T. Rowe Price Investment Management Inc. Has $876,000 Stake in CSX Corporation $CSX

Key Points

• T. Rowe Price Investment Management Inc. sold 271,398 shares of CSX Corporation, reducing its holdings by 90.1% during the first quarter, leaving it with 29,746 shares worth $876,000.
• CSX reported $0.44 earnings per share for the last quarter, exceeding estimates, although its revenue experienced a 3.5% decline year-over-year.
• The company announced a quarterly dividend of $0.13 per share, which translates to an annualized dividend yield of 1.5%.

T. Rowe Price Investment Management Inc. reduced its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 90.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,746 shares of the transportation company's stock after selling 271,398 shares during the quarter. T. Rowe Price Investment Management Inc.'s holdings in CSX were worth $876,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Frisch Financial Group Inc. grew its stake in shares of CSX by 34.8% during the 1st quarter. Frisch Financial Group Inc. now owns 14,015 shares of the transportation company's stock worth $412,000 after acquiring an additional 3,617 shares in the last quarter. Erste Asset Management GmbH grew its stake in shares of CSX by 20.1% in the first quarter. Erste Asset Management GmbH now owns 28,824 shares of the transportation company's stock valued at $839,000 after buying an additional 4,823 shares in the last quarter. Venture Visionary Partners LLC grew its stake in shares of CSX by 3.2% in the first quarter. Venture Visionary Partners LLC now owns 54,041 shares of the transportation company's stock valued at $1,590,000 after buying an additional 1,655 shares in the last quarter. Credit Agricole S A grew its stake in shares of CSX by 106.2% in the first quarter. Credit Agricole S A now owns 711,603 shares of the transportation company's stock valued at $20,942,000 after buying an additional 366,519 shares in the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. grew its stake in shares of CSX by 0.6% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 244,009 shares of the transportation company's stock valued at $7,192,000 after buying an additional 1,557 shares in the last quarter. 73.57% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Baird R W raised shares of CSX to a "strong-buy" rating in a research note on Tuesday, July 1st. Wells Fargo & Company raised their target price on shares of CSX from $35.00 to $37.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Wall Street Zen cut shares of CSX from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Royal Bank Of Canada reiterated a "sector perform" rating on shares of CSX in a report on Thursday, July 24th. Finally, TD Cowen raised shares of CSX from a "hold" rating to a "buy" rating and increased their price objective for the company from $32.00 to $45.00 in a research report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $37.00.

CSX Stock Performance

Shares of CSX traded down $0.08 during midday trading on Friday, reaching $32.46. 8,123,189 shares of the stock were exchanged, compared to its average volume of 17,065,689. The company has a market cap of $60.51 billion, a P/E ratio of 20.03, a PEG ratio of 2.43 and a beta of 1.25. The stock's 50 day simple moving average is $34.36 and its 200 day simple moving average is $31.67. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.25. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%.CSX'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 firm earned $0.49 earnings per share. On average, sell-side analysts expect that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. CSX's payout ratio is 32.10%.

CSX Company 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.