Glenview Trust Co Sells 28,721 Shares of CSX Corporation $CSX

Key Points

• Glenview Trust Co. reduced its CSX stake by 13.4%, selling 28,721 shares during the third quarter and retaining 186,182 shares valued at approximately $8.66 million. Institutional investors collectively own 73.57% of CSX.
• CSX reported stronger-than-expected quarterly results, with EPS of $0.57 versus the $0.53 consensus estimate and revenue of $4.02 billion, up 12% year over year. Analysts expect full-year EPS of $2.04.
• CSX declared a quarterly dividend of $0.14 per share, equivalent to $0.56 annually and a 1.1% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $52.20.

Glenview Trust Co lessened its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 13.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 186,182 shares of the transportation company's stock after selling 28,721 shares during the quarter. Glenview Trust Co's holdings in CSX were worth $8,659,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Archer Investment Corp bought a new stake in CSX during the second quarter valued at about $26,000. N.E.W. Advisory Services LLC bought a new position in CSX in the second quarter worth about $27,000. Pin Oak Investment Advisors Inc. bought a new position in CSX in the second quarter worth about $29,000. Manning & Napier Advisors LLC bought a new position in CSX in the second quarter worth about $30,000. Finally, Arlington Trust Co LLC lifted its position in shares of CSX by 58.0% during the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock valued at $32,000 after buying an additional 250 shares during the last quarter. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Stock Down 0.5%

CSX stock opened at $51.99 on Friday. CSX Corporation has a fifty-two week low of $33.63 and a fifty-two week high of $53.60. The company has a market cap of $95.84 billion, a PE ratio of 26.94, a PEG ratio of 2.30 and a beta of 1.21. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.75 and a current ratio of 0.84. The business's 50-day simple moving average is $48.86 and its two-hundred day simple moving average is $45.51.

CSX (NASDAQ:CSX - Get Free Report) last released its earnings results on Wednesday, October 21st. The transportation company reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.04. CSX had a return on equity of 25.94% and a net margin of 23.97%. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company's revenue was up 12.0% compared to the same quarter last year. Equities analysts anticipate 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. Shareholders of record on Monday, November 30th will be paid a dividend of $0.14 per share. The ex-dividend date is Monday, November 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. CSX's dividend payout ratio (DPR) is presently 29.02%.

Analyst Ratings Changes

CSX has been the topic of a number of recent analyst reports. Sanford C. Bernstein restated a "market perform" rating and issued a $49.00 price target on shares of CSX in a report on Thursday, October 22nd. Raymond James Financial set a $55.00 target price on shares of CSX in a research note on Friday, October 23rd. Wells Fargo & Company lifted their price target on shares of CSX from $50.00 to $54.00 and gave the stock an "overweight" rating in a report on Wednesday, July 8th. Evercore set a $53.00 price target on CSX in a research report on Friday, October 23rd. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $54.00 price objective (up from $53.00) on shares of CSX in a research report on Thursday, October 22nd. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $52.20.

Insider Activity

In other news, Director John Zillmer sold 19,500 shares of the business's stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $51.24, for a total value of $999,180.00. Following the completion of the transaction, the director owned 334,214 shares of the company's stock, valued at $17,125,125.36. The trade was a 5.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.30% of the stock is currently owned by company insiders.

CSX Company Profile

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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