Royal London Asset Management Ltd. Lowers Stock Holdings in CSX Corporation $CSX

Royal London Asset Management Ltd. reduced its holdings in CSX Corporation (NASDAQ:CSX) by 1.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,071,634 shares of the transportation company’s stock after selling 12,135 shares during the period. Royal London Asset Management Ltd. owned about 0.06% of CSX worth $50,935,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Archer Investment Corp acquired a new position in shares of CSX during the 2nd quarter worth approximately $26,000. N.E.W. Advisory Services LLC acquired a new stake in CSX in the 2nd quarter valued at $27,000. WFA of San Diego LLC purchased a new stake in CSX in the 2nd quarter worth $28,000. Pin Oak Investment Advisors Inc. purchased a new stake in CSX in the 2nd quarter worth $29,000. Finally, Manning & Napier Advisors LLC acquired a new position in CSX during the second quarter worth $30,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the completion of the sale, the senior vice president owned 59,643 shares of the company’s stock, valued at approximately $3,141,993.24. This trade represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John J. Zillmer sold 10,000 shares of CSX stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.45, for a total value of $464,500.00. Following the transaction, the director owned 353,714 shares in the company, valued at approximately $16,430,015.30. The trade was a 2.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 189,708 shares of company stock valued at $9,132,304. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CSX has been the topic of several recent analyst reports. Morgan Stanley set a $32.00 price objective on shares of CSX and gave the company an “underweight” rating in a report on Monday, July 6th. Wall Street Zen cut shares of CSX from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Stifel Nicolaus set a $54.00 price target on shares of CSX in a research report on Thursday, July 23rd. Wells Fargo & Company raised their price target on shares of CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, July 8th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $54.00 target price (up from $51.00) on shares of CSX in a research report on Thursday, July 23rd. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

CSX Stock Performance

NASDAQ:CSX opened at $51.28 on Friday. The company’s 50-day moving average price is $49.91 and its 200-day moving average price is $45.57. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. The company has a market cap of $94.99 billion, a P/E ratio of 29.64, a P/E/G ratio of 2.34 and a beta of 1.21. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same period in the previous year, the business posted $0.44 earnings per share. CSX’s quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts forecast that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s payout ratio is currently 32.37%.

CSX Company Profile

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX’s freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.