CSX Corporation $CSX Stock Position Reduced by Maj Invest Holding A S

Key Points

• Maj Invest Holding A S cut its CSX stake by 48.2% in the third quarter, selling 1,218,955 shares and retaining 1,307,770 shares valued at approximately $60.8 million. Institutional investors still own 73.57% of CSX.
• CSX reported stronger-than-expected quarterly results, with EPS of $0.57 versus the $0.53 consensus and revenue of $4.02 billion, up 12% year over year. The company also declared a quarterly dividend of $0.14 per share.
• Analysts maintained a generally positive outlook, with CSX receiving a consensus “Moderate Buy” rating and an average price target of $52.20; shares recently traded near $51.98.

Maj Invest Holding A S lowered its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 48.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,307,770 shares of the transportation company's stock after selling 1,218,955 shares during the period. CSX makes up 2.7% of Maj Invest Holding A S's holdings, making the stock its 17th largest position. Maj Invest Holding A S's holdings in CSX were worth $60,824,000 as of its most recent SEC filing.

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

CSX Price Performance

NASDAQ:CSX opened at $51.98 on Thursday. The business's 50-day moving average price is $48.81 and its 200 day moving average price is $45.34. The firm has a market cap of $95.82 billion, a P/E ratio of 26.93, a PEG ratio of 2.27 and a beta of 1.21. CSX Corporation has a 52-week low of $33.63 and a 52-week high of $53.60. The company has a quick ratio of 0.75, a current ratio of 0.84 and a debt-to-equity ratio of 1.19.

CSX (NASDAQ:CSX - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The transportation company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.04. CSX had a net margin of 23.97% and a return on equity of 25.94%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same period in the prior year, the company earned $0.44 EPS. CSX's revenue was up 12.0% on a year-over-year basis. As a group, sell-side analysts predict that CSX Corporation will post 2.04 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. CSX's payout ratio is currently 29.02%.

Analysts Set New Price Targets

Several research firms recently weighed in on CSX. UBS Group set a $54.00 price objective on shares of CSX in a report on Thursday, October 22nd. Truist Financial set a $46.00 target price on shares of CSX in a research report on Friday, July 10th. Citigroup reissued a "neutral" rating and set a $54.00 target price (up from $53.00) on shares of CSX in a research note on Friday, October 23rd. Stephens started coverage on shares of CSX in a research report on Wednesday, July 8th. They set an "overweight" rating and a $57.00 price target on the stock. Finally, BMO Capital Markets restated a "market perform" rating and set a $52.00 price target (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, CSX has a consensus rating of "Moderate Buy" and a consensus target price of $52.20.

Insider Activity at CSX

In related news, Director John Zillmer sold 19,500 shares of the business's stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $51.24, for a total value of $999,180.00. Following the sale, the director directly owned 334,214 shares in the company, valued at $17,125,125.36. The trade was a 5.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by insiders.

CSX News Roundup

Here are the key news stories impacting CSX this week:

• Positive Sentiment: CSX’s latest quarterly results exceeded expectations, with earnings per share of $0.57 versus the $0.53 consensus estimate and revenue of $4.02 billion versus expectations of $3.96 billion. Revenue increased 12% year over year, supporting the recent positive investment case. Does CSX Stock's Q3 Earnings Beat Justify a Buy Decision Today?
• Positive Sentiment: Susquehanna raised its CSX price target from $55 to $60 and maintained a positive rating, implying additional upside from recently quoted levels. Susquehanna raises target for CSX Corp stock to USD 60.00
• Positive Sentiment: Analyst commentary is also evaluating whether CSX has outperformed transportation peers this year, which may reinforce investor interest in the shares. Is CSX Stock Outpacing Its Transportation Peers This Year?

CSX Company Profile

CSX Corporation is a transportation company whose primary business is freight railroading through its CSX Transportation subsidiary. The company operates an extensive rail network across the eastern United States, serving major industrial centers, population hubs, ports and distribution markets.

CSX transports a broad range of products, including chemicals, agricultural and food products, forest products, minerals, metals, automotive goods and other manufactured merchandise. Its services also include intermodal transportation, which combines rail service with trucks and containers, as well as the movement of coal and other bulk commodities.

The company traces its roots to the formation of CSX Corporation in 1980 through the merger of Chessie System and Seaboard Coast Line Industries.

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