Twin Capital Management Inc. decreased its stake in CSX Co. (NASDAQ:CSX) by 52.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,670 shares of the transportation company’s stock after selling 28,150 shares during the quarter. Twin Capital Management Inc.’s holdings in CSX were worth $1,986,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. CWM LLC raised its position in shares of CSX by 10.7% during the first quarter. CWM LLC now owns 1,347 shares of the transportation company’s stock worth $101,000 after acquiring an additional 130 shares during the last quarter. Community Bank & Trust Waco Texas raised its position in shares of CSX by 1.1% during the second quarter. Community Bank & Trust Waco Texas now owns 12,314 shares of the transportation company’s stock worth $953,000 after acquiring an additional 132 shares during the last quarter. RFG Advisory LLC raised its position in shares of CSX by 3.6% during the first quarter. RFG Advisory LLC now owns 4,276 shares of the transportation company’s stock worth $319,000 after acquiring an additional 150 shares during the last quarter. Adirondack Trust Co. raised its position in shares of CSX by 2.2% during the first quarter. Adirondack Trust Co. now owns 6,960 shares of the transportation company’s stock worth $554,000 after acquiring an additional 150 shares during the last quarter. Finally, Contravisory Investment Management Inc. raised its position in shares of CSX by 20.9% during the second quarter. Contravisory Investment Management Inc. now owns 868 shares of the transportation company’s stock worth $67,000 after acquiring an additional 150 shares during the last quarter. 76.74% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Nathan D. Goldman sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $79.50, for a total transaction of $556,500.00. Following the completion of the transaction, the executive vice president now directly owns 79,697 shares of the company’s stock, valued at $6,335,911.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.83% of the company’s stock.
CSX (NASDAQ:CSX) last posted its quarterly earnings data on Tuesday, July 16th. The transportation company reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.03). The firm had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.14 billion. CSX had a return on equity of 26.96% and a net margin of 27.87%. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.01 earnings per share. As a group, research analysts forecast that CSX Co. will post 4.15 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.96 annualized dividend and a yield of 1.47%. CSX’s dividend payout ratio (DPR) is presently 25.00%.
A number of equities research analysts have recently weighed in on CSX shares. Stephens downgraded CSX from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $86.00 to $79.00 in a research report on Wednesday, July 17th. Cowen reiterated a “market perform” rating and issued a $78.00 price objective (down previously from $80.00) on shares of CSX in a report on Wednesday, July 17th. Credit Suisse Group dropped their price objective on CSX from $92.00 to $86.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Royal Bank of Canada dropped their price objective on CSX to $75.00 and set a “sector perform” rating for the company in a report on Wednesday, July 17th. Finally, Zacks Investment Research downgraded CSX from a “hold” rating to a “sell” rating and set a $83.00 price objective for the company. in a report on Monday, July 8th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $78.13.
CSX Company Profile
CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.
See Also: Neutral Rating
Want to see what other hedge funds are holding CSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CSX Co. (NASDAQ:CSX).
Receive News & Ratings for CSX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CSX and related companies with MarketBeat.com's FREE daily email newsletter.