PNC Financial Services Group Inc. Decreases Stock Holdings in CSX Corporation (NASDAQ:CSX)

Key Points

• PNC Financial Services Group Inc. has sold 46,327 shares of CSX Corporation, reducing its stake by 1.3% to 3,496,177 shares, valued at approximately $102.89 million.
• Several institutional investors have increased their holdings in CSX, with Farther Finance Advisors LLC boosting its stake by 61.4% in the first quarter.
• CSX recently announced a quarterly dividend of $0.13 per share, indicating a dividend yield of 1.5%, with a payout ratio of 32.10%.

PNC Financial Services Group Inc. cut its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,496,177 shares of the transportation company's stock after selling 46,327 shares during the period. PNC Financial Services Group Inc. owned approximately 0.19% of CSX worth $102,892,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Marshall & Sterling Wealth Advisors Inc. purchased a new position in CSX in the fourth quarter valued at about $27,000. Rossby Financial LCC bought a new stake in shares of CSX in the first quarter valued at approximately $28,000. Accredited Wealth Management LLC bought a new stake in shares of CSX in the fourth quarter valued at approximately $29,000. Fourth Dimension Wealth LLC bought a new stake in shares of CSX in the fourth quarter valued at approximately $29,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new stake in CSX during the 1st quarter worth approximately $30,000. 73.57% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CSX. Jefferies Financial Group lowered their target price on shares of CSX from $37.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Robert W. Baird increased their price target on shares of CSX from $38.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. JPMorgan Chase & Co. increased their price target on shares of CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Bank of America raised shares of CSX from a "neutral" rating to a "buy" rating and increased their price target for the stock from $34.00 to $42.00 in a report on Thursday, July 17th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of CSX in a report on Thursday, July 24th. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

CSX Price Performance

Shares of CSX stock traded down $0.28 during mid-day trading on Thursday, hitting $35.73. The company had a trading volume of 3,572,422 shares, compared to its average volume of 15,930,227. CSX Corporation has a 52-week low of $26.22 and a 52-week high of $37.10. The stock's 50 day moving average price is $33.41 and its 200-day moving average price is $31.44. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63. The company has a market capitalization of $66.62 billion, a P/E ratio of 22.10, a P/E/G ratio of 2.67 and a beta of 1.25.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results 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. CSX had a net margin of 21.92% and a return on equity of 25.48%. The company had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.57 billion. During the same quarter in the previous year, the business posted $0.49 earnings per share. CSX's quarterly revenue was down 3.5% on a year-over-year basis. Equities research analysts forecast that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 dividend yield of 1.5%. CSX's dividend payout ratio is presently 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.