CSX Corporation $CSX is Maj Invest Holding A S’s 9th Largest Position

Maj Invest Holding A S trimmed its position in shares of CSX Corporation (NASDAQ:CSX) by 29.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,526,725 shares of the transportation company’s stock after selling 1,059,954 shares during the period. CSX makes up 5.5% of Maj Invest Holding A S’s portfolio, making the stock its 9th biggest position. Maj Invest Holding A S’s holdings in CSX were worth $120,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CSX. BlackRock Inc. acquired a new position in CSX in the 2nd quarter worth $7,655,277,000. XXEC Inc. acquired a new stake in shares of CSX during the second quarter valued at about $765,595,000. Bank of America Corp DE purchased a new stake in shares of CSX during the second quarter worth about $1,598,962,000. Bank of New York Mellon Corp purchased a new stake in shares of CSX during the second quarter worth about $950,325,000. Finally, Legal & General Group Plc acquired a new position in shares of CSX in the second quarter worth about $747,001,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CSX shares. Argus set a $56.00 price target on CSX in a report on Friday, July 31st. JPMorgan Chase & Co. upped their target price on CSX from $56.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Wells Fargo & Company upped their target price on CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday, July 8th. Evercore set a $51.00 target price on CSX in a research note on Thursday, July 23rd. Finally, Raymond James Financial reissued an “outperform” rating and set a $56.00 price target on shares of CSX in a research report on Monday, July 13th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.31.

Insider Activity at CSX

In other CSX news, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president directly owned 59,643 shares of the company’s stock, valued at approximately $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the transaction, the chief accounting officer owned 10,437 shares in the company, valued at approximately $556,187.73. The trade was a 74.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.30% of the company’s stock.

CSX Stock Down 3.6%

NASDAQ:CSX opened at $48.70 on Wednesday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The company has a market capitalization of $90.22 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 2.38 and a beta of 1.21. CSX Corporation has a one year low of $31.80 and a one year high of $53.60. The stock has a 50-day simple moving average of $50.05 and a 200 day simple moving average of $45.72.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. CSX had a return on equity of 24.98% and a net margin of 22.21%.The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. CSX’s revenue for the quarter was up 10.1% compared to the same quarter last year. Sell-side analysts predict that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio is currently 32.37%.

About CSX

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX’s freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.