Insider Selling: CSX Corp. (CSX) Chairman Sells 300,000 Shares of Stock
CSX Corp. (NASDAQ:CSX) Chairman Michael J. Ward sold 300,000 shares of CSX Corp. stock in a transaction that occurred on Monday, October 17th. The shares were sold at an average price of $30.97, for a total value of $9,291,000.00. Following the sale, the chairman now owns 198,742 shares in the company, valued at $6,155,039.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
CSX Corp. (NASDAQ:CSX) traded up 0.55% during mid-day trading on Wednesday, reaching $31.19. The company’s stock had a trading volume of 2,997,038 shares. The stock has a 50-day moving average price of $29.65 and a 200-day moving average price of $27.56. CSX Corp. has a one year low of $21.33 and a one year high of $31.73. The company has a market capitalization of $29.51 billion, a price-to-earnings ratio of 17.03 and a beta of 1.23.
CSX Corp. (NASDAQ:CSX) last announced its earnings results on Wednesday, October 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.03. The business had revenue of $2.71 billion for the quarter. CSX Corp. had a return on equity of 14.79% and a net margin of 15.93%. The firm’s revenue was down 7.8% compared to the same quarter last year. During the same period last year, the business posted $0.52 EPS. Equities research analysts forecast that CSX Corp. will post $1.75 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $0.72 annualized dividend and a dividend yield of 2.32%. CSX Corp.’s dividend payout ratio is presently 40.00%.
Several hedge funds have recently modified their holdings of the stock. Brick & Kyle Associates raised its stake in shares of CSX Corp. by 8.1% in the second quarter. Brick & Kyle Associates now owns 4,000 shares of the company’s stock valued at $104,000 after buying an additional 300 shares in the last quarter. Washington Trust Bank raised its stake in shares of CSX Corp. by 7.7% in the third quarter. Washington Trust Bank now owns 3,644 shares of the company’s stock valued at $111,000 after buying an additional 259 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of CSX Corp. during the second quarter valued at approximately $117,000. Community Bank N.A. raised its stake in shares of CSX Corp. by 19.9% in the third quarter. Community Bank N.A. now owns 4,300 shares of the company’s stock valued at $132,000 after buying an additional 715 shares in the last quarter. Finally, WFG Advisors LP raised its stake in shares of CSX Corp. by 17.1% in the second quarter. WFG Advisors LP now owns 6,537 shares of the company’s stock valued at $170,000 after buying an additional 956 shares in the last quarter. Hedge funds and other institutional investors own 68.64% of the company’s stock.
A number of research analysts have issued reports on the company. Stifel Nicolaus cut CSX Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. They noted that the move was a valuation call. Argus reiterated a “buy” rating and set a $35.00 price objective on shares of CSX Corp. in a research note on Friday, July 15th. Loop Capital reiterated a “hold” rating on shares of CSX Corp. in a research note on Friday, September 9th. Citigroup Inc. lifted their price objective on CSX Corp. from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, September 13th. Finally, Seaport Global Securities assumed coverage on CSX Corp. in a research note on Wednesday. They set a “neutral” rating and a $31.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.00.
CSX Corp. Company Profile
CSX Corporation, together with its subsidiaries, is a transportation company. The Company provides rail-based transportation services, including rail service and the transport of intermodal containers and trailers. The Company serves three lines of business, such as merchandise business, coal business and intermodal business.
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