CSX Corporation $CSX Stock Sold by Heritage Investors Management Corp

Key Points

• Heritage Investors Management cut its CSX stake by 11.2% in the third quarter, selling 53,649 shares and retaining 425,232 shares worth approximately $19.8 million. Institutional investors collectively own 73.57% of CSX.
• Analyst sentiment remains positive: CSX has a consensus “Moderate Buy” rating and a $52.20 price target, with several firms recently raising targets to $54–$57.
• CSX exceeded quarterly earnings expectations, reporting $0.57 EPS and $4.02 billion in revenue, while revenue increased 12% year over year. The company also declared a quarterly dividend of $0.14 per share, implying a 1.1% yield.

Heritage Investors Management Corp lowered its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 11.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 425,232 shares of the transportation company's stock after selling 53,649 shares during the period. Heritage Investors Management Corp's holdings in CSX were worth $19,778,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Archer Investment Corp acquired a new stake in shares of CSX during the 2nd quarter worth approximately $26,000. N.E.W. Advisory Services LLC bought a new stake in CSX during the 2nd quarter worth about $27,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of CSX during the 2nd quarter worth about $29,000. Manning & Napier Advisors LLC bought a new position in shares of CSX in the 2nd quarter valued at about $30,000. Finally, Arlington Trust Co LLC grew its holdings in shares of CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock valued at $32,000 after acquiring an additional 250 shares in the last quarter. 73.57% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on CSX. Bank of America raised their price target on CSX from $55.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, October 22nd. Weiss Ratings raised CSX from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday. Citizens Jmp initiated coverage on shares of CSX in a research report on Wednesday, July 15th. They set a "market perform" rating for the company. Benchmark restated a "buy" rating and issued a $54.00 target price (up from $48.00) on shares of CSX in a research report on Wednesday, July 15th. Finally, Stephens assumed coverage on CSX in a report on Wednesday, July 8th. They set an "overweight" rating and a $57.00 price target for the company. Eighteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $52.20.

CSX Stock Performance

NASDAQ CSX opened at $51.99 on Monday. The stock has a fifty day simple moving average of $48.86 and a 200 day simple moving average of $45.51. CSX Corporation has a twelve month low of $33.63 and a twelve month high of $53.60. The company has a market capitalization of $95.84 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 2.29 and a beta of 1.21. 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 announced its earnings results on Wednesday, October 21st. The transportation company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.04. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.96 billion. CSX had a net margin of 23.97% and a return on equity of 25.94%. CSX's quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.44 earnings per share. Sell-side analysts expect that CSX Corporation will post 2.04 EPS for the current year.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be given a dividend of $0.14 per share. 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 dividend payout ratio (DPR) is 29.02%.

Insider Buying and Selling

In other CSX news, Director John Zillmer sold 19,500 shares of the firm's stock in a transaction 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 completion of the sale, the director directly owned 334,214 shares in the company, valued at approximately $17,125,125.36. This trade represents a 5.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company's stock.

About CSX

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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