Corient Private Wealth LP Trims Stock Holdings in CSX Corporation $CSX

Key Points

• Corient Private Wealth reduced its CSX stake by 18.2% in the second quarter, selling 116,599 shares and retaining 524,433 shares valued at approximately $24.9 million. Institutional investors collectively own 73.57% of CSX.
• CSX reported quarterly revenue of $3.94 billion and earnings of $0.54 per share, exceeding analyst expectations, while revenue increased 10.1% year over year.
• Analysts maintain a generally positive outlook, with 18 Buy ratings and a consensus “Moderate Buy” rating. CSX also declared a quarterly dividend of $0.14 per share, equal to a 1.1% annualized yield.

Corient Private Wealth LP lowered its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 18.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 524,433 shares of the transportation company's stock after selling 116,599 shares during the period. Corient Private Wealth LP's holdings in CSX were worth $24,926,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Archer Investment Corp purchased a new position in CSX in the 2nd quarter valued at about $26,000. N.E.W. Advisory Services LLC purchased a new stake in shares of CSX during the second quarter worth about $27,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of CSX in the second quarter valued at approximately $29,000. Manning & Napier Advisors LLC purchased a new position in shares of CSX during the second quarter valued at approximately $30,000. Finally, Arlington Trust Co LLC boosted its position in CSX by 58.0% during the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock worth $32,000 after acquiring an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company's stock.

CSX Stock Performance

CSX stock opened at $48.95 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. The company has a market cap of $90.68 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 2.30 and a beta of 1.21. The business has a fifty day simple moving average of $50.23 and a 200-day simple moving average of $46.15. CSX Corporation has a 52 week low of $32.18 and a 52 week high of $53.60.

CSX (NASDAQ:CSX - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share 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 for the quarter, compared to analysts' expectations of $3.89 billion. During the same quarter last year, the firm earned $0.44 earnings per share. The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. On average, equities research analysts expect that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX's payout ratio is currently 32.37%.

Insider Transactions at CSX

In other news, CAO Angela Williams sold 30,000 shares of the business's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the sale, the chief accounting officer owned 10,437 shares in the company, valued at approximately $556,187.73. The trade was a 74.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Burns sold 13,000 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president directly owned 59,643 shares of the company's stock, valued at approximately $3,141,993.24. This trade represents a 17.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. Stifel Nicolaus set a $54.00 target price on shares of CSX in a research note on Thursday, July 23rd. Barclays restated an "overweight" rating and set a $60.00 price objective (up from $55.00) on shares of CSX in a report on Thursday, July 23rd. TD Cowen lifted their price objective on CSX from $46.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Bank of America increased their target price on CSX from $53.00 to $56.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Finally, Susquehanna raised CSX from a "neutral" rating to a "positive" rating and raised their price target for the stock from $50.00 to $58.00 in a research note on Tuesday, July 14th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $51.31.

About CSX

CSX Corporation NASDAQ: CSX is a transportation company that operates one of the largest rail networks in the eastern United States. Through its CSX Transportation subsidiary, the company provides rail freight transportation and logistics services for manufacturers, distributors, utilities, agricultural businesses and other commercial customers.

CSX transports a broad range of products, including chemicals, agricultural and food products, minerals, forest products, metals, automobiles and consumer goods.

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