Sound Shore Management Inc. CT Has $82.19 Million Position in CSX Corporation $CSX

Sound Shore Management Inc. CT trimmed its position in CSX Corporation (NASDAQ:CSX) by 16.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,002,159 shares of the transportation company’s stock after selling 399,715 shares during the period. CSX makes up approximately 2.8% of Sound Shore Management Inc. CT’s portfolio, making the stock its 10th biggest position. Sound Shore Management Inc. CT’s holdings in CSX were worth $82,189,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. FNY Investment Advisers LLC boosted its holdings in CSX by 437.3% in the third quarter. FNY Investment Advisers LLC now owns 720 shares of the transportation company’s stock worth $25,000 after acquiring an additional 586 shares in the last quarter. WFA of San Diego LLC bought a new stake in shares of CSX during the second quarter valued at approximately $28,000. CrossGen Wealth LLC acquired a new position in shares of CSX during the fourth quarter worth approximately $54,000. Aventura Private Wealth LLC acquired a new position in shares of CSX during the fourth quarter worth approximately $63,000. Finally, Sunbelt Securities Inc. bought a new position in shares of CSX in the 3rd quarter worth $67,000. Institutional investors own 73.57% of the company’s stock.

Insider Activity

In other news, Director John J. Zillmer sold 10,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the completion of the sale, the director owned 353,714 shares in the company, valued at $16,430,015.30. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin S. Boone sold 136,708 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the transaction, the chief financial officer directly owned 208,622 shares in the company, valued at $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.30% of the company’s stock.

CSX News Roundup

Here are the key news stories impacting CSX this week:

• Positive Sentiment: CSX approved a $0.14 quarterly dividend, reinforcing its shareholder-return policy and suggesting the company remains confident in its cash flow and financial stability. CSX Corporation Declares Quarterly Dividend
• Neutral Sentiment: CSX’s latest dividend announcement adds no new operational guidance, so investors may view it as confirmation of business as usual rather than a major growth catalyst. CSX Corporation Declares Quarterly Dividend
• Negative Sentiment: Broader headlines around a derailment cleanup, rail-crossing closures, and a fatal train incident could create some near-term reputational pressure, though these items appear more operational and local than financially material. Richmond CSX derailment cleanup complete; Capital Trail section remains closed

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CSX shares. Sanford C. Bernstein lifted their price target on shares of CSX from $36.00 to $39.00 and gave the company a “market perform” rating in a research report on Tuesday, March 31st. Bank of America restated a “buy” rating and set a $53.00 price objective (up from $51.00) on shares of CSX in a report on Wednesday, June 17th. BMO Capital Markets raised their price objective on shares of CSX from $45.00 to $49.00 and gave the company a “market perform” rating in a research note on Thursday, June 25th. Wolfe Research reiterated an “outperform” rating and set a $50.00 price objective on shares of CSX in a report on Thursday, April 23rd. Finally, Vertical Research downgraded shares of CSX from a “buy” rating to a “hold” rating and set a $44.00 target price for the company. in a research report on Thursday, April 23rd. Seventeen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.33.

CSX Stock Performance

Shares of CSX stock opened at $50.75 on Monday. The stock has a fifty day simple moving average of $47.09 and a 200 day simple moving average of $42.68. CSX Corporation has a 12-month low of $31.80 and a 12-month high of $51.29. The company has a market capitalization of $94.30 billion, a P/E ratio of 31.13, a price-to-earnings-growth ratio of 2.51 and a beta of 1.21. The company has a current ratio of 0.97, a quick ratio of 0.83 and a debt-to-equity ratio of 1.34.

CSX (NASDAQ:CSX) last released its quarterly earnings results on Wednesday, April 22nd. The transportation company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.04. CSX had a return on equity of 24.47% and a net margin of 21.55%.The business had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same period in the prior year, the firm posted $0.34 EPS. CSX’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that CSX Corporation will post 1.92 earnings per share for the current fiscal year.

CSX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a $0.14 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. CSX’s dividend payout ratio is presently 34.36%.

CSX Profile

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.