Corebridge Financial Inc. Sells 65,698 Shares of CSX Corporation $CSX

Key Points

• Corebridge Financial Inc. reduced its stake in CSX Corporation by 10% in the first quarter, now holding 590,462 shares valued at approximately $17 million after selling 65,698 shares.
• Several institutional investors, including Associated Banc Corp and Portside Wealth Group LLC, have recently increased their holdings in CSX, indicating continued confidence from market participants.
• CSX's stock has been subject to mixed analyst ratings, with Wall Street Zen downgrading it to "sell" while Barclays and Deutsche Bank have set higher target prices, reflecting varied market outlooks.

Corebridge Financial Inc. decreased its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 10.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 590,462 shares of the transportation company's stock after selling 65,698 shares during the quarter. Corebridge Financial Inc.'s holdings in CSX were worth $17,377,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. CWA Asset Management Group LLC grew its holdings in shares of CSX by 15.1% during the first quarter. CWA Asset Management Group LLC now owns 12,514 shares of the transportation company's stock valued at $368,000 after buying an additional 1,642 shares in the last quarter. Dynamic Advisor Solutions LLC grew its holdings in shares of CSX by 9.8% during the first quarter. Dynamic Advisor Solutions LLC now owns 38,757 shares of the transportation company's stock valued at $1,141,000 after buying an additional 3,458 shares in the last quarter. Farther Finance Advisors LLC boosted its position in CSX by 61.4% during the first quarter. Farther Finance Advisors LLC now owns 14,154 shares of the transportation company's stock valued at $418,000 after purchasing an additional 5,382 shares during the last quarter. Cercano Management LLC acquired a new stake in CSX during the fourth quarter valued at $4,869,000. Finally, GAMMA Investing LLC boosted its position in CSX by 23.2% during the first quarter. GAMMA Investing LLC now owns 35,910 shares of the transportation company's stock valued at $1,057,000 after purchasing an additional 6,766 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company's stock.

CSX Stock Down 0.5%

Shares of NASDAQ:CSX traded down $0.15 on Friday, reaching $32.51. The company had a trading volume of 13,464,388 shares, compared to its average volume of 17,100,004. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.25. The stock has a 50-day moving average price of $34.36 and a 200 day moving average price of $31.67. The stock has a market capitalization of $60.61 billion, a P/E ratio of 20.07, a P/E/G ratio of 2.43 and a beta of 1.25. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50.

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

CSX Announces Dividend

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Bank of America raised CSX from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $34.00 to $42.00 in a research report on Thursday, July 17th. TD Cowen raised CSX from a "hold" rating to a "buy" rating and lifted their price objective for the company from $32.00 to $45.00 in a research report on Monday, July 21st. The Goldman Sachs Group reissued a "neutral" rating and set a $35.00 price objective on shares of CSX in a research report on Monday, June 2nd. Citigroup lifted their price objective on CSX from $36.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Wells Fargo & Company lifted their price objective on CSX from $35.00 to $37.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $37.00.

About CSX

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.