PNC Financial Services Group Inc. Sells 46,327 Shares of CSX Corporation (NASDAQ:CSX)

PNC Financial Services Group Inc. lowered its stake in shares of CSX Corporation (NASDAQ:CSX) by 1.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,496,177 shares of the transportation company’s stock after selling 46,327 shares during the period. PNC Financial Services Group Inc. owned approximately 0.19% of CSX worth $102,892,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CSX. Wellington Management Group LLP lifted its stake in shares of CSX by 14.7% in the 4th 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. CWA Asset Management Group LLC lifted its stake in shares of CSX by 15.1% in the 1st quarter. CWA Asset Management Group LLC now owns 12,514 shares of the transportation company’s stock worth $368,000 after purchasing an additional 1,642 shares during the period. Dynamic Advisor Solutions LLC lifted its stake in shares of CSX by 9.8% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 38,757 shares of the transportation company’s stock worth $1,141,000 after purchasing an additional 3,458 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of CSX by 61.4% in the 1st quarter. Farther Finance Advisors LLC now owns 14,154 shares of the transportation company’s stock worth $418,000 after purchasing an additional 5,382 shares during the period. Finally, Cercano Management LLC bought a new position in shares of CSX in the 4th quarter worth approximately $4,869,000. Institutional investors own 73.57% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CSX. Baird R W upgraded shares of CSX to a “strong-buy” rating in a research note on Tuesday, July 1st. Sanford C. Bernstein reiterated a “market perform” rating and issued a $36.00 price objective (up previously from $33.00) on shares of CSX in a research note on Tuesday, July 8th. Susquehanna reiterated a “neutral” rating and issued a $35.00 price objective on shares of CSX in a research note on Tuesday, June 24th. Evercore ISI reduced their target price on shares of CSX from $35.00 to $33.00 and set an “outperform” rating for the company in a report on Thursday, April 17th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of CSX in a report on Thursday, July 24th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

CSX Stock Down 1.5%

Shares of CSX opened at $35.01 on Friday. CSX Corporation has a 52-week low of $26.22 and a 52-week high of $37.10. The company has a market cap of $65.27 billion, a PE ratio of 21.61, a P/E/G ratio of 2.62 and a beta of 1.25. The business has a fifty day moving average of $33.14 and a 200 day moving average of $31.37. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50.

CSX (NASDAQ:CSX) last released its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. CSX had a return on equity of 25.48% and a net margin of 21.92%. The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period last year, the company earned $0.49 earnings per share. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, sell-side analysts expect that CSX Corporation will post 1.83 EPS for the current year.

CSX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, August 29th. CSX’s dividend payout ratio (DPR) is 32.10%.

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.