BROOKFIELD Corp ON Has $22.53 Million Position in CSX Corporation $CSX

Key Points

• BROOKFIELD Corp ON reduced its stake in CSX Corporation by 42.8%, now holding 765,511 shares worth approximately $22.53 million.
• CSX Corporation reported a net margin of 21.92% and earnings of $0.44 per share, exceeding analysts' estimates, though revenue fell by 3.5% year-over-year.
• The company announced a quarterly dividend of $0.13, reflecting a 1.6% dividend yield, with the ex-dividend date set for August 29th.

BROOKFIELD Corp ON cut its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 42.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 765,511 shares of the transportation company's stock after selling 572,382 shares during the quarter. BROOKFIELD Corp ON's holdings in CSX were worth $22,529,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CSX. Rossby Financial LCC acquired a new position in CSX during the 1st quarter worth about $28,000. Fourth Dimension Wealth LLC acquired a new position in CSX during the 4th quarter worth about $29,000. Barnes Dennig Private Wealth Management LLC bought a new stake in CSX in the first quarter worth approximately $30,000. Kessler Investment Group LLC bought a new stake in CSX in the first quarter worth approximately $32,000. Finally, Cornerstone Planning Group LLC increased its holdings in CSX by 45.8% in the first quarter. Cornerstone Planning Group LLC now owns 1,414 shares of the transportation company's stock worth $39,000 after purchasing an additional 444 shares in the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Trading Up 2.5%

CSX opened at $32.85 on Friday. 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 fifty-two week low of $26.22 and a fifty-two week high of $37.25. The firm has a market capitalization of $61.24 billion, a PE ratio of 20.28, a P/E/G ratio of 2.39 and a beta of 1.25. The company's 50-day moving average is $34.28 and its 200 day moving average is $31.64.

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

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, August 29th. CSX's dividend payout ratio is currently 32.10%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Benchmark lifted their target price on CSX from $37.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft upgraded CSX from a "hold" rating to a "buy" rating and set a $40.00 target price for the company in a report on Thursday, July 24th. Bank of America upgraded shares of CSX from a "neutral" rating to a "buy" rating and upped their price objective for the company from $34.00 to $42.00 in a report on Thursday, July 17th. Raymond James Financial raised their target price on CSX from $33.00 to $37.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Finally, TD Cowen upgraded CSX from a "hold" rating to a "buy" rating and raised their target price for the company from $32.00 to $45.00 in a research note on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

CSX 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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