Pacer Advisors Inc. Sells 102,531 Shares of CSX Corporation (NASDAQ:CSX)

Key Points

• Pacer Advisors Inc. has reduced its stake in CSX Corporation by 34.2%, now holding 197,246 shares valued at approximately $5.8 million.
• CSX's recent earnings report showed an EPS of $0.44, surpassing analyst estimates while revenue remained stable at $3.57 billion, although it was down 3.5% year-over-year.
• The company declared a quarterly dividend of $0.13, with a dividend yield of 1.45%, reflecting a payout ratio of 32.10%.

Pacer Advisors Inc. lowered its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 34.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 197,246 shares of the transportation company's stock after selling 102,531 shares during the period. Pacer Advisors Inc.'s holdings in CSX were worth $5,805,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Ameriprise Financial Inc. raised its holdings in CSX by 89.7% in the fourth quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock valued at $673,025,000 after buying an additional 9,863,587 shares during the period. Fiduciary Management Inc. WI acquired a new position in CSX during the 4th quarter worth $178,259,000. Bank of New York Mellon Corp raised its stake in CSX by 21.6% during the first 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 buying an additional 5,033,743 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in CSX by 1,283.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock worth $123,786,000 after purchasing an additional 3,887,644 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of CSX during the 4th quarter valued at about $117,133,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Stock Down 0.1%

Shares of NASDAQ CSX traded down $0.04 during trading on Thursday, hitting $35.26. 5,962,225 shares of the company traded hands, compared to its average volume of 15,934,589. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.63 and a current ratio of 0.77. The business's fifty day moving average is $32.96 and its 200 day moving average is $31.33. The firm has a market capitalization of $65.73 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 2.65 and a beta of 1.23. 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 earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. CSX had a return on equity of 25.48% and a net margin of 21.92%. The company had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the firm earned $0.49 earnings per share. CSX's revenue for the quarter was down 3.5% on a year-over-year basis. Equities research analysts predict that CSX Corporation will post 1.83 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.52 annualized dividend and a dividend yield of 1.47%. CSX's payout ratio is 32.10%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CSX. UBS Group reduced their price objective on CSX from $36.00 to $34.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Stifel Nicolaus decreased their price objective on CSX from $37.00 to $34.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Sanford C. Bernstein restated a "market perform" rating and issued a $36.00 target price (up from $33.00) on shares of CSX in a report on Tuesday, July 8th. Wall Street Zen raised shares of CSX from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, CSX has a consensus 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.