Westpac Banking Corp Trims Stake in CSX Corporation (NASDAQ:CSX)

Key Points

• Westpac Banking Corp reduced its stake in CSX Corporation by 40.3%, selling 22,460 shares, and now holds 33,209 shares valued at approximately $977,000.
• Several institutional investors, including Brighton Jones LLC and Rockefeller Capital Management, increased their positions in CSX during the fourth quarter, highlighting strong institutional interest as ownership among these investors reaches 73.57%.
• CSX's shares have received multiple upgrades from analysts, with TD Cowen raising the price target from $32.00 to $45.00 and a consensus average target of $37.00, indicating a generally bullish outlook.

Westpac Banking Corp trimmed its position in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 40.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,209 shares of the transportation company's stock after selling 22,460 shares during the period. Westpac Banking Corp's holdings in CSX were worth $977,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of CSX in the fourth quarter worth $27,000. Accredited Wealth Management LLC purchased a new stake in shares of CSX in the fourth quarter worth $29,000. Fourth Dimension Wealth LLC purchased a new stake in shares of CSX in the fourth quarter worth $29,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of CSX in the first quarter worth $30,000. Finally, Rossby Financial LCC purchased a new stake in shares of CSX in the first quarter worth $28,000. 73.57% of the stock is owned by institutional investors.

CSX Trading Down 0.1%

Shares of NASDAQ CSX traded down $0.03 during trading hours on Friday, hitting $36.32. The company's stock had a trading volume of 17,898,133 shares, compared to its average volume of 21,141,444. CSX Corporation has a 12 month low of $26.22 and a 12 month high of $37.10. The stock has a market cap of $67.71 billion, a price-to-earnings ratio of 22.42, a P/E/G ratio of 2.71 and a beta of 1.25. 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 has a 50-day simple moving average of $33.98 and a 200-day simple moving average of $31.57.

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 (EPS) for the quarter, beating 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 the consensus estimate of $3.57 billion. During the same quarter in the previous year, the business earned $0.49 EPS. CSX's revenue was down 3.5% compared to the same quarter last year. On average, analysts anticipate 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. Shareholders of record on Friday, August 29th will be issued a dividend of $0.13 per share. The ex-dividend date is Friday, August 29th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.4%. CSX's dividend payout ratio is 32.10%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group reiterated a "neutral" rating and issued a $35.00 price objective on shares of CSX in a research report on Monday, June 2nd. Deutsche Bank Aktiengesellschaft upgraded CSX from a "hold" rating to a "buy" rating and set a $40.00 price objective on the stock in a research report on Thursday, July 24th. Royal Bank Of Canada restated a "sector perform" rating on shares of CSX in a research report on Thursday, July 24th. BMO Capital Markets raised their price target on CSX from $36.00 to $38.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen upgraded CSX from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $37.00.

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.