Here’s Why Norfolk Southern (NSC) Detracted in Q3

The London Company, an investment management company, released “The London Company Large Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Shares of larger companies performed better as stocks traded lower across the market cap spectrum for the third consecutive quarter, indicating a preference for growth. The fund declined 3.8% (-3.9% net) during the quarter compared to a 3.2% drop in the Russell 1000 Index. Headwinds from stock selection offset a benefit from sector allocation. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Large Cap Strategy highlighted stocks like Norfolk Southern Corporation (NYSE:NSC) in the third quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Norfolk Southern Corporation (NYSE:NSC) engages in the rail transportation business. On November 7, 2023, Norfolk Southern Corporation (NYSE:NSC) stock closed at $194.40 per share. One-month return of Norfolk Southern Corporation (NYSE:NSC) was -3.76%, and its shares lost 15.68% of their value over the last 52 weeks. Norfolk Southern Corporation (NYSE:NSC) has a market capitalization of $43.961 billion.

The London Company Large Cap Strategy made the following comment about Norfolk Southern Corporation (NYSE:NSC) in its Q3 2023 investor letter:

Norfolk Southern Corporation (NYSE:NSC) – NSC underperformed during Q3 as the East Palestine, Ohio derailment has been a disruption for the company in terms of time and money. That said, the rail improved service levels during the quarter and has some tailwinds behind it, including industrial on-shoring pricing relative to truck, disruption in the freight market from Yellow and UPS, and continued service level improvement.”

Norfolk Southern Corporation (NYSE:NSC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Norfolk Southern Corporation (NYSE:NSC) at the end of second quarter which was 51 in the previous quarter.

We discussed Norfolk Southern Corporation (NYSE:NSC) in another article and shared the list of George Soros Stocks that are on sale now. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.