Mount Vernon Associates Inc. MD Cuts Stake in CSX Corporation $CSX

Key Points

• Mount Vernon Associates Inc. MD reduced its stake in CSX Corporation by 10% in Q2, leaving it with 90,000 shares valued at approximately $2.94 million, making CSX its 14th largest holding.
• CSX stock has received mixed analyst ratings, with one downgrade to "sell", while other ratings include "buy" and "outperform" from multiple firms, indicating ongoing interest from institutional investors.
• The company declared a quarterly dividend of $0.13 per share, reflecting a 1.4% yield with a payout ratio of 32.10%, alongside recent quarterly earnings surpassing expectations.

Mount Vernon Associates Inc. MD cut its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 10.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 90,000 shares of the transportation company's stock after selling 10,000 shares during the period. CSX comprises about 2.1% of Mount Vernon Associates Inc. MD's investment portfolio, making the stock its 14th biggest holding. Mount Vernon Associates Inc. MD's holdings in CSX were worth $2,937,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Associated Banc Corp lifted its position in shares of CSX by 0.9% during the first quarter. Associated Banc Corp now owns 40,384 shares of the transportation company's stock worth $1,189,000 after purchasing an additional 356 shares during the last quarter. Portside Wealth Group LLC lifted its position in shares of CSX by 1.3% during the first quarter. Portside Wealth Group LLC now owns 27,335 shares of the transportation company's stock worth $804,000 after purchasing an additional 361 shares during the last quarter. LRI Investments LLC lifted its position in shares of CSX by 4.8% during the first quarter. LRI Investments LLC now owns 8,254 shares of the transportation company's stock worth $243,000 after purchasing an additional 375 shares during the last quarter. Patrick M Sweeney & Associates Inc. lifted its position in shares of CSX by 1.2% during the first quarter. Patrick M Sweeney & Associates Inc. now owns 32,205 shares of the transportation company's stock worth $948,000 after purchasing an additional 378 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in CSX by 1.4% in the first quarter. Smartleaf Asset Management LLC now owns 27,329 shares of the transportation company's stock worth $796,000 after acquiring an additional 380 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wall Street Zen downgraded CSX from a "hold" rating to a "sell" rating in a research note on Friday. Benchmark lifted their target price on CSX from $37.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Citigroup lifted their target price on CSX from $36.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. UBS Group lifted their target price on CSX from $41.00 to $44.00 and gave the company a "buy" rating in a research note on Friday. Finally, Royal Bank Of Canada lifted their target price on CSX from $39.00 to $41.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, CSX currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.95.

CSX Stock Performance

CSX opened at $36.01 on Friday. The business's 50 day moving average is $34.23 and its 200-day moving average is $31.99. The stock has a market cap of $67.13 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 2.79 and a beta of 1.29. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.25.

CSX (NASDAQ:CSX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. The company 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 for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. On average, analysts predict that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were issued 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 of this dividend was Friday, August 29th. CSX's payout ratio is 32.10%.

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.

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