CSX Corporation (NASDAQ:CSX) Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in CSX Corporation by 18.2%, owning approximately $604 million worth at the end of the first quarter.
• A number of analysts have recently upgraded CSX's stock ratings, with target prices ranging from $34 to $44, indicating strong market confidence.
• CSX has declared a quarterly dividend of $0.13 per share, representing a yield of 1.5% and a payout ratio of 32.10%.

Invesco Ltd. lessened its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 18.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,535,682 shares of the transportation company's stock after selling 4,567,395 shares during the quarter. Invesco Ltd. owned approximately 1.09% of CSX worth $604,365,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in CSX by 21.6% during the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock worth $835,336,000 after acquiring an additional 5,033,743 shares during the period. Lazard Asset Management LLC increased its stake in shares of CSX by 3.5% in the 4th quarter. Lazard Asset Management LLC now owns 21,124,807 shares of the transportation company's stock valued at $681,696,000 after purchasing an additional 707,934 shares in the last quarter. Northern Trust Corp boosted its holdings in CSX by 13.8% in the 4th quarter. Northern Trust Corp now owns 21,097,789 shares of the transportation company's stock worth $680,826,000 after buying an additional 2,550,929 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in CSX by 89.7% in the 4th quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after buying an additional 9,863,587 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of CSX by 7.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 16,886,109 shares of the transportation company's stock worth $544,904,000 after purchasing an additional 1,215,517 shares during the last quarter. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Trading Up 1.7%

Shares of CSX traded up $0.59 during mid-day trading on Tuesday, reaching $35.82. The company had a trading volume of 20,809,910 shares, compared to its average volume of 20,679,716. 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 stock has a market cap of $66.78 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 2.63 and a beta of 1.25. 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 fifty-two week low of $26.22 and a fifty-two week high of $37.10.

CSX (NASDAQ:CSX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The transportation company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. CSX had a net margin of 21.92% and a return on equity of 25.48%. The firm had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the business posted $0.49 EPS. The firm's revenue was down 3.5% compared to the same quarter last year. On average, sell-side analysts anticipate that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

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

Analyst Ratings Changes

Several analysts have recently commented on CSX shares. UBS Group reduced their price target on shares of CSX from $36.00 to $34.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Deutsche Bank Aktiengesellschaft upgraded CSX from a "hold" rating to a "buy" rating and set a $40.00 target price on the stock in a research report on Thursday, July 24th. Bank of America upgraded shares of CSX from a "neutral" rating to a "buy" rating and raised their price objective for the company from $34.00 to $42.00 in a research report on Thursday, July 17th. Wells Fargo & Company increased their target price on shares of CSX from $35.00 to $37.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Finally, Argus set a $32.00 target price on shares of CSX in a report on Friday, April 25th. Seven equities 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $37.00.

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.