Junto Capital Management LP Reduces Stake in CSX Corporation $CSX

Key Points

• Junto Capital Management reduced its CSX stake by 14.2% in the second quarter, selling 490,696 shares and retaining 2.97 million shares worth approximately $141.2 million. Institutional investors collectively own 73.57% of CSX.
• CSX reported quarterly earnings of $0.54 per share, exceeding 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, equating to a 1.2% yield.
• CSX shares opened at $48.37, below the analyst consensus target of $51.31. The stock carries a “Moderate Buy” consensus rating, with 18 analysts recommending Buy, seven Hold ratings and one Sell rating.

Junto Capital Management LP decreased its position in CSX Corporation (NASDAQ:CSX - Free Report) by 14.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,970,518 shares of the transportation company's stock after selling 490,696 shares during the quarter. CSX makes up 2.5% of Junto Capital Management LP's portfolio, making the stock its 8th biggest position. Junto Capital Management LP owned approximately 0.16% of CSX worth $141,189,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CSX. Washington Trust Advisors Inc. boosted its holdings in shares of CSX by 7.2% during the 2nd quarter. Washington Trust Advisors Inc. now owns 3,142 shares of the transportation company's stock valued at $149,000 after buying an additional 211 shares in the last quarter. Arlington Trust Co LLC increased its stake in shares of CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock worth $32,000 after acquiring an additional 250 shares in the last quarter. Greenleaf Trust lifted its position in CSX by 0.4% during the 2nd quarter. Greenleaf Trust now owns 69,023 shares of the transportation company's stock valued at $3,281,000 after acquiring an additional 263 shares during the period. Syon Capital LLC lifted its position in CSX by 1.0% during the 4th quarter. Syon Capital LLC now owns 28,316 shares of the transportation company's stock valued at $1,026,000 after acquiring an additional 287 shares during the period. Finally, Parkside Financial Bank & Trust boosted its stake in CSX by 1.7% during the second quarter. Parkside Financial Bank & Trust now owns 18,038 shares of the transportation company's stock worth $874,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 73.57% of the company's stock.

CSX Trading Down 1.3%

Shares of NASDAQ CSX opened at $48.37 on Thursday. The firm's 50 day moving average price is $50.22 and its 200-day moving average price is $46.05. The company has a market cap of $89.60 billion, a PE ratio of 27.96, a P/E/G ratio of 2.30 and a beta of 1.21. CSX Corporation has a 52-week low of $31.80 and a 52-week high of $53.60. 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 (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter last year, the firm earned $0.44 earnings per share. The firm's quarterly revenue was up 10.1% compared to the same quarter last year. On average, equities research analysts expect that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a $0.14 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 1.2%. CSX's payout ratio is currently 32.37%.

Analyst Upgrades and Downgrades

CSX has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on shares of CSX from $56.00 to $58.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Royal Bank Of Canada reiterated an "outperform" rating and set a $54.00 target price (up from $51.00) on shares of CSX in a report on Thursday, July 23rd. Argus set a $56.00 price target on CSX in a research report on Friday, July 31st. Truist Financial set a $46.00 price target on CSX in a research note on Friday, July 10th. Finally, BMO Capital Markets reaffirmed a "market perform" rating and set a $52.00 price objective (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $51.31.

Insiders Place Their Bets

In other news, SVP Michael Burns sold 13,000 shares of the company's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Angela Williams sold 30,000 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $53.29, for a total value of $1,598,700.00. Following the sale, the chief accounting officer directly owned 10,437 shares in the company, valued at $556,187.73. This trade represents a 74.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.30% of the company's stock.

CSX Profile

CSX Corporation NASDAQ: CSX is a transportation company that operates one of the largest rail networks in the eastern United States. Through its CSX Transportation subsidiary, the company provides rail freight transportation and logistics services for manufacturers, distributors, utilities, agricultural businesses and other commercial customers.

CSX transports a broad range of products, including chemicals, agricultural and food products, minerals, forest products, metals, automobiles and consumer goods.

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