NORFOLK SOUTHERN CORP
In the published model solve dated 2026-Q2, anchored at $348.68, NORFOLK SOUTHERN CORP (NSC) is priced for +16.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
• Norfolk Southern runs one of the two big eastern U.S. freight railroads, moving merchandise, intermodal containers, and coal across a network that is effectively impossible to replicate, with a 70.7% operating ratio in the first quarter of 2026. • The story is the pending Union Pacific merger: NSC holders would receive 1.0 UNP share plus $88.82 cash, a deal valued near $320 per share, but the price sits below that because regulatory approval is uncertain and far off. • The next markers are the
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1,784 institutional managers reported holding NSC in 13F filings for the quarter ended 2026-03-31. Together they hold about 74% of the company; the top 10 hold 33%. 102 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 8.2M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (8.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NSC has cut its share count 9.8% over the past five years, spending $6.14B on repurchases. It pays a dividend, and has paid one every year in our records (18 and counting); the current rate is $5.40 a share annually. Cash returned over the past three years: $3.35B in dividends and $858.00M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at NSC over the trailing three years: 2024: 19 buys totaling $5.29M; 2025: 4 buys totaling $1.42M. 13 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NSC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-28 | -0.1% | -16.8% |
| 2023-10-26 | -5.6% | +27.6% |
| 2024-02-06 | +6.7% | +0.6% |
| 2024-04-25 | -1.7% | -12.8% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NSC's latest 8-K filings: 2026-07-23 (items 2.02, 7.01, 9.01); 2026-06-01 (items 5.02, 7.01, 9.01); 2026-05-08 (items 5.07); 2026-04-24 (items 2.02, 7.01, 9.01); 2026-04-02 (items 1.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.