1832 Asset Management L.P. Lowers Stake in CSX Co. (NASDAQ:CSX)

1832 Asset Management L.P. cut its stake in CSX Co. (NASDAQ:CSX) by 59.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 655,788 shares of the transportation company’s stock after selling 944,505 shares during the quarter. 1832 Asset Management L.P.’s holdings in CSX were worth $21,936,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CSX. MFA Wealth Advisors LLC purchased a new position in CSX in the second quarter valued at about $27,000. Financial Synergies Wealth Advisors Inc. purchased a new position in shares of CSX in the 1st quarter worth approximately $29,000. Strategic Financial Concepts LLC bought a new position in shares of CSX during the 2nd quarter worth approximately $33,000. Burkett Financial Services LLC purchased a new stake in CSX during the fourth quarter valued at approximately $34,000. Finally, Tortoise Investment Management LLC acquired a new stake in CSX in the fourth quarter valued at approximately $35,000. 73.57% of the stock is owned by institutional investors.

CSX Stock Performance

NASDAQ CSX opened at $34.02 on Tuesday. The firm has a market capitalization of $66.51 billion, a P/E ratio of 18.69, a PEG ratio of 1.77 and a beta of 1.19. The stock has a 50-day simple moving average of $34.01 and a two-hundred day simple moving average of $34.31. 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 Co. has a fifty-two week low of $29.03 and a fifty-two week high of $40.12.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Monday, August 5th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.01. The company had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.70 billion. CSX had a return on equity of 29.11% and a net margin of 24.52%. CSX’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 earnings per share. On average, equities analysts forecast that CSX Co. will post 1.93 earnings per share for the current year.

CSX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.41%. CSX’s payout ratio is 26.37%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Sanford C. Bernstein upped their price target on CSX from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Monday, July 8th. Evercore ISI raised CSX to a “strong-buy” rating in a research report on Tuesday, August 6th. Bank of America downgraded CSX from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Monday, July 8th. BMO Capital Markets restated an “outperform” rating and set a $40.00 price objective on shares of CSX in a report on Tuesday, August 6th. Finally, Stephens reiterated an “overweight” rating and issued a $42.00 target price on shares of CSX in a research note on Tuesday, August 6th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, CSX has a consensus rating of “Moderate Buy” and a consensus price target of $38.80.

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.