Clark Capital Management Group Inc. Cuts Stake in CSX Corporation $CSX

Key Points

• Clark Capital Management Group Inc. reduced its holdings in CSX Corporation by 97.9%, selling 1,693,966 shares, resulting in ownership of only 35,803 shares valued at approximately $1,054,000.
• Institutional investors now own 73.57% of CSX's stock, and several firms, including Rossby Financial LLC and Fourth Dimension Wealth LLC, have recently initiated new stakes in the company.
• CSX announced a quarterly dividend of $0.13 per share, which translates to an annualized dividend of $0.52 and a yield of 1.6%, with the payout ratio currently at 32.10%.

Clark Capital Management Group Inc. reduced its position in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 97.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,803 shares of the transportation company's stock after selling 1,693,966 shares during the period. Clark Capital Management Group Inc.'s holdings in CSX were worth $1,054,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Susquehanna reaffirmed a "neutral" rating and set a $35.00 price target on shares of CSX in a report on Tuesday, June 24th. JPMorgan Chase & Co. upped their target price on shares of CSX from $34.00 to $41.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Robert W. Baird raised their price target on shares of CSX from $38.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, July 25th. BMO Capital Markets cut shares of CSX from an "outperform" rating to a "market perform" rating and set a $38.00 price objective for the company. in a report on Monday, August 18th. Finally, Citigroup raised their target price on shares of CSX from $36.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, CSX currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

CSX Stock Performance

CSX stock traded down $0.23 during midday trading on Tuesday, reaching $32.20. 9,821,554 shares of the company's stock traded hands, compared to its average volume of 16,943,496. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. CSX Corporation has a 52-week low of $26.22 and a 52-week high of $37.25. The stock has a market cap of $60.03 billion, a P/E ratio of 19.88, a PEG ratio of 2.43 and a beta of 1.25. The stock's 50-day moving average is $34.35 and its 200 day moving average is $31.62.

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 for the quarter, topping the consensus estimate of $0.42 by $0.02. CSX had a net margin of 21.92% and a return on equity of 25.48%. The business had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.57 billion. During the same quarter last year, the company posted $0.49 EPS. The company's revenue was down 3.5% compared to the same quarter last year. As a group, analysts anticipate that CSX Corporation will post 1.83 EPS for the current year.

CSX Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. CSX's payout ratio is presently 32.10%.

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.