Westpac Banking Corp reduced its stake in CSX Co. (NASDAQ:CSX – Free Report) by 69.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 79,086 shares of the transportation company’s stock after selling 179,480 shares during the period. Westpac Banking Corp’s holdings in CSX were worth $2,697,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the stock. Kalos Management Inc. bought a new position in CSX in the 1st quarter valued at about $25,000. Albion Financial Group UT acquired a new position in shares of CSX in the second quarter valued at approximately $26,000. Fortis Capital Advisors LLC bought a new position in shares of CSX during the fourth quarter worth approximately $27,000. Barrett & Company Inc. acquired a new stake in CSX during the 1st quarter worth approximately $31,000. Finally, Caldwell Sutter Capital Inc. boosted its stake in CSX by 64.2% in the 2nd quarter. Caldwell Sutter Capital Inc. now owns 921 shares of the transportation company’s stock valued at $31,000 after purchasing an additional 360 shares during the period. 72.76% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms have weighed in on CSX. Citigroup lowered their price objective on CSX from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 21st. Argus lifted their price objective on shares of CSX from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Susquehanna decreased their target price on shares of CSX from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 3rd. StockNews.com initiated coverage on shares of CSX in a report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Barclays cut their price target on CSX from $40.00 to $38.00 in a research note on Wednesday, October 4th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.00.
CSX Price Performance
Shares of CSX traded up $0.02 during mid-day trading on Thursday, reaching $31.01. The company had a trading volume of 3,103,021 shares, compared to its average volume of 13,078,712. The company’s 50 day simple moving average is $30.57 and its 200 day simple moving average is $31.58. The company has a market capitalization of $61.28 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 2.48 and a beta of 1.20. CSX Co. has a 1-year low of $27.60 and a 1-year high of $34.38. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.00 and a current ratio of 1.14.
CSX (NASDAQ:CSX – Get Free Report) last posted its earnings results on Thursday, October 19th. The transportation company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. CSX had a net margin of 26.16% and a return on equity of 31.28%. The firm had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The company’s revenue was down 8.3% on a year-over-year basis. Analysts expect that CSX Co. will post 1.83 EPS for the current year.
CSX Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $0.44 dividend on an annualized basis and a yield of 1.42%. CSX’s payout ratio is presently 23.40%.
CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.
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