CSX Corporation $CSX Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC reduced its position in shares of CSX Corporation (NASDAQ:CSX) by 28.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,843 shares of the transportation company’s stock after selling 11,028 shares during the quarter. Sterling Capital Management LLC’s holdings in CSX were worth $1,295,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in CSX in the second quarter valued at approximately $7,655,277,000. XXEC Inc. bought a new position in shares of CSX in the 2nd quarter worth $765,595,000. Bank of America Corp DE acquired a new stake in CSX in the 2nd quarter valued at $1,598,962,000. Bank of New York Mellon Corp acquired a new stake in CSX in the 2nd quarter valued at $950,325,000. Finally, Legal & General Group Plc acquired a new stake in CSX in the 2nd quarter valued at $747,001,000. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Trading Up 1.0%

Shares of CSX stock opened at $51.31 on Tuesday. The company has a market capitalization of $94.58 billion, a P/E ratio of 26.59, a price-to-earnings-growth ratio of 2.27 and a beta of 1.21. The stock has a fifty day simple moving average of $48.72 and a 200 day simple moving average of $45.10. CSX Corporation has a 12-month low of $33.63 and a 12-month high of $53.60. The company has a current ratio of 0.84, a quick ratio of 0.75 and a debt-to-equity ratio of 1.19.

CSX (NASDAQ:CSX) last issued its quarterly earnings data on Wednesday, October 21st. The transportation company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.04. CSX had a return on equity of 25.94% and a net margin of 23.97%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same period last year, the business earned $0.44 EPS. The business’s revenue was up 12.0% on a year-over-year basis. On average, sell-side analysts anticipate that CSX Corporation will post 2.01 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be issued a $0.14 dividend. The ex-dividend date is Monday, November 30th. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. CSX’s dividend payout ratio is currently 29.02%.

Wall Street Analyst Weigh In

A number of analysts have commented on CSX shares. Royal Bank Of Canada restated an “outperform” rating and set a $54.00 price target (up from $53.00) on shares of CSX in a research note on Thursday. Truist Financial set a $46.00 price objective on shares of CSX in a research note on Friday, July 10th. Benchmark reiterated a “buy” rating and set a $54.00 price objective (up from $48.00) on shares of CSX in a report on Wednesday, July 15th. TD Cowen reissued a “buy” rating and set a $55.00 target price (up from $54.00) on shares of CSX in a research report on Thursday. Finally, Stephens initiated coverage on shares of CSX in a research report on Wednesday, July 8th. They set an “overweight” rating and a $57.00 target price for the company. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, CSX currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.02.

About CSX

CSX Corporation is a transportation company whose primary business is freight railroading through its CSX Transportation subsidiary. The company operates an extensive rail network across the eastern United States, serving major industrial centers, population hubs, ports and distribution markets.

CSX transports a broad range of products, including chemicals, agricultural and food products, forest products, minerals, metals, automotive goods and other manufactured merchandise. Its services also include intermodal transportation, which combines rail service with trucks and containers, as well as the movement of coal and other bulk commodities.

The company traces its roots to the formation of CSX Corporation in 1980 through the merger of Chessie System and Seaboard Coast Line Industries.