Westfield Capital Management Co. LP Reduces Stake in CSX Corporation (NASDAQ:CSX)

Key Points

• Westfield Capital Management decreased its position in CSX Corporation by 48%, selling 1,616,260 shares and holding approximately 1,753,021 shares valued at $51.6 million as of its latest SEC filing.
• CSX has recently announced a quarterly dividend of $0.13, representing a 1.5% yield, with the ex-dividend date on August 29.
• The current pension of CSX stock among analysts reflects a consensus of "Moderate Buy" with a target price of $37, indicating positive market sentiment towards the company's performance.

Westfield Capital Management Co. LP lowered its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 48.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,753,021 shares of the transportation company's stock after selling 1,616,260 shares during the period. Westfield Capital Management Co. LP owned 0.09% of CSX worth $51,591,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in CSX by 5.5% in the fourth quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company's stock valued at $525,000 after purchasing an additional 849 shares during the period. Wellington Management Group LLP raised its holdings in shares of CSX by 14.7% in the 4th quarter. Wellington Management Group LLP now owns 117,579 shares of the transportation company's stock valued at $3,794,000 after buying an additional 15,029 shares during the period. World Investment Advisors lifted its stake in CSX by 56.4% during the 4th quarter. World Investment Advisors now owns 25,251 shares of the transportation company's stock worth $815,000 after acquiring an additional 9,106 shares in the last quarter. Aviva PLC lifted its stake in CSX by 36.2% during the 4th quarter. Aviva PLC now owns 1,168,044 shares of the transportation company's stock worth $37,693,000 after acquiring an additional 310,700 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in CSX by 16.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,104,626 shares of the transportation company's stock worth $100,186,000 after acquiring an additional 435,769 shares in the last quarter. Institutional investors and hedge funds own 73.57% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CSX shares. JPMorgan Chase & Co. increased their target price on CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Citigroup increased their target price on CSX from $36.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Sanford C. Bernstein reissued a "market perform" rating and set a $36.00 target price (up previously from $33.00) on shares of CSX in a research note on Tuesday, July 8th. The Goldman Sachs Group reissued a "neutral" rating and set a $35.00 target price on shares of CSX in a research note on Monday, June 2nd. Finally, Royal Bank Of Canada restated a "sector perform" rating on shares of CSX in a report on Thursday, July 24th. Seven equities research 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 stock. According to MarketBeat, CSX currently has an average rating of "Moderate Buy" and an average target price of $37.00.

CSX Price Performance

Shares of CSX traded up $0.18 during mid-day trading on Friday, hitting $35.43. The company's stock had a trading volume of 10,864,400 shares, compared to its average volume of 21,548,876. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. The firm has a 50-day simple moving average of $33.56 and a 200 day simple moving average of $31.47. The firm has a market capitalization of $66.05 billion, a P/E ratio of 21.87, a P/E/G ratio of 2.63 and a beta of 1.25. CSX Corporation has a 1-year low of $26.22 and a 1-year high of $37.10.

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 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 business had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.57 billion. During the same period last year, the firm earned $0.49 EPS. The company's quarterly revenue was down 3.5% compared to the same quarter last year. Analysts predict that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 29th. CSX's dividend payout ratio (DPR) is presently 32.10%.

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.