Rhumbline Advisers Sells 122,378 Shares of CSX Corporation $CSX

Rhumbline Advisers cut its holdings in CSX Corporation (NASDAQ:CSX) by 3.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,441,560 shares of the transportation company’s stock after selling 122,378 shares during the period. Rhumbline Advisers’ holdings in CSX were worth $112,298,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CSX. S Bank Fund Management Ltd purchased a new position in CSX in the first quarter worth $45,000. McClarren Financial Advisors Inc. purchased a new stake in shares of CSX during the 1st quarter valued at $54,000. Rise Advisors LLC increased its position in shares of CSX by 86.4% during the 1st quarter. Rise Advisors LLC now owns 2,594 shares of the transportation company’s stock valued at $76,000 after purchasing an additional 1,202 shares during the last quarter. McIlrath & Eck LLC raised its stake in shares of CSX by 217.5% during the 1st quarter. McIlrath & Eck LLC now owns 3,239 shares of the transportation company’s stock worth $95,000 after purchasing an additional 2,219 shares during the period. Finally, Avalon Trust Co boosted its holdings in shares of CSX by 92.6% in the 1st quarter. Avalon Trust Co now owns 4,160 shares of the transportation company’s stock worth $122,000 after buying an additional 2,000 shares during the last quarter. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on CSX. Citigroup lifted their price objective on shares of CSX from $41.00 to $42.00 in a research report on Friday, October 17th. Robert W. Baird set a $40.00 price target on CSX and gave the company an “outperform” rating in a research report on Monday, October 20th. Susquehanna cut their price target on CSX from $35.00 to $34.00 and set a “neutral” rating for the company in a research note on Thursday, September 25th. Weiss Ratings restated a “hold (c)” rating on shares of CSX in a research note on Thursday, October 30th. Finally, Stephens increased their target price on shares of CSX from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.09.

CSX Stock Performance

Shares of CSX opened at $34.28 on Friday. CSX Corporation has a 52-week low of $26.22 and a 52-week high of $37.25. The stock’s 50-day simple moving average is $35.05 and its 200 day simple moving average is $33.76. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.71 and a current ratio of 0.85. The stock has a market capitalization of $63.83 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 2.75 and a beta of 1.31.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Thursday, October 16th. The transportation company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. CSX had a net margin of 20.55% and a return on equity of 24.95%. The firm had revenue of $3.59 billion for the quarter, compared to the consensus estimate of $3.60 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was down .9% on a year-over-year basis. Research analysts forecast that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued 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, November 28th. CSX’s dividend payout ratio (DPR) is presently 33.99%.

Insider Activity

In other news, SVP Michael S. Burns sold 24,249 shares of the business’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $36.76, for a total transaction of $891,393.24. Following the completion of the transaction, the senior vice president directly owned 51,640 shares in the company, valued at $1,898,286.40. The trade was a 31.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kevin S. Boone sold 31,053 shares of the stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $36.09, for a total value of $1,120,702.77. Following the completion of the sale, the executive vice president owned 197,521 shares in the company, valued at $7,128,532.89. This trade represents a 13.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.55% of the company’s stock.

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.