 1.4m $449.1m | Added +113.6k |
| FMR LLC 0.02% of their portfolio | 1.4m $437.1m | Reduced -431.3k |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 1.4m $427.6m | Reduced -277.2k |
| Invesco Ltd. 0.03% of their portfolio | 1.3m $423.6m | Reduced -420.7k |
| VANGUARD FIDUCIARY TRUST CO 0.09% of their portfolio | 1.3m $396.7m | Reduced -3.3k |
| Fisher Asset Management, LLC 0.11% of their portfolio | 1.2m $377.6m | Added +45.0k |
| Capital Wealth Planning, LLC 1.87% of their portfolio | 1.2m $374.3m | Added +291.4k |
| Bank of New York Mellon Corp 0.06% of their portfolio | 1.2m $364.4m | Reduced -34.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 1.2m $364.2m | Added +3.5k |
| DEUTSCHE BANK AG\ 0.10% of their portfolio | 1.1m $356.6m | Added +430.1k |
| Balyasny Asset Management L.P. 0.64% of their portfolio | 1.1m $349.6m | Reduced -227.5k |
| WELLS FARGO & COMPANY/MN 0.06% of their portfolio | 1.0m $328.7m | Added +1.4k |
| CAXTON ASSOCIATES LLP 6.17% of their portfolio | 1.0m $328.2m | Added +705.2k |
| PRIMECAP MANAGEMENT CO/CA/ 0.19% of their portfolio | 1.0m $324.9m | Reduced -500 |
| UBS Group AG 0.05% of their portfolio | 1.0m $316.1m | Reduced -773.4k |
| Qube Research & Technologies Ltd 0.31% of their portfolio | 895.2k $281.6m | Reduced -22.7k |
| COHEN & STEERS, INC. 0.39% of their portfolio | 777.3k $244.5m | Added +33.1k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.34% of their portfolio | 766.5k $241.1m | Reduced -87.5k |
| Kryger Capital LLC 13.75% of their portfolio | 766.2k $241.1m | Added +236.0k |
| Verition Fund Management LLC 1.68% of their portfolio | 758.7k $238.7m | Added +27.6k |
| CITIGROUP INC 0.11% of their portfolio | 752.6k $236.8m | Added +97.3k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.67% of their portfolio | 727.1k $228.8m | Reduced -14.5k |
| LMR Partners LLP 1.67% of their portfolio | 721.9k $227.1m | Added +287.1k |
| MARSHALL WACE, LLP 0.19% of their portfolio | 711.5k $223.8m | Added +68.0k |
| Symmetry Investments LP 22.71% of their portfolio | 650.5k $204.6m | Added +495.6k |
| TUDOR INVESTMENT CORP ET AL 0.84% of their portfolio | 647.1k $203.6m | Added +15.5k |
| Swiss National Bank 0.10% of their portfolio | 633.2k $199.2m | Reduced -25.3k |
| Nuveen, LLC 0.05% of their portfolio | 628.8k $197.8m | Reduced -39.9k |
| Third Point LLC 4.06% of their portfolio | 600.0k $188.8m | Added +500.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.10% of their portfolio | 588.7k $185.2m | Added +68.2k |
| AQR Arbitrage LLC 2.58% of their portfolio | 578.2k $180.9m | Added +132.1k |
| ALLIANCEBERNSTEIN L.P. 0.05% of their portfolio | 577.0k $165.6m | Added +5.5k |
| BANK OF NOVA SCOTIA 0.27% of their portfolio | 575.2k $181.0m | Reduced -13.3k |
| CINCINNATI FINANCIAL CORP 3.45% of their portfolio | 574.3k $180.7m | Reduced -13.4k |
| National Pension Service 0.11% of their portfolio | 548.1k $172.4m | Added +17.8k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.09% of their portfolio | 543.3k $170.9m | Added +34.0k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 517.2k $162.9m | Added +69.1k |
| Westchester Capital Management, LLC 8.15% of their portfolio | 515.7k $162.2m | Added +14.1k |
| FIL Ltd 0.11% of their portfolio | 501.2k $157.7m | Added +10.4k |
| Sumitomo Mitsui Trust Group, Inc. 0.09% of their portfolio | 498.3k $156.8m | Reduced -5.8k |
| Hudson Bay Capital Management LP 0.72% of their portfolio | 486.3k $153.0m | Added +73.7k |
| Vanguard Global Advisers, LLC 0.07% of their portfolio | 483.8k $152.2m | Reduced -6.4k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.10% of their portfolio | 476.1k $149.8m | Added +53.6k |
| ALPINE ASSOCIATES MANAGEMENT INC. 9.09% of their portfolio | 461.7k $145.2m | Reduced -2.8k |
| Squarepoint Ops LLC 0.28% of their portfolio | 457.2k $143.8m | Reduced -308.4k |
| SG Americas Securities, LLC 0.08% of their portfolio | 451.5k $142.0m | Reduced -8.3k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 450.6k $141.8m | Added +6.6k |
| DAVENPORT & Co LLC 0.72% of their portfolio | 445.6k $140.4m | Reduced -5.5k |
| California Public Employees Retirement System 0.08% of their portfolio | 432.1k $135.9m | Added +16.4k |
| RHUMBLINE ADVISERS 0.10% of their portfolio | 420.2k $132.2m | Reduced -4.6k |
| Laurion Capital Management LP 8.77% of their portfolio | 384.3k $120.9m | Added +32.7k |
| Assenagon Asset Management S.A. 0.08% of their portfolio | 383.7k $120.7m | Added +23.3k |
| Sculptor Capital LP 1.19% of their portfolio | 366.4k $115.3m | Reduced -292.0k |
| TWO SIGMA INVESTMENTS, LP 0.08% of their portfolio | 349.1k $109.8m | Added +210.9k |
| PNC Financial Services Group, Inc. 0.05% of their portfolio | 348.0k $109.5m | Reduced -5.0k |
| NEUBERGER BERMAN GROUP LLC 0.07% of their portfolio | 343.7k $108.1m | Reduced -222.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.10% of their portfolio | 341.6k $107.5m | Added +29.9k |
| Aberdeen Group plc 0.15% of their portfolio | 330.0k $103.8m | Added +28.6k |
| RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio | 330.0k $103.8m | Reduced -2.4k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.49% of their portfolio | 322.0k $101.3m | Reduced -31.8k |
| CIBC Bancorp USA Inc. 0.13% of their portfolio | 321.8k $101.2m | Added +234.3k |
| BARCLAYS PLC 0.03% of their portfolio | 320.2k $100.7m | Reduced -91.4k |
| TIG Advisors, LLC 4.58% of their portfolio | 316.5k $99.6m | Reduced -19.7k |
| Rokos Capital Management LLP 1.24% of their portfolio | 314.7k $99.0m | Added +178.2k |
| Fort Baker Capital Management LP 7.87% of their portfolio | 314.3k $98.9m | Added +139.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 303.2k $95.4m | Reduced -14.2k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.13% of their portfolio | 294.1k $92.5m | Added +162.6k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 289.2k $91.0m | Reduced -6.1k |
| Markel Group Inc. 0.68% of their portfolio | 282.5k $88.9m | Unchanged |
| Empyrean Capital Partners, LP 3.10% of their portfolio | 279.8k $88.0m | Reduced -37.3k |
| ING GROEP NV 0.43% of their portfolio | 276.9k $87.1m | Added +52.6k |
| Magnetar Financial LLC 0.79% of their portfolio | 275.2k $86.6m | Added +54 |
| HighTower Advisors, LLC 0.08% of their portfolio | 273.1k $85.9m | Reduced -3.8k |
| LPL Financial LLC 0.02% of their portfolio | 272.2k $85.6m | Added +3.6k |
| PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio | 249.1k $78.4m | Reduced -16.5k |