TD Asset Management Inc Reduces Stock Position in CSX Corporation (NASDAQ:CSX)

Key Points

• TD Asset Management Inc cut its position in CSX Corporation by 65.0% during the 1st quarter, holding 811,810 shares worth approximately $23.9 million after selling 1.5 million shares.
• CSX reported $0.44 earnings per share for the quarter, exceeding analysts' estimates, despite a 3.5% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.13 per share, reflecting a 1.47% yield and a dividend payout ratio of 32.10%.

TD Asset Management Inc trimmed its position in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 65.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 811,810 shares of the transportation company's stock after selling 1,507,853 shares during the quarter. TD Asset Management Inc's holdings in CSX were worth $23,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CSX. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of CSX in the 4th quarter valued at about $27,000. Rossby Financial LCC bought a new stake in CSX during the 1st quarter valued at $28,000. Accredited Wealth Management LLC purchased a new stake in shares of CSX during the fourth quarter valued at about $29,000. Fourth Dimension Wealth LLC acquired a new position in shares of CSX during the fourth quarter worth $29,000. Finally, Barnes Dennig Private Wealth Management LLC acquired a new stake in CSX in the 1st quarter worth approximately $30,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Down 1.5%

Shares of NASDAQ CSX traded down $0.53 during mid-day trading on Friday, reaching $35.01. The company had a trading volume of 19,265,718 shares, compared to its average volume of 20,105,130. The stock has a market cap of $65.27 billion, a P/E ratio of 21.61, a PEG ratio of 2.66 and a beta of 1.25. 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 52-week low of $26.22 and a 52-week high of $37.10. The firm has a 50 day simple moving average of $33.05 and a two-hundred day simple moving average of $31.36.

CSX (NASDAQ:CSX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $3.57 billion. During the same period last year, the business posted $0.49 EPS. The company's revenue was down 3.5% on a year-over-year basis. Sell-side analysts predict that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, August 29th. CSX's payout ratio is presently 32.10%.

Wall Street Analysts Forecast Growth

CSX has been the topic of a number of research reports. BMO Capital Markets increased their price objective on shares of CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of CSX in a research note on Thursday, July 24th. Wells Fargo & Company increased their price target on CSX from $35.00 to $37.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Bank of America raised shares of CSX from a "neutral" rating to a "buy" rating and lifted their price target for the company from $34.00 to $42.00 in a research report on Thursday, July 17th. Finally, Susquehanna restated a "neutral" rating and issued a $35.00 price objective on shares of CSX in a report on Tuesday, June 24th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.