Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. The company offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, ethanol producers, renewable biofuel producers, and other agricultural users; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, liquid petroleum gases, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers. Union Pacific Corporation was founded in 1862 and is headquartered in Omaha, Nebraska.

Union Pacific Corporation

Fintel reports that on October 24, 2025, TD Cowen maintained coverage of Union Pacific (NYSE:UNP) with a Buy recommendation.
Analyst Price Forecast Suggests 21.31% Upside
As of September 30, 2025, the average one-year price target for Union Pacific is $262.81/share. The forecasts range from a low of $218.50 to a high of $308.70. The average price target represents an increase of 21.31% from its latest reported closing price of $216.64 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Union Pacific is 26,430MM, an increase of 7.68%. The projected annual non-GAAP EPS is 13.63.
What is the Fund Sentiment?
There are 3,827 funds or institutions reporting positions in Union Pacific. This is an decrease of 38 owner(s) or 0.98% in the last quarter. Average portfolio weight of all funds dedicated to UNP is 0.43%, an increase of 6.88%. Total shares owned by institutions decreased in the last three months by 1.47% to 559,989K shares. The put/call ratio of UNP is 0.67, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 19,206K shares representing 3.24% ownership of the company. In its prior filing, the firm reported owning 19,092K shares , representing an increase of 0.60%. The firm decreased its portfolio allocation in UNP by 12.59% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 16,959K shares representing 2.86% ownership of the company. In its prior filing, the firm reported owning 16,791K shares , representing an increase of 1.00%. The firm decreased its portfolio allocation in UNP by 12.60% over the last quarter.
Geode Capital Management holds 14,991K shares representing 2.53% ownership of the company. In its prior filing, the firm reported owning 15,045K shares , representing a decrease of 0.36%. The firm decreased its portfolio allocation in UNP by 13.56% over the last quarter.
Bank Of America holds 11,821K shares representing 1.99% ownership of the company. In its prior filing, the firm reported owning 10,952K shares , representing an increase of 7.34%. The firm decreased its portfolio allocation in UNP by 4.80% over the last quarter.
Jpmorgan Chase holds 8,428K shares representing 1.42% ownership of the company. In its prior filing, the firm reported owning 16,836K shares , representing a decrease of 99.75%. The firm decreased its portfolio allocation in UNP by 56.34% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
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This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

TD Cowen Maintains Union Pacific (UNP) Buy Recommendation

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Procter & Gamble Company (Symbol: PG), where a total volume of 50,519 contracts has been traded thus far today, a contract volume which is representative of approximately 5.1 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 70.5% of PG's average daily trading volume over the past month, of 7.2 million shares. Especially high volume was seen for the $152.50 strike call option expiring October 24, 2025, with 4,144 contracts trading so far today, representing approximately 414,400 underlying shares of PG. Below is a chart showing PG's trailing twelve month trading history, with the $152.50 strike highlighted in orange:
Albemarle Corp. (Symbol: ALB) saw options trading volume of 21,295 contracts, representing approximately 2.1 million underlying shares or approximately 62.3% of ALB's average daily trading volume over the past month, of 3.4 million shares. Especially high volume was seen for the $120 strike call option expiring November 21, 2025, with 1,462 contracts trading so far today, representing approximately 146,200 underlying shares of ALB. Below is a chart showing ALB's trailing twelve month trading history, with the $120 strike highlighted in orange:
And Union Pacific Corp (Symbol: UNP) options are showing a volume of 19,513 contracts thus far today. That number of contracts represents approximately 2.0 million underlying shares, working out to a sizeable 57.9% of UNP's average daily trading volume over the past month, of 3.4 million shares. Especially high volume was seen for the $260 strike call option expiring March 20, 2026, with 13,925 contracts trading so far today, representing approximately 1.4 million underlying shares of UNP. Below is a chart showing UNP's trailing twelve month trading history, with the $260 strike highlighted in orange:
For the various different available expirations for PG options, ALB options, or UNP options, visit StockOptionsChannel.com.
Also see:
BETR YTD Return
CWST Insider Buying
SL Green Realty Earnings History
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Friday Option Activity: PG, ALB, UNP

Key Points
Sold 11,943 Union Pacific shares; Estimated transaction value of $2.69 million for the third quarter of 2025, based on the average price
Post-trade stake: 36,048 shares valued at $8.52 million as of Q3 2025
The position now accounts for 0.88% of fund AUM as of September 30, 2025, which places it outside the fund's top five holdings
On October 20, 2025, DuPont Capital disclosed in a Securities and Exchange Commission filing for the period ended September 30, 2025, that it sold 11,943 shares of Union Pacific (NYSE:UNP), an estimated $2.69 million trade based on the average price for the third quarter of 2025.
What Happened
DuPont Capital reduced its position in Union Pacific by 11,943 shares during the third quarter of 2025, according to an SEC filing dated October 20, 2025. The estimated value of shares sold was approximately $2.69 million, based on the average closing price during the quarter. After the trade, the fund reported holding 36,048 Union Pacific shares worth $8.52 million as of September 30, 2025.
What Else to Know
The Union Pacific stake now represents 0.88% of DuPont Capital's 13F AUM as of Q3 2025, down from 1.19% in the previous quarter.
Top holdings after the filing:
NVDA: $77.74 million (8.0% of AUM) as of September 30, 2025
MSFT: $64.21 million (6.6% of AUM) as of September 30, 2025
AAPL: $54.90 million (5.7% of AUM) as of September 30, 2025
AMZN: $42.81 million (4.4% of AUM) as of September 30, 2025
GOOGL: $34.78 million (3.6% of AUM) as of September 30, 2025
As of October 20, 2025, Union Pacific shares were priced at $227.30, marking a one-year total return of (5.4)% for the period ended October 20, 2025.
Company Overview
Revenue (TTM)
$24.55 billion
Net Income (TTM)
$7.05 billion
Dividend Yield
2.45%
Company Snapshot
Union Pacific Corporation is one of North America's largest freight railroad operators, with a network connecting major ports on the Pacific and Gulf coasts to key inland markets. The company has an extensive rail infrastructure and serves a wide range of industries. It provides rail transportation services for agricultural products, energy, industrial goods, and intermodal freight across a 32,452-mile network as of December 31, 2021.
The company serves a diverse range of industries, leveraging its infrastructure scale. It serves grain processors, manufacturers, energy producers, automotive companies, and intermodal shippers throughout the United States.
Foolish Take
DuPont Capital's recent sale of Union Pacific stock could raise a few eyebrows -- here's why.
The investment management firm sold about 12,000 shares of Union Pacific stock. That equates to roughly 25% of its overall holdings of Union Pacific. What's more, the transaction reduced the firm's Union Pacific position to 0.88% of assets under management. According to Dupont Capital's second quarter filing, its Union Pacific position accounted for 1.19% of assets under management.
In other words, DuPont Capital's portfolio managers dumped a fairly large amount of Union Pacific stock during the third quarter -- and not at a particularly advantageous time.
Union Pacific stock has notably lagged the broader stock market since the start of 2024. Indeed, over that period, Union Pacific stock has generated a total return of (7)%. Meanwhile, the S&P 500 has generated a total return of 45%.
Therefore, it's reasonable to conclude this transaction represents a shift in sentiment by the portfolio managers. Granted, it's not an enormous sale, and the firm still retained roughly 75% of its position in the stock. However, given the ongoing concerns facing global trade and tariffs, retail investors may want to take note of this institutional sale of Union Pacific stock.
Glossary
13F: A quarterly SEC filing by institutional investment managers disclosing equity holdings under management.
Assets Under Management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Alpha: A measure of an investment's performance compared to a benchmark, usually indicating value added or subtracted.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
Intermodal freight: Cargo transported using multiple modes of transportation, such as rail, ship, and truck, without handling the freight itself.
Stake: The amount or percentage of ownership an investor or fund holds in a company.
Quarter (Q3): The third three-month period of a company's fiscal year, often used for financial reporting.
Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
TTM: The 12-month period ending with the most recent quarterly report.
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Jake Lerch has positions in Alphabet, Amazon, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Microsoft, and Nvidia. The Motley Fool recommends Union Pacific and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Shift in Sentiment? Investment Manager Cuts Its Stake in Legendary Transportation Stock

Below is Validea's guru fundamental report for UNION PACIFIC CORP (UNP). Of the 22 guru strategies we follow, UNP rates highest using our Patient Investor model based on the published strategy of Warren Buffett. This strategy seeks out firms with long-term, predictable profitability and low debt that trade at reasonable valuations.
UNION PACIFIC CORP (UNP) is a large-cap growth stock in the Railroads industry. The rating using this strategy is 75% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of UNION PACIFIC CORP
More Information on Warren Buffett
About Warren Buffett: Warren Buffett is considered by many to be the greatest investor of all time. As the chairman of Berkshire Hathaway, Buffett has consistently outperformed the S&P 500 for decades, and in the process has become one of the world's richest men. (Forbes puts his net worth at $37 billion.) Despite his fortune, Buffett is known for living a modest lifestyle, by billionaire standards. His primary residence remains the gray stucco Nebraska home he purchased for $31,500 nearly 50 years ago, according to Forbes, and his folksy Midwestern manner and penchant for simple pleasures -- a cherry Coke, a good burger, and a good book are all near the top of the list -- have been well-documented.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Guru Fundamental Report for UNP - Warren Buffett

(RTTNews) - Union Pacific Corp. (UNP) announced earnings for its third quarter that Increased from the same period last year and beat the Street estimates.
The company's earnings came in at $1.788 billion, or $3.01 per share. This compares with $1.671 billion, or $2.75 per share, last year.
Excluding items, Union Pacific Corp. reported adjusted earnings of $1.829 billion or $3.08 per share for the period.
Analysts on average had expected the company to earn $2.98 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 2.5% to $6.244 billion from $6.091 billion last year.
Union Pacific Corp. earnings at a glance (GAAP) :
-Earnings: $1.788 Bln. vs. $1.671 Bln. last year. -EPS: $3.01 vs. $2.75 last year. -Revenue: $6.244 Bln vs. $6.091 Bln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Union Pacific Corp. Q3 Profit Increases, Beats Estimates

(RTTNews) - Union Pacific (UNP) will host a conference call at 8:45 AM ET on Oct 23, 2025, to discuss Q3 25 earnings results. To access the live webcast, log on to https://investor.unionpacific.com/events-presentations
To listen to the call, dial 877-407-8293 or 201-689-8349 (International).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Union Pacific Q3 25 Earning Conference Call At 8:45 AM ET

The following companies are expected to report earnings prior to market open on 10/23/2025. Visit our Earnings Calendar for a full list of expected earnings releases.
T-Mobile US, Inc. (TMUS)is reporting for the quarter ending September 30, 2025. The wireless (national) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $2.42. This value represents a 7.28% decrease compared to the same quarter last year. In the past year TMUS has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 5.58%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for TMUS is 22.24 vs. an industry ratio of 5.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Union Pacific Corporation (UNP)is reporting for the quarter ending September 30, 2025. The transportation (rail) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.99. This value represents a 8.73% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for UNP is 19.30 vs. an industry ratio of 17.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Honeywell International Inc. (HON)is reporting for the quarter ending September 30, 2025. The diversified operations company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.56. This value represents a 0.78% decrease compared to the same quarter last year. In the past year HON has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 4.17%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for HON is 19.95 vs. an industry ratio of 30.60.
Blackstone Inc. (BX)is reporting for the quarter ending September 30, 2025. The financial services company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.22. This value represents a 20.79% increase compared to the same quarter last year. In the past year BX has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 9.01%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for BX is 32.16 vs. an industry ratio of 18.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Freeport-McMoran, Inc. (FCX)is reporting for the quarter ending September 30, 2025. The mining company's consensus earnings per share forecast from the 7 analysts that follow the stock is $0.41. This value represents a 7.89% increase compared to the same quarter last year. FCX missed the consensus earnings per share in the 3rd calendar quarter of 2024 by -5%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for FCX is 28.89 vs. an industry ratio of 45.00.
Roper Technologies, Inc. (ROP)is reporting for the quarter ending September 30, 2025. The information technology services company's consensus earnings per share forecast from the 8 analysts that follow the stock is $5.11. This value represents a 10.61% increase compared to the same quarter last year. In the past year ROP has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 1.04%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ROP is 25.32 vs. an industry ratio of 15.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Valero Energy Corporation (VLO)is reporting for the quarter ending September 30, 2025. The oil refining company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.91. This value represents a 155.26% increase compared to the same quarter last year. VLO missed the consensus earnings per share in the 3rd calendar quarter of 2024 by -11.63%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for VLO is 18.51 vs. an industry ratio of 9.70, implying that they will have a higher earnings growth than their competitors in the same industry.
CBRE Group, Inc. (CBRE)is reporting for the quarter ending September 30, 2025. The real estate company's consensus earnings per share forecast from the 5 analysts that follow the stock is $1.47. This value represents a 22.50% increase compared to the same quarter last year. In the past year CBRE has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 13.33%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CBRE is 25.99 vs. an industry ratio of 10.00, implying that they will have a higher earnings growth than their competitors in the same industry.
PG&E Corp (PCG)is reporting for the quarter ending September 30, 2025. The electric power utilities company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.46. This value represents a 24.32% increase compared to the same quarter last year. The last two quarters PCG had negative earnings surprises; the latest report they missed by -6.06%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for PCG is 11.17 vs. an industry ratio of 19.80.
Tractor Supply Company (TSCO)is reporting for the quarter ending September 30, 2025. The retail company's consensus earnings per share forecast from the 11 analysts that follow the stock is $0.48. This value represents a 6.67% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for TSCO is 25.96 vs. an industry ratio of -9.90, implying that they will have a higher earnings growth than their competitors in the same industry.
CenterPoint Energy, Inc. (CNP)is reporting for the quarter ending September 30, 2025. The electric power utilities company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.46. This value represents a 48.39% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CNP is 22.74 vs. an industry ratio of 19.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Dover Corporation (DOV)is reporting for the quarter ending September 30, 2025. The machinery company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.50. This value represents a 10.13% increase compared to the same quarter last year. In the past year DOV has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 2.09%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for DOV is 18.29 vs. an industry ratio of 16.20, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for October 23, 2025 : TMUS, UNP, HON, BX, FCX, ROP, VLO, CBRE, PCG, TSCO, CNP, DOV

The widely diversified Zacks Transportation sector continues to navigate through a challenging macroeconomic environment. The sector grapples with multiple headwinds, ranging from escalated expenses, inflation-induced elevated interest rates, a downturn in freight demand and supply-chain woes. Geopolitical uncertainties and tariff-induced economic tensions continue to hurt consumer sentiment and growth expectations.
With inflation remaining a concern, risks associated with an economic slowdown and geopolitical tensions dampen the prospects of stocks belonging to this sector. Sluggish economic growth and inflationary woes are likely to make markets more volatile in the coming days. Due to supply-chain troubles, costs will likely continue to be steep going forward.
On a brighter note, the southward movement of oil prices bodes well for the bottom-line growth of sector participants. This is because fuel expenses are a significant input cost for the transportation companies. Oil prices decreased 4.2% in the July-September 2025 period.
Given this backdrop, investors interested in the Zacks Transportation sector are keenly waiting for the results of Southwest Airlines Co. (LUV), Union Pacific Corporation (UNP), American Airlines Group Inc. (AAL) and Norfolk Southern Corporation (NSC) – all of which are slated to be released this week.
Our quantitative model predicts an earnings beat for a company if it has a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). This combination increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Let’s delve deeper.
Southwest Airlines
We expect LUV's performance in the to-be-reported quarter to have been boosted by an uptick in total revenues, driven by high passenger revenues as domestic air-travel demand stabilizes. Our estimate for passenger revenues in the to-be-reported quarter indicates a 1.3% increase from third-quarter 2024 actuals.
The Zacks Consensus Estimate for LUV’s third-quarter 2025 revenues is pegged at $6.97 billion, indicating 1.44% growth year over year. The Zacks Consensus Estimate for LUV’s third-quarter 2025 earnings has been revised upward by more than 100% in the past 60 days to 1 cent per share. However, the consensus mark implies a 93.33% downside from the year-ago actual.
LUV is scheduled to report third-quarter 2025 results on Oct. 22. Our proven model does not conclusively predict an earnings beat for LUV, as it has an Earnings ESP of -268.00% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Southwest Airlines Co. Price and EPS Surprise
Union Pacific Corporation
The Zacks Consensus Estimate for third-quarter 2025 revenues is pegged at $6.23 billion, indicating a 2.34% upside from the year-ago actual. Our estimate for freight revenues (which accounts for the majority portion of total revenues) is pegged at $5.86 billion, which indicates an increase of 1.7% from third-quarter 2024 actuals. However, the consensus mark for other revenues is pegged at $311.3 million, implying a 3.6% decrease from third-quarter 2024 actuals.
The Zacks Consensus Estimate for third-quarter 2025 earnings has been revised 0.34% upward in the past 60 days and is pegged at $2.99 per share. Additionally, the consensus mark implies an 8.73% uptick from the year-ago actual.
UNP is scheduled to report third-quarter 2025 results on Oct. 23, before market open. Our proven model does not conclusively predict an earnings beat for UNP, as Union Pacific has an Earnings ESP of -0.16% and a Zacks Rank #3 at present.
Union Pacific Corporation Price and EPS Surprise
American Airlines
The Zacks Consensus Estimate for AAL’s third-quarter 2025 loss has been widened from 25 cents per share to a loss of 27 cents in the past 60 days. The company reported earnings of 30 cents per share in the year-ago quarter. The consensus estimate lies within the company provided guided range of a loss per share of 10-60 cents.
For the third quarter of 2025, management expects total revenues to be either down 2% or increase by up to 1% from year-ago levels. The Zacks Consensus Estimate for AAL’s third-quarter 2025 revenues is pegged at $13.63 billion, indicating a 0.13% decline year over year. The downside is likely to have been partially offset by improving travel demand and lower fuel prices.
AAL is scheduled to report third-quarter 2025 results on Oct. 23, before market open. Our proven model does not conclusively predict an earnings beat for American Airlines this time around, as AAL has an Earnings ESP of -0.68% and a Zacks Rank #3 at present.
American Airlines Group Inc. Price and EPS Surprise
Norfolk Southern
The Zacks Consensus Estimate for NSC’s third-quarter 2025 earnings has been revised downward by 4.50% in the past 60 days to $3.18 per share. Moreover, the consensus mark implies a 2.15% downside from the year-ago actual. The Zacks Consensus Estimate for NSC’s third-quarter 2025 revenues is pegged at $3.09 billion, indicating 1.26% growth year over year.
E-commerce demand has been driving shipment volumes for Norfolk Southern and is likely to boost results. NSC’s robust free cash flow generation also enables it to maintain steady, shareholder-friendly initiatives. On the flip side, softness in the freight market and volumes is a negative for NSC and is likely to have hurt its performance in the to-be-reported quarter. Inflationary pressure, high interest rates, tariff-related uncertainties, weak freight demand and supply-chain disruptions also act as other headwinds for NSC’s prospects.
NSC is scheduled to report third-quarter 2025 results on Oct. 23, after market close. Our proven model does not conclusively predict an earnings beat for Norfolk Southern this time, as it has an Earnings ESP of -0.68% and a Zacks Rank #4 (Sell) at present.
Norfolk Southern Corporation Price and EPS Surprise
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Watch These 4 Transportation Stocks for Q3 Earnings: Beat or Miss?

UNP Factor-Based Stock Analysis - Warren Buffett

Key Points
Mattern Capital sold 39,549 shares of Union Pacific Corporation, with an estimated transaction value of $9.1 million.
The firm fully exited its position in the railroad.
The position had accounted for 1.1% of the fund’s AUM.
On Oct. 21, 2025, Mattern Capital Management disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold its entire Union Pacific Corporation stake, an estimated $9.1 million trade.
What happened
According to an SEC filing dated Oct. 21, 2025, Mattern Capital exited its entire holding in Union Pacific Corp. (NYSE:UNP), selling all 39,549 shares. The estimated trade size was $9.1 million. The stake previously represented 1.1% of the fund’s assets under management as of the prior filing period ended Sept. 30, 2025.
What else to know
The fund fully sold out of Union Pacific.
Top holdings after the filing:
Apple: $20.1 million (2.4% of AUM) as of Sept. 30, 2025
Microsoft: $19.3 million (2.3% of AUM).
Walmart: $14.6 million (1.7% of AUM).
Cencora: $13.8 million (1.6% of AUM).
Lowe's: $13.3 million (1.6% of AUM).
As of Oct. 20, 2025, shares of Union Pacific Corporation were priced at $227.30, reflecting a one-year change of (-5.43%) and an alpha of (-19.03) percentage points versus the S&P 500 (both measured over the prior 252 trading days).
Company Overview
Revenue (TTM)
$24.4 billion
Net Income (TTM)
$6.93 billion
Dividend Yield
2.4%
Price (as of market close 2025-10-20)
$227.30
Company Snapshot
Union Pacific provides rail transportation services for agricultural products, industrial goods, energy, construction materials, chemicals, and intermodal freight across its rail network in the United States.
The company generates revenue primarily through long-haul freight movement, leveraging an extensive rail infrastructure to connect major ports and inland markets efficiently.
Key customers include agricultural producers, energy companies, industrial manufacturers, automotive suppliers, and intermodal shippers seeking reliable bulk and containerized transport solutions.
Union Pacific is one of the largest freight railroad operators in North America, with a significant presence in the western two-thirds of the United States.
Foolish take
Union Pacific and fellow railroad Norfolk Southern announced a planned merger in July, 2025. Both companies' boards of directors have unanimously approved the $85 billion deal. The potential merger is still in the initial approval stages, with formal review that could take until late next year.
Mattern's exit of its Union Pacific position may signal that it doesn't back the deal, or doesn't think it will receive final approval. The market seems to be hesitant as well. Union Pacific would value Norfolk Southern at $320 per share, yet Norfolk shares still only traded at $290 per share at recent levels.
Union Pacific wasn't in the top five, or even 10, equity holdings for Mattern Capital. The firm may have decided to avoid the risk associated with the merger. Union Pacific shares haven't changed much since the deal was announced, and Mattern looks to have decided to simply move on from the railroad name.
Glossary
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Alpha: A measure of an investment's performance relative to a benchmark index, showing excess return or underperformance.
Stake: The ownership interest or position held in a company or asset by an investor or fund.
Position: The amount of a particular security or asset held in a portfolio.
Quarterly Average Price: The average trading price of a security over a specific quarter, used for estimating transaction values.
Intermodal Freight: Goods transported using multiple modes of transportation (like rail and truck) without handling the actual cargo when changing modes.
Dividend Yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
TTM: The 12-month period ending with the most recent quarterly report.
Reportable Assets: Assets that must be disclosed in regulatory filings due to their size or significance in a portfolio.
Fund: An investment vehicle pooling money from multiple investors to buy securities according to a specific strategy.
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Howard Smith has positions in Apple and Microsoft. The Motley Fool has positions in and recommends Apple, Microsoft, and Walmart. The Motley Fool recommends Lowe's Companies and Union Pacific and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.