Tribune Investment Group LP Sells 92,000 Shares of CSX Corporation $CSX

Tribune Investment Group LP lessened its holdings in CSX Corporation (NASDAQ:CSX) by 35.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,900 shares of the transportation company’s stock after selling 92,000 shares during the quarter. CSX accounts for approximately 3.2% of Tribune Investment Group LP’s investment portfolio, making the stock its 2nd biggest holding. Tribune Investment Group LP’s holdings in CSX were worth $7,980,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CSX. BlackRock Inc. acquired a new position in CSX during the second quarter worth $7,655,277,000. XXEC Inc. acquired a new stake in CSX in the 2nd quarter valued at $765,595,000. Bank of New York Mellon Corp bought a new stake in CSX during the 2nd quarter worth about $950,325,000. Deutsche Bank AG bought a new stake in CSX during the 2nd quarter worth about $685,418,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of CSX during the 2nd quarter worth about $224,809,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CSX shares. Bank of America lifted their target price on CSX from $53.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Morgan Stanley set a $32.00 price target on CSX and gave the company an “underweight” rating in a research report on Monday, July 6th. Wells Fargo & Company raised their price target on CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, July 8th. Wall Street Zen lowered CSX from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $52.00 price objective (up from $49.00) on shares of CSX in a research note on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, CSX currently has an average rating of “Moderate Buy” and an average price target of $51.31.

Insiders Place Their Bets

In related news, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total value of $6,384,263.60. Following the sale, the chief financial officer owned 208,622 shares in the company, valued at approximately $9,742,647.40. This represents a 39.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $53.29, for a total value of $1,598,700.00. Following the sale, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at $556,187.73. This represents a 74.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 189,708 shares of company stock valued at $9,132,304. 0.30% of the stock is owned by insiders.

CSX Price Performance

Shares of CSX stock opened at $51.59 on Monday. CSX Corporation has a 52-week low of $31.80 and a 52-week high of $53.60. The stock has a market cap of $95.57 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 2.36 and a beta of 1.21. The firm’s 50-day moving average is $49.38 and its 200-day moving average is $45.20. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82.

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

CSX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio (DPR) is presently 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.