Bank of Nova Scotia Sells 69,600 Shares of CSX Corporation (NASDAQ:CSX)

Key Points

• Bank of Nova Scotia reduced its stake in CSX Corporation by 3.9%, owning 1,723,251 shares valued at approximately $50.7 million after selling 69,600 shares.
• CSX's recent quarterly earnings exceeded analysts' expectations, reporting $0.44 earnings per share compared to a consensus estimate of $0.42.
• The company declared a quarterly dividend of $0.13 per share, resulting in an annualized yield of 1.5% and demonstrating a 32.10% payout ratio.

Bank of Nova Scotia cut its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 3.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,723,251 shares of the transportation company's stock after selling 69,600 shares during the quarter. Bank of Nova Scotia owned 0.09% of CSX worth $50,715,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CSX. Ameriprise Financial Inc. boosted its holdings in shares of CSX by 89.7% in the fourth quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after buying an additional 9,863,587 shares during the last quarter. Fiduciary Management Inc. WI purchased a new position in CSX during the fourth quarter valued at approximately $178,259,000. Bank of New York Mellon Corp lifted its holdings in CSX by 21.6% during the first quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock valued at $835,336,000 after purchasing an additional 5,033,743 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in CSX by 1,283.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock valued at $123,786,000 after purchasing an additional 3,887,644 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in CSX during the fourth quarter valued at approximately $117,133,000. 73.57% of the stock is currently owned by institutional investors.

CSX Trading Down 1.5%

NASDAQ CSX opened at $35.01 on Friday. The firm's 50-day moving average is $33.14 and its two-hundred day moving average is $31.37. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63. CSX Corporation has a 12 month low of $26.22 and a 12 month high of $37.10. The stock has a market capitalization of $65.27 billion, a P/E ratio of 21.61, a PEG ratio of 2.62 and a beta of 1.25.

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

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.13 per share. The ex-dividend date is Friday, August 29th. This represents a $0.52 dividend on an annualized basis and a yield of 1.5%. CSX's dividend payout ratio is 32.10%.

Analyst Upgrades and Downgrades

CSX has been the topic of several analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $35.00 price target on shares of CSX in a report on Monday, June 2nd. Barclays boosted their target price on shares of CSX from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. JPMorgan Chase & Co. boosted their target price on shares of CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. TD Cowen raised shares of CSX from a "hold" rating to a "buy" rating and boosted their target price for the stock from $32.00 to $45.00 in a report on Monday, July 21st. Finally, Stifel Nicolaus lowered their target price on shares of CSX from $37.00 to $34.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $37.00.

CSX Company Profile

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.

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