State of New Jersey Common Pension Fund D Sells 434,704 Shares of CSX Co. (NASDAQ:CSX)

State of New Jersey Common Pension Fund D cut its stake in shares of CSX Co. (NASDAQ:CSX) by 38.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 708,357 shares of the transportation company’s stock after selling 434,704 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in CSX were worth $23,695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of CSX. Gilbert & Cook Inc. increased its stake in CSX by 4.4% in the fourth quarter. Gilbert & Cook Inc. now owns 19,037 shares of the transportation company’s stock valued at $660,000 after acquiring an additional 798 shares during the last quarter. 9258 Wealth Management LLC increased its position in shares of CSX by 8.0% during the 4th quarter. 9258 Wealth Management LLC now owns 12,184 shares of the transportation company’s stock valued at $422,000 after purchasing an additional 900 shares during the last quarter. Gryphon Financial Partners LLC raised its holdings in shares of CSX by 7.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 20,416 shares of the transportation company’s stock valued at $693,000 after buying an additional 1,422 shares in the last quarter. Avantax Advisory Services Inc. lifted its position in CSX by 30.0% in the 4th quarter. Avantax Advisory Services Inc. now owns 100,068 shares of the transportation company’s stock worth $3,469,000 after buying an additional 23,085 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in CSX by 4.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,259,163 shares of the transportation company’s stock worth $78,325,000 after buying an additional 95,027 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on CSX. Susquehanna lifted their price target on shares of CSX from $40.00 to $41.00 and gave the stock a “positive” rating in a research note on Wednesday, August 7th. BMO Capital Markets restated an “outperform” rating and set a $40.00 target price on shares of CSX in a report on Tuesday, August 6th. Bank of America downgraded CSX from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a research report on Monday, July 8th. Benchmark restated a “buy” rating and issued a $40.00 target price on shares of CSX in a report on Wednesday, August 7th. Finally, Wells Fargo & Company started coverage on shares of CSX in a report on Friday, June 7th. They set an “equal weight” rating and a $35.00 price target for the company. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, CSX has an average rating of “Moderate Buy” and an average price target of $38.80.

CSX Stock Up 0.5 %

CSX stock opened at $33.45 on Friday. CSX Co. has a fifty-two week low of $29.03 and a fifty-two week high of $40.12. The company has a market capitalization of $65.39 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19. The business’s 50 day moving average price is $33.91 and its two-hundred day moving average price is $34.55. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.01 and a current ratio of 1.16.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Monday, August 5th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. CSX had a return on equity of 29.11% and a net margin of 24.52%. The business had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the prior year, the company earned $0.49 earnings per share. The firm’s quarterly revenue was up .0% compared to the same quarter last year. As a group, analysts forecast that CSX Co. will post 1.94 earnings per share for the current fiscal year.

CSX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Friday, August 30th. CSX’s payout ratio is currently 26.37%.

About CSX

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 also 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.