Sit Investment Associates Inc. Cuts Stake in CSX Corporation $CSX

Key Points

• Sit Investment Associates Inc. reduced its holdings in CSX Corporation by 24.6%, selling 77,625 shares during the first quarter, leaving it with 237,800 shares valued at approximately $6.99 million.
• CSX reported $0.44 earnings per share for its latest quarter, exceeding analysts' expectations of $0.42, despite a 3.5% year-over-year revenue decline.
• A number of analysts have adjusted price targets with Robert W. Baird raising it from $38.00 to $44.00, reflecting a consensus rating of "Moderate Buy" and an average target price of $37.00.

Sit Investment Associates Inc. lowered its position in CSX Corporation (NASDAQ:CSX - Free Report) by 24.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,800 shares of the transportation company's stock after selling 77,625 shares during the quarter. Sit Investment Associates Inc.'s holdings in CSX were worth $6,998,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of CSX in the fourth quarter worth about $27,000. Rossby Financial LCC bought a new stake in CSX during the 1st quarter worth approximately $28,000. Accredited Wealth Management LLC acquired a new position in CSX during the 4th quarter worth $29,000. Fourth Dimension Wealth LLC acquired a new position in shares of CSX in the 4th quarter valued at $29,000. Finally, Barnes Dennig Private Wealth Management LLC acquired a new position in shares of CSX in the 1st quarter valued at $30,000. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Trading Up 1.6%

NASDAQ CSX traded up $0.5680 on Tuesday, hitting $36.5580. The company's stock had a trading volume of 21,523,699 shares, compared to its average volume of 16,152,831. 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 Corporation has a 1-year low of $26.22 and a 1-year high of $37.25. The company's 50-day moving average is $34.06 and its 200 day moving average is $31.57. The firm has a market cap of $68.15 billion, a PE ratio of 22.56, a PEG ratio of 2.71 and a beta of 1.25.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.57 billion. CSX had a net margin of 21.92% and a return on equity of 25.48%. CSX's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.49 earnings per share. As a group, analysts predict that CSX Corporation will post 1.83 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. CSX's dividend payout ratio (DPR) is 32.10%.

Analyst Upgrades and Downgrades

Several analysts recently commented on CSX shares. Wells Fargo & Company raised their price objective on CSX from $35.00 to $37.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of CSX in a research report on Thursday, July 24th. Susquehanna restated a "neutral" rating and issued a $35.00 price target on shares of CSX in a research note on Tuesday, June 24th. Benchmark boosted their price objective on CSX from $37.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Sanford C. Bernstein reiterated a "market perform" rating and issued a $36.00 price objective (up previously from $33.00) on shares of CSX in a research note on Tuesday, July 8th. One 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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.