Forsta AP Fonden Sells 27,300 Shares of CSX Corporation (NASDAQ:CSX)

Key Points

• Forsta AP Fonden reduced its holdings in CSX Corporation by 7.2%, now owning 351,700 shares valued at approximately $10.35 million.
• Several hedge funds including Ameriprise Financial have increased their stakes in CSX, with institutional investors owning 73.57% of the stock.
• CSX recently reported earnings of $0.44 per share, beating expectations, and declared a quarterly dividend of $0.13 per share.

Forsta AP Fonden reduced its position in CSX Corporation (NASDAQ:CSX - Free Report) by 7.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 351,700 shares of the transportation company's stock after selling 27,300 shares during the period. Forsta AP Fonden's holdings in CSX were worth $10,351,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in CSX by 5.5% during the fourth quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company's stock worth $525,000 after acquiring an additional 849 shares during the period. Wellington Management Group LLP increased its stake in shares of CSX by 14.7% in the fourth quarter. Wellington Management Group LLP now owns 117,579 shares of the transportation company's stock valued at $3,794,000 after purchasing an additional 15,029 shares during the period. Scotia Capital Inc. increased its stake in shares of CSX by 31.3% in the fourth quarter. Scotia Capital Inc. now owns 181,552 shares of the transportation company's stock valued at $5,859,000 after purchasing an additional 43,235 shares during the period. Heritage Trust Co acquired a new stake in shares of CSX in the fourth quarter valued at approximately $203,000. Finally, Sterling Capital Management LLC increased its stake in shares of CSX by 1,474.0% in the fourth quarter. Sterling Capital Management LLC now owns 192,912 shares of the transportation company's stock valued at $6,225,000 after purchasing an additional 180,656 shares during the period. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CSX has been the topic of several analyst reports. TD Cowen upgraded shares of CSX from a "hold" rating to a "buy" rating and raised their price target for the company from $32.00 to $45.00 in a research note on Monday, July 21st. Deutsche Bank Aktiengesellschaft upgraded shares of CSX from a "hold" rating to a "buy" rating and set a $40.00 price objective for the company in a report on Thursday, July 24th. Wall Street Zen upgraded shares of CSX from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Argus set a $32.00 price objective on shares of CSX in a report on Friday, April 25th. Finally, Evercore ISI decreased their price objective on shares of CSX from $35.00 to $33.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, CSX currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

CSX Price Performance

CSX stock traded up $0.59 during mid-day trading on Tuesday, hitting $35.82. The stock had a trading volume of 20,809,910 shares, compared to its average volume of 20,679,716. The firm has a fifty day simple moving average of $33.64 and a 200 day simple moving average of $31.46. CSX Corporation has a 52 week low of $26.22 and a 52 week high of $37.10. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $66.78 billion, a P/E ratio of 22.11, a P/E/G ratio of 2.63 and a beta of 1.25.

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

CSX Announces Dividend

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 paid a $0.13 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.52 annualized dividend and a dividend yield of 1.5%. CSX's payout ratio is currently 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.