Norfolk Southern Corporation
MX ˙ BMV ˙ US6558441084
SecurityMX:NSC / Norfolk Southern Corporation
InstitutionEmpirical Finance, LLC
Latest Disclosed Ownership7,852 shares
Latest Disclosed Value $ 2,253,524
Empirical Finance, LLC reports 0.19% decrease in ownership of NSC / Norfolk Southern Corporation

On May 14, 2026 - Empirical Finance, LLC filed a 13F-HR/A form disclosing ownership of 7,852 shares of Norfolk Southern Corporation (MX:NSC) valued at $2,253,524 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 12, 2026 disclosing 7,867 shares of Norfolk Southern Corporation. This represents a change in shares of -0.19% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F/A-1 NORFOLK SOUTHN COM 655844108 7,852 -15 -0.19 2,254 -0.79 0.1059
2026-05-14 2026-03-31 13F NORFOLK SOUTHN COM 655844108 7,852 -15 2,254 0.1059
2026-02-12 2025-12-31 13F NORFOLK SOUTHN COM 655844108 7,867 -321 -3.92 2,271 -7.65 0.1083
2025-11-13 2025-09-30 13F NORFOLK SOUTHN COM 655844108 8,188 58 0.71 2,460 18.16 0.1171
2025-08-11 2025-06-30 13F NORFOLK SOUTHN COM 655844108 8,130 55 0.68 2,081 8.84 0.1089
2025-05-07 2025-03-31 13F NORFOLK SOUTHN COM 655844108 8,075 152 1.92 1,913 2.85 0.1155
2025-01-28 2024-12-31 13F NORFOLK SOUTHN COM 655844108 7,923 -99 -1.23 1,860 -6.72 0.1076
2024-11-06 2024-09-30 13F NORFOLK SOUTHN COM 655844108 8,022 154 1.96 1,993 18.00 0.1162
2024-07-30 2024-06-30 13F NORFOLK SOUTHN COM 655844108 7,868 -668 -7.83 1,689 -22.34 0.1055
2024-05-06 2024-03-31 13F NORFOLK SOUTHN COM 655844108 8,536 275 3.33 2,176 11.42 0.1335
2024-02-14 2023-12-31 13F NORFOLK SOUTHN COM 655844108 8,261 4 0.05 1,953 20.05 0.1362
2023-11-02 2023-09-30 13F NORFOLK SOUTHN COM 655844108 8,257 736 9.79 1,626 -4.63 0.1194
2023-07-27 2023-06-30 13F NORFOLK SOUTHN COM 655844108 7,521 730 10.75 1,705 18.49 0.1321
2023-04-05 2023-03-31 13F NORFOLK SOUTHN COM 655844108 6,791 300 4.62 1,440 -10.01 0.1348
2023-02-21 2022-12-31 13F/A-1 NORFOLK SOUTHN COM 655844108 6,491 445 7.36 1,600 26.10 0.1656
2023-01-24 2022-12-31 13F NORFOLK SOUTHN COM 655844108 6,491 445 2 0.1657
2022-11-04 2022-09-30 13F NORFOLK SOUTHN COM 655844108 6,046 945 18.53 1,268 9.40 0.1504
2022-08-01 2022-06-30 13F NORFOLK SOUTHN COM 655844108 5,101 262 5.41 1,159 -16.01 0.1477
2022-04-21 2022-03-31 13F NORFOLK SOUTHN COM 655844108 4,839 497 11.45 1,380 6.73 0.1546
2022-02-04 2021-12-31 13F NORFOLK SOUTHN COM 655844108 4,342 1,109 34.30 1,293 67.27 0.1527
2021-11-12 2021-09-30 13F NORFOLK SOUTHN COM 655844108 3,233 181 5.93 773 -4.57 0.1165
2021-08-10 2021-06-30 13F/A-1 NORFOLK SOUTHN COM 655844108 3,052 408 15.43 810 28.98 0.1320
2021-08-04 2021-06-30 13F NORFOLK SOUTHN COM 655844108 2,644 0 628 0.1104
2021-05-13 2021-03-31 13F NORFOLK SOUTHN COM 655844108 2,644 0 0.00 628 0.00 0.1104
2021-02-02 2020-12-31 13F NORFOLK SOUTHN COM 655844108 2,644 450 20.51 628 33.90 0.1104
2020-10-28 2020-09-30 13F/A-1 NORFOLK SOUTHN COM 655844108 2,194 424 23.95 469 50.80 0.1005
2020-07-20 2020-06-30 13F/A-1 NORFOLK SOUTHERN COM 655844108 1,770 213 13.68 311 37.00 0.0796
2020-04-16 2020-03-31 13F NORFOLK SOUTHERN COM 655844108 1,557 1,557 227 0.0706
2017-05-11 2017-03-31 13F NORFOLK SOUTHERN COM 655844108 0 -136 -100.00 0 -100.00
2017-02-13 2016-12-31 13F NORFOLK SOUTHERN COM 655844108 136 136 15 0.0101
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.