Fifth Third Bancorp Decreases Stock Holdings in CSX Co. (NASDAQ:CSX)

Fifth Third Bancorp trimmed its position in shares of CSX Co. (NASDAQ:CSX) by 6.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,215 shares of the transportation company’s stock after selling 19,706 shares during the period. Fifth Third Bancorp’s holdings in CSX were worth $7,952,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP increased its stake in CSX by 14.7% in the fourth quarter. Wellington Management Group LLP now owns 117,579 shares of the transportation company’s stock worth $3,794,000 after purchasing an additional 15,029 shares during the period. Waycross Partners LLC increased its stake in CSX by 7.0% in the fourth quarter. Waycross Partners LLC now owns 619,471 shares of the transportation company’s stock worth $19,990,000 after purchasing an additional 40,611 shares during the period. Cercano Management LLC purchased a new stake in CSX in the fourth quarter worth $4,869,000. Geode Capital Management LLC increased its stake in CSX by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 41,633,333 shares of the transportation company’s stock worth $1,339,555,000 after purchasing an additional 726,507 shares during the period. Finally, Principal Securities Inc. increased its stake in CSX by 6.4% in the fourth quarter. Principal Securities Inc. now owns 26,933 shares of the transportation company’s stock worth $869,000 after purchasing an additional 1,614 shares during the period. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Trading Down 0.8%

NASDAQ:CSX opened at $32.12 on Friday. The firm has a market cap of $60.34 billion, a P/E ratio of 17.94, a PEG ratio of 1.92 and a beta of 1.24. The company has a current ratio of 0.86, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. The stock’s 50 day simple moving average is $29.73 and its 200-day simple moving average is $31.27. CSX Co. has a 12-month low of $26.22 and a 12-month high of $37.10.

CSX (NASDAQ:CSX) last released its earnings results on Wednesday, April 16th. The transportation company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). CSX had a net margin of 23.95% and a return on equity of 28.15%. The company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.53 billion. Equities analysts anticipate that CSX Co. will post 1.83 EPS for the current year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were given a dividend of $0.13 per share. The ex-dividend date was Friday, May 30th. This represents a $0.52 dividend on an annualized basis and a yield of 1.62%. CSX’s payout ratio is 31.14%.

Analysts Set New Price Targets

A number of research firms have weighed in on CSX. Stifel Nicolaus reduced their target price on CSX from $37.00 to $34.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Deutsche Bank Aktiengesellschaft started coverage on CSX in a research note on Friday, March 7th. They issued a “hold” rating and a $34.00 target price on the stock. BMO Capital Markets decreased their price objective on CSX from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, April 17th. Benchmark restated a “buy” rating and issued a $35.00 price objective on shares of CSX in a report on Thursday, April 17th. Finally, Argus set a $32.00 price objective on CSX in a report on Friday, April 25th. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, CSX has an average rating of “Moderate Buy” and an average price target of $34.14.

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.