What the executives and directors of Norfolk Southern actually did with their own shares, decoded from three years of SEC Form 4 filings.
The tape: three years of insider trades
Every marker sits at the exact price reported on the Form 4. The line is the monthly median of all prices insiders reported, so the chart needs no market feed; the gray strip is routine flow (vestings, tax withholding, gifts) that headlines love to miscount as selling.
Where the shares went, last 12 months
Every Form 4 movement decomposed: what flowed in (grants, vested equity, purchases) and what flowed out (tax withholding, plan sales, discretionary sales, gifts). Counted in shares, because grants carry no price.
Skin in the game
Directly held shares as reported after each trade, indexed to 100 five years back. Direct holdings only: trust and family-entity positions are per-entity in the filings and do not sum honestly, so this chart refuses to guess. The steps are the trades.
Who holds what
| Insider | Role | Shares held | Buys 12 m | Sales 12 m |
|---|---|---|---|---|
| Shaw Alan H. EVP & Chief Marketing Officer | Officer | 55.3K | — | — |
| MONGEAU CLAUDE | Director | 34.4K | — | — |
| George Mark R President & CEO | CEO | 21.9K | — | — |
| Adams Ann A EVP & Chief Transform. Officer | Officer | 21.1K | — | — |
| Orr John F EVP & Chief Operating Officer | COO | 14.6K | — | — |
| Fahmy Sameh | Director | 12K | $467K | — |
| ANDERSON RICHARD H | Director | 7,000 | $733K | — |
| LOCKHART MICHAEL D | Director | 6,012 | — | — |
| BELL THOMAS D JR | Director | 5,920 | — | — |
| LEER STEVEN F | Director | 5,220 | — | — |
| Moore Claiborne L Vice President & Controller | Officer | 4,902 | — | — |
| Zampi Jason Andrew EVP & CFO | CFO | 4,037 | — | — |
| LAMPHERE GILBERT H | Director | 3,647 | — | — |
| Huffard John C Jr | Director | 3,398 | — | — |
Open-market trade log
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2025-12-05 | Clyburn William Jr. (Director) | Open-market buy | 204 | $294.79 | $60K |
| 2025-11-19 | Bhatt Anil (Officer) | Discretionary sale | 900 | $281.60 | $253K |
| 2025-11-05 | Fahmy Sameh (Director) | Open-market buy | 1,650 | $282.97 | $467K |
| 2025-10-27 | ANDERSON RICHARD H (Director) | Open-market buy | 2,600 | $281.86 | $733K |
| 2025-01-31 | LAMPHERE GILBERT H (Director) | Open-market buy | 607 | $259.86 | $158K |
| 2024-12-13 | ANDERSON RICHARD H (Director) | Open-market buy | 200 | $248.61 | $50K |
| 2024-12-13 | ANDERSON RICHARD H (Director) | Open-market buy | 200 | $248.69 | $50K |
| 2024-12-13 | Clyburn William Jr. (Director) | Open-market buy | 201 | $248.41 | $50K |
| 2024-12-12 | Fahmy Sameh (Director) | Open-market buy | 350 | $249.37 | $87K |
| 2024-12-11 | George Mark R (CEO) | Open-market buy | 200 | $249.84 | $50K |
| 2024-10-24 | ANDERSON RICHARD H (Director) | Open-market buy | 1,000 | $257.85 | $258K |
| 2024-10-24 | Fahmy Sameh (Director) | Open-market buy | 1,000 | $255.00 | $255K |
| 2024-09-13 | Shaw Alan H. (Other) | Discretionary sale | 51.3K | $255.98 | $13.1M |
| 2024-08-02 | Fahmy Sameh (Director) | Open-market buy | 300 | $241.65 | $72K |
| 2024-08-01 | Fahmy Sameh (Director) | Open-market buy | 700 | $245.15 | $172K |
| 2024-07-29 | ANDERSON RICHARD H (Director) | Open-market buy | 2,000 | $247.48 | $495K |
| 2024-07-29 | Nag Nabanita C (Officer) | Discretionary sale | 355 | $249.38 | $89K |
| 2024-06-14 | Fahmy Sameh (Director) | Open-market buy | 2,000 | $219.25 | $439K |
| 2024-06-03 | Fahmy Sameh (Director) | Open-market buy | 1,500 | $222.17 | $333K |
| 2024-05-31 | Fahmy Sameh (Director) | Open-market buy | 500 | $222.20 | $111K |
| 2024-05-30 | KELLEHER THOMAS COLM (Director) | Open-market buy | 1,084 | $220.32 | $239K |
| 2024-05-30 | KELLEHER THOMAS COLM (Director) | Open-market buy | 1,198 | $219.64 | $263K |
| 2024-05-30 | Huffard John C Jr (Director) | Open-market buy | 3,398 | $219.92 | $747K |
| 2024-05-29 | ANDERSON RICHARD H (Director) | Open-market buy | 1,000 | $221.00 | $221K |
| 2024-05-29 | LAMPHERE GILBERT H (Director) | Open-market buy | 680 | $219.77 | $149K |
| 2024-05-29 | MONGEAU CLAUDE (Director) | Open-market buy | 5,650 | $221.00 | $1.2M |
| 2024-05-10 | Elkins Claude E (Officer) | Discretionary sale | 1,112 | $229.10 | $255K |
| 2024-05-10 | Elkins Claude E (Officer) | Discretionary sale | 3,077 | $227.68 | $701K |
| 2024-05-10 | Elkins Claude E (Officer) | Discretionary sale | 4,140 | $228.82 | $947K |
| 2023-06-01 | Shaw Alan H. (CEO) | Planned sale (10b5-1) | 2,000 | $209.55 | $419K |
| 2023-03-01 | Shaw Alan H. (CEO) | Discretionary sale | 2,000 | $224.16 | $448K |
| 2022-12-08 | Squires James A (Director) | Discretionary sale | 10.6K | $245.74 | $2.6M |
| 2022-12-08 | Squires James A (Director) | Discretionary sale | 10.6K | $245.77 | $2.6M |
| 2022-12-01 | Shaw Alan H. (CEO) | Discretionary sale | 2,000 | $258.35 | $517K |
| 2022-09-01 | Shaw Alan H. (CEO) | Discretionary sale | 2,000 | $241.28 | $483K |
| 2022-08-02 | Squires James A (Director) | Discretionary sale | 132 | $250.86 | $33K |
| 2022-08-02 | Squires James A (Director) | Discretionary sale | 6,295 | $250.21 | $1.6M |
| 2022-08-02 | Squires James A (Director) | Discretionary sale | 46K | $249.13 | $11.5M |
| 2022-08-02 | Squires James A (Director) | Discretionary sale | 53K | $248.35 | $13.2M |
| 2022-06-01 | Shaw Alan H. (CEO) | Discretionary sale | 1,000 | $241.84 | $242K |
| 2022-05-16 | Squires James A (Director) | Discretionary sale | 27.9K | $247.54 | $6.9M |
| 2022-03-14 | LEER STEVEN F (Director) | Discretionary sale | 700 | $265.51 | $186K |
| 2022-03-01 | Shaw Alan H. (Officer) | Discretionary sale | 1,000 | $256.70 | $257K |
| 2022-01-28 | Squires James A (CEO) | Discretionary sale | 62.9K | $269.36 | $16.9M |
| 2021-12-01 | Shaw Alan H. (Officer) | Discretionary sale | 1,000 | $272.73 | $273K |
| 2021-10-28 | Allison Clyde H Jr (Officer) | Discretionary sale | 5,000 | $290.13 | $1.5M |
| 2021-09-15 | Shaw Alan H. (Officer) | Discretionary sale | 1,000 | $245.15 | $245K |
| 2021-07-29 | Shaw Alan H. (Officer) | Discretionary sale | 570 | $256.91 | $146K |
| 2021-07-29 | Shaw Alan H. (Officer) | Discretionary sale | 1,118 | $256.97 | $287K |
| 2021-07-29 | Shaw Alan H. (Officer) | Discretionary sale | 1,699 | $256.90 | $436K |
| 2021-07-29 | Shaw Alan H. (Officer) | Discretionary sale | 1,761 | $256.94 | $452K |
| 2021-06-01 | MONGEAU CLAUDE (Director) | Open-market buy | 2,350 | $282.69 | $664K |
| 2021-05-24 | Squires James A (CEO) | Discretionary sale | 10K | $278.04 | $2.8M |
| 2021-05-24 | Squires James A (CEO) | Discretionary sale | 10K | $278.12 | $2.8M |
| 2021-05-18 | Squires James A (CEO) | Discretionary sale | 70K | $282.21 | $19.8M |
| 2021-05-11 | Allison Clyde H Jr (Officer) | Discretionary sale | 3,700 | $288.30 | $1.1M |
| 2021-02-19 | Adams Ann A (Officer) | Discretionary sale | 2,460 | $255.00 | $627K |
| 2021-02-01 | Shaw Alan H. (Officer) | Discretionary sale | 43 | $239.58 | $10K |
| 2021-02-01 | Adams Ann A (Officer) | Discretionary sale | 1,417 | $239.00 | $339K |
| 2021-01-28 | Adams Ann A (Officer) | Discretionary sale | 227 | $239.10 | $54K |
“Since trade” compares with the latest insider-implied price, not a market quote; this site carries no market data by design.
Filing hygiene
How to read this
A Form 4 transaction code decides everything. P is an open-market purchase and S an open-market sale; those two are the only codes where an insider chose to trade. A is a grant, M an option exercise or vesting, F shares withheld to cover tax, G a gift. Most “insiders dumped billions” headlines are code F and M mechanics.
Sales flagged 10b5-1 run on a plan the insider adopted in advance; since 2023 every Form 4 carries that flag. Buys have historically predicted returns, sales mostly have not, and this page states filings, not advice.