Chapin Davis Inc. Sells 17,076 Shares of CSX Corporation $CSX

Chapin Davis Inc. reduced its holdings in shares of CSX Corporation (NASDAQ:CSX) by 28.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,970 shares of the transportation company’s stock after selling 17,076 shares during the quarter. Chapin Davis Inc.’s holdings in CSX were worth $2,090,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Archer Investment Corp purchased a new stake in shares of CSX in the second quarter worth approximately $26,000. N.E.W. Advisory Services LLC purchased a new position in shares of CSX during the second quarter valued at approximately $27,000. WFA of San Diego LLC bought a new stake in CSX during the second quarter worth $28,000. Pin Oak Investment Advisors Inc. bought a new stake in CSX during the second quarter worth $29,000. Finally, Manning & Napier Advisors LLC purchased a new stake in CSX in the 2nd quarter valued at $30,000. 73.57% of the stock is owned by institutional investors.

Insider Activity at CSX

In other CSX news, Director John J. Zillmer sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the transaction, the director directly owned 353,714 shares in the company, valued at $16,430,015.30. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.68, for a total transaction of $684,840.00. Following the transaction, the senior vice president directly owned 59,643 shares of the company’s stock, valued at $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 189,708 shares of company stock worth $9,132,304 in the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CSX. Argus set a $56.00 price objective on CSX in a research note on Friday, July 31st. Weiss Ratings upgraded shares of CSX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Susquehanna upgraded shares of CSX from a “neutral” rating to a “positive” rating and increased their target price for the company from $50.00 to $58.00 in a report on Tuesday, July 14th. Evercore set a $51.00 price target on shares of CSX in a research report on Thursday, July 23rd. Finally, Raymond James Financial restated an “outperform” rating and set a $56.00 price target on shares of CSX in a report on Monday, July 13th. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, CSX has a consensus rating of “Moderate Buy” and an average target price of $51.31.

CSX Stock Performance

Shares of CSX stock opened at $51.28 on Friday. The business’s fifty day simple moving average is $49.91 and its 200 day simple moving average is $45.57. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. CSX Corporation has a 12 month low of $31.80 and a 12 month high of $53.60. The firm has a market capitalization of $94.99 billion, a P/E ratio of 29.64, a price-to-earnings-growth ratio of 2.35 and a beta of 1.21.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. CSX had a return on equity of 24.98% and a net margin of 22.21%.The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the company earned $0.44 EPS. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, analysts anticipate that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.14 per share. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX’s dividend payout ratio is presently 32.37%.

CSX Profile

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX’s freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.