Hsbc Holdings PLC Has $187.20 Million Position in CSX Corporation $CSX

Key Points

• HSBC reduced its CSX stake by 13.6% in the second quarter, selling 620,153 shares and retaining 3.94 million shares valued at approximately $187.2 million. Institutional investors collectively own 73.57% of CSX.
• CSX reported quarterly earnings of $0.54 per share, beating estimates by $0.02, while revenue rose 10.1% year over year to $3.94 billion.
• The company declared a quarterly dividend of $0.14 per share, equivalent to an annualized $0.56 dividend and a 1.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $51.31.

Hsbc Holdings PLC lessened its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 13.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,937,983 shares of the transportation company's stock after selling 620,153 shares during the period. Hsbc Holdings PLC owned 0.21% of CSX worth $187,202,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Archer Investment Corp acquired a new position in shares of CSX during the second quarter worth approximately $26,000. N.E.W. Advisory Services LLC acquired a new stake in shares of CSX in the second quarter valued at approximately $27,000. WFA of San Diego LLC bought a new position in CSX in the 2nd quarter worth approximately $28,000. Pin Oak Investment Advisors Inc. bought a new position in CSX in the 2nd quarter worth approximately $29,000. Finally, Manning & Napier Advisors LLC bought a new position in CSX in the 2nd quarter worth approximately $30,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

CSX Price Performance

CSX opened at $49.41 on Monday. The company has a fifty day moving average price of $50.16 and a two-hundred day moving average price of $45.89. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. CSX Corporation has a 52 week low of $31.80 and a 52 week high of $53.60. The firm has a market capitalization of $91.53 billion, a PE ratio of 28.56, a P/E/G ratio of 2.32 and a beta of 1.21.

CSX (NASDAQ:CSX - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $3.94 billion during the quarter, compared to analysts' expectations of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The business's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. As a group, analysts anticipate that CSX Corporation will post 2 earnings per share for the current year.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX's dividend payout ratio is currently 32.37%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Argus set a $56.00 price objective on CSX in a research report on Friday, July 31st. BMO Capital Markets restated a "market perform" rating and set a $52.00 target price (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Robert W. Baird upped their price target on CSX from $49.00 to $53.00 and gave the company an "outperform" rating in a research note on Tuesday, July 7th. Evercore set a $51.00 price target on CSX in a report on Thursday, July 23rd. Finally, Weiss Ratings upgraded CSX from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, CSX presently has an average rating of "Moderate Buy" and an average price target of $51.31.

Insider Transactions at CSX

In other news, SVP Michael S. Burns sold 13,000 shares of the company's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the completion of the sale, the senior vice president directly owned 59,643 shares of the company's stock, valued at $3,141,993.24. This represents a 17.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the sale, the chief accounting officer owned 10,437 shares in the company, valued at $556,187.73. This represents a 74.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.30% of the company's stock.

CSX Profile

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX's freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.

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