US Bancorp DE Cuts Stock Position in CSX Corporation (NASDAQ:CSX)

Key Points

• US Bancorp DE has reduced its stake in CSX Corporation by 2.2%, selling 22,313 shares, and now owns 970,380 shares valued at approximately $28.56 million.
• CSX reported $0.44 EPS for its last quarter, surpassing the expected $0.42, although its revenue of $3.57 billion was down 3.5% year-over-year.
• The company announced a quarterly dividend of $0.13 per share, representing an annual yield of 1.5% with a payout ratio of 32.10%.

US Bancorp DE cut its position in CSX Corporation (NASDAQ:CSX - Free Report) by 2.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 970,380 shares of the transportation company's stock after selling 22,313 shares during the period. US Bancorp DE owned 0.05% of CSX worth $28,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analyst Weigh In

CSX has been the topic of several analyst reports. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $36.00 target price (up previously from $33.00) on shares of CSX in a report on Tuesday, July 8th. Evercore ISI cut their target price on CSX from $35.00 to $33.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. Benchmark increased their price objective on shares of CSX from $37.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Wells Fargo & Company raised their price target on shares of CSX from $35.00 to $37.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Finally, Raymond James Financial increased their price target on CSX from $33.00 to $37.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, CSX presently has an average rating of "Moderate Buy" and an average price target of $37.00.

CSX Price Performance

Shares of NASDAQ CSX traded down $0.76 during midday trading on Thursday, reaching $35.25. The stock had a trading volume of 14,508,168 shares, compared to its average volume of 15,993,740. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.63 and a current ratio of 0.77. CSX Corporation has a 12-month low of $26.22 and a 12-month high of $37.10. The stock has a 50-day moving average of $33.41 and a 200-day moving average of $31.44. The company has a market capitalization of $65.72 billion, a price-to-earnings ratio of 21.76, a price-to-earnings-growth ratio of 2.67 and a beta of 1.25.

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

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, August 29th. CSX's dividend payout ratio is presently 32.10%.

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.