Independent Advisor Alliance Trims Stake in CSX Corporation (NASDAQ:CSX)

Key Points

• Independent Advisor Alliance reduced its stake in CSX Corporation by 9.1% in the first quarter, leaving it with 76,761 shares, valued at approximately $2.26 million.
• Numerous institutional investors have shifted their positions in CSX, with Brighton Jones LLC and Rockefeller Capital Management both increasing their stakes by 5.5% and 9.1% respectively in the fourth quarter.
• Analysts have varied outlooks on CSX with a consensus target price of $37.00, and fifteen analysts have given the stock a buy rating.

Independent Advisor Alliance trimmed its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 9.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,761 shares of the transportation company's stock after selling 7,727 shares during the quarter. Independent Advisor Alliance's holdings in CSX were worth $2,259,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Ameriprise Financial Inc. grew its stake in shares of CSX by 89.7% in the fourth quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after acquiring an additional 9,863,587 shares during the last quarter. Nuveen LLC acquired a new stake in shares of CSX in the 1st quarter valued at $182,550,000. Fiduciary Management Inc. WI acquired a new stake in shares of CSX in the 4th quarter valued at $178,259,000. Bank of New York Mellon Corp boosted its stake in shares of CSX by 21.6% in the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock valued at $835,336,000 after purchasing an additional 5,033,743 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of CSX by 1,283.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock valued at $123,786,000 after purchasing an additional 3,887,644 shares in the last quarter. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Down 0.1%

CSX stock traded down $0.03 during mid-day trading on Friday, reaching $36.32. The stock had a trading volume of 17,898,133 shares, compared to its average volume of 21,141,444. 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 fifty-two week low of $26.22 and a fifty-two week high of $37.10. The stock's 50-day simple moving average is $33.98 and its 200-day simple moving average is $31.57. The firm has a market capitalization of $67.71 billion, a PE ratio of 22.42, a price-to-earnings-growth ratio of 2.71 and a beta of 1.25.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%. The business's revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.49 earnings per share. On average, sell-side analysts forecast 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. Investors of record on Friday, August 29th will be paid 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 payout ratio is presently 32.10%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CSX. Wells Fargo & Company lifted their price target on CSX from $35.00 to $37.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft raised 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. BMO Capital Markets boosted their price objective on CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Citigroup boosted their price objective on CSX from $36.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, TD Cowen raised CSX from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $32.00 to $45.00 in a report on Monday, July 21st. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $37.00.

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.