CSX Corporation (NASDAQ:CSX) Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in CSX Corporation by 8.1%, now owning 648,311 shares valued at approximately $19.1 million.
• Analysts have generally optimistic views on CSX, with several upgrading their ratings and price targets, resulting in a consensus rating of "Moderate Buy" and an average target price of $37.00.
• CSX plans to pay a quarterly dividend of $0.13 per share, representing an annualized dividend yield of 1.4%, with the payment set for September 15th.

State of New Jersey Common Pension Fund D decreased its holdings in CSX Corporation (NASDAQ:CSX - Free Report) by 8.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 648,311 shares of the transportation company's stock after selling 57,055 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in CSX were worth $19,080,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Marshall & Sterling Wealth Advisors Inc. bought a new stake in CSX in the fourth quarter valued at about $27,000. Accredited Wealth Management LLC bought a new stake in CSX in the fourth quarter valued at about $29,000. Fourth Dimension Wealth LLC bought a new stake in CSX in the fourth quarter valued at about $29,000. Barnes Dennig Private Wealth Management LLC bought a new stake in CSX in the first quarter valued at about $30,000. Finally, Rossby Financial LCC bought a new stake in CSX in the first quarter valued at about $28,000. Institutional investors and hedge funds own 73.57% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CSX shares. Baird R W raised CSX to a "strong-buy" rating in a report on Tuesday, July 1st. Argus set a $32.00 target price on CSX in a report on Friday, April 25th. Benchmark upped their target price on CSX from $37.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Bank of America raised CSX from a "neutral" rating to a "buy" rating and upped their target price for the company from $34.00 to $42.00 in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. upped their target price on CSX from $34.00 to $41.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

CSX Stock Performance

CSX opened at $36.32 on Friday. The company has a market capitalization of $67.71 billion, a price-to-earnings ratio of 22.42, a price-to-earnings-growth ratio of 2.71 and a beta of 1.25. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63. CSX Corporation has a 1-year low of $26.22 and a 1-year high of $37.10. The business has a 50 day moving average price of $33.98 and a two-hundred day moving average price of $31.57.

CSX (NASDAQ:CSX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. CSX had a return on equity of 25.48% and a net margin of 21.92%. The firm had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the firm posted $0.49 earnings per share. The firm's revenue for the quarter was down 3.5% compared to the same quarter last year. Research analysts predict that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Dividend Announcement

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

CSX Profile

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.

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