Norfolk Southern Corporation (NYSE: NSC) is a major North American freight railroad serving the eastern United States. Shares recently traded around $294 per share, giving the company a market capitalization of roughly $66.1 billion.
As a capital intensive railroad with long lived assets, Norfolk Southern tends to attract large institutional owners focused on steady cash flows, pricing power, and network scale. Looking at who owns Norfolk Southern and how insiders have been trading helps show how major investors are approaching the stock today.
Who Are Norfolk Southern’s Top Shareholders?
Norfolk Southern’s shareholder base is led by large, long term institutions that typically hold through market cycles. This can help keep ownership stable even during periods of operational or macro uncertainty. Recent filings show a mix of modest trimming and selective additions, pointing to balanced positioning rather than aggressive shifts.
- The Vanguard Group, Inc.: 20,346,175 shares (9.07%), ~$5.99B value. Cut 11,108 shares (0.05%).
- Dodge & Cox: 10,874,249 shares (4.85%), ~$3.20B value. Added 15,128 shares (0.14%).
- BlackRock Institutional Trust Company, N.A.: 10,139,405 shares (4.52%), ~$2.99B value. Added 47,114 shares (0.47%).
- State Street Investment Management (US): 9,330,730 shares (4.16%), ~$2.75B value. Cut 51,345 shares (0.55%).
- Geode Capital Management, L.L.C.: 4,841,824 shares (2.16%), ~$1.43B value. Added 19,749 shares (0.41%).
- T. Rowe Price Associates, Inc.: 3,507,246 shares (1.56%), ~$1.03B value. Cut 7,073,426 shares (66.85%).
- JP Morgan Asset Management: 3,027,686 shares (1.35%), ~$891M value. Cut 747,425 shares (19.80%).
- Pentwater Capital Management LP: 2,750,000 shares (1.23%), ~$810M value. New position during the period.
- Fidelity Management & Research Company LLC: 2,714,990 shares (1.21%), ~$799M value. Cut 738,735 shares (21.39%).
- Millennium Management LLC: 2,644,515 shares (1.18%), ~$779M value. Added 2,208,289 shares (506.23%).
Vanguard, BlackRock, and State Street provide a stable ownership base, while the mixed moves among active managers suggest differing views on valuation and near term earnings visibility, and for investors this points to steady institutional support with selective repositioning rather than broad conviction shifts.
Hedge Fund Highlights
One notable move last quarter came from Citadel Advisors, founded by Ken Griffin, which significantly increased its Norfolk Southern position. The firm now holds roughly $593M worth of NSC shares, which may suggest growing interest in the railroad’s earnings resilience and pricing power as freight conditions stabilize.
Millennium Management, led by Israel Englander, boosted its stake by over 500% to approximately $794M. While the increase appears sharp, it may reflect tactical positioning rather than a long term change in conviction.
Gotham Asset Management, founded by Joel Greenblatt, raised its exposure by more than 1,600% to around $20M. Although still a smaller position, the move could indicate improving perceived risk reward at current price levels.
Sculptor Capital Management, led by Jimmy Levin, expanded its stake by over 1,200%, bringing total holdings to roughly $153M. The increase suggests selective accumulation from active managers rather than broad hedge fund consensus, and for investors this highlights rising interest without one sided positioning.
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Norfolk Southern’s Recent Insider Trades
Insider trades can provide useful context on how executives and directors may be managing personal exposure, though activity at Norfolk Southern remains small relative to the company’s 224.4M shares outstanding.
- William J. Clyburn Jr. (Director): Bought 204 shares at ~$294.79.
- Sameh Fahmy (Director): Bought 1,650 shares at ~$282.97.
- Richard H. Anderson (Director): Bought 2,600 shares at ~$281.86.
- Anil Bhatt (Officer): Sold 900 shares at ~$281.60.
- Other directors: Small transactions ranging from 3 to 42 shares at prices near prevailing market levels.
These transactions represent a very small fraction of total shares outstanding, and it appears insider activity is modest and mixed, which for investors does not materially change the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Norfolk Southern’s shareholder base remains anchored by large institutional investors, helping provide stability in ownership. Hedge fund participation has increased, but positioning appears selective rather than aggressive, while insider trades remain small and balanced.
Taken together, it appears investors continue to view Norfolk Southern as a durable railroad franchise with steady cash generation, though ownership behavior suggests a measured approach at current valuation levels rather than high conviction accumulation.
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