CSX Corporation $CSX Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its stake in shares of CSX Corporation (NASDAQ:CSX) by 74.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 63,092 shares of the transportation company’s stock after selling 181,168 shares during the quarter. Wellington Management Group LLP’s holdings in CSX were worth $2,999,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CSX. Evolve Private Wealth LLC purchased a new stake in shares of CSX in the second quarter valued at about $693,000. Canada Post Corp Registered Pension Plan increased its position in CSX by 34.2% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 96,484 shares of the transportation company’s stock worth $3,498,000 after purchasing an additional 24,566 shares during the last quarter. M. Kulyk & Associates LLC purchased a new position in CSX during the second quarter worth about $8,145,000. Wealthfront Advisers LLC acquired a new position in CSX in the 2nd quarter valued at about $7,609,000. Finally, B. Metzler seel. Sohn & Co. AG acquired a new position in CSX in the 2nd quarter valued at about $6,598,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CSX. JPMorgan Chase & Co. increased their price target on shares of CSX from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Wells Fargo & Company upped their price objective on CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, July 8th. Stifel Nicolaus set a $54.00 price objective on CSX in a research report on Thursday, July 23rd. Bank of America raised their target price on CSX from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen downgraded CSX from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

Insiders Place Their Bets

In other news, SVP Michael Burns sold 13,000 shares of CSX stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the completion of the sale, the senior vice president directly owned 59,643 shares of the company’s stock, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Angela Williams sold 30,000 shares of the business’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $53.29, for a total value of $1,598,700.00. Following the completion of the sale, the chief accounting officer owned 10,437 shares in the company, valued at $556,187.73. This represents a 74.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.30% of the company’s stock.

CSX Stock Performance

Shares of CSX stock opened at $49.04 on Friday. The firm’s 50 day moving average price is $50.23 and its 200-day moving average price is $46.10. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. CSX Corporation has a one year low of $31.96 and a one year high of $53.60. The firm has a market cap of $90.85 billion, a P/E ratio of 28.35, a P/E/G ratio of 2.27 and a beta of 1.21.

CSX (NASDAQ:CSX) last posted its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.44 EPS. As a group, equities research analysts predict that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders 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 is Monday, August 31st. CSX’s dividend payout ratio (DPR) is currently 32.37%.

About CSX

CSX Corporation (NASDAQ: CSX) is a transportation company that operates one of the largest rail networks in the eastern United States. Through its CSX Transportation subsidiary, the company provides rail freight transportation and logistics services for manufacturers, distributors, utilities, agricultural businesses and other commercial customers.

CSX transports a broad range of products, including chemicals, agricultural and food products, minerals, forest products, metals, automobiles and consumer goods.