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 the stock in a transaction 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 of the company’s stock, valued at approximately $6,155,039.74. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
CSX Corp. (NASDAQ:CSX) traded up 0.55% during midday trading on Wednesday, reaching $31.19. The company had a trading volume of 2,997,038 shares. CSX Corp. has a 1-year low of $21.33 and a 1-year high of $31.73. The firm’s 50 day moving average is $29.65 and its 200 day moving average is $27.56. The stock has a market capitalization of $29.51 billion, a PE 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 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. CSX Corp. had a net margin of 15.93% and a return on equity of 14.79%. The business earned $2.71 billion during the quarter. During the same period in the previous year, the company posted $0.52 earnings per share. CSX Corp.’s quarterly revenue was down 7.8% on a year-over-year basis. On average, equities analysts anticipate that CSX Corp. will post $1.75 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be issued a $0.18 dividend. The ex-dividend date is Monday, November 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.32%. CSX Corp.’s payout ratio is 40.00%.
Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of CSX Corp. by 1.0% in the second quarter. Vanguard Group Inc. now owns 64,897,998 shares of the company’s stock worth $1,692,540,000 after buying an additional 617,969 shares during the last quarter. State Street Corp boosted its stake in shares of CSX Corp. by 3.7% in the first quarter. State Street Corp now owns 39,232,512 shares of the company’s stock worth $1,010,242,000 after buying an additional 1,398,858 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of CSX Corp. by 20.1% in the first quarter. Wellington Management Group LLP now owns 37,879,182 shares of the company’s stock worth $975,389,000 after buying an additional 6,331,519 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of CSX Corp. by 16.2% in the first quarter. Lazard Asset Management LLC now owns 28,572,157 shares of the company’s stock worth $735,731,000 after buying an additional 3,977,973 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its stake in shares of CSX Corp. by 1.5% in the second quarter. BlackRock Fund Advisors now owns 10,835,371 shares of the company’s stock worth $282,586,000 after buying an additional 156,444 shares during the last quarter. 68.64% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on the company. Stifel Nicolaus lowered CSX Corp. from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. They noted that the move was a valuation call. Argus restated a “buy” rating and issued a $35.00 target price on shares of CSX Corp. in a research note on Friday, July 15th. Loop Capital restated a “hold” rating on shares of CSX Corp. in a research note on Friday, September 9th. Citigroup Inc. raised their target price on CSX Corp. from $29.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, September 13th. Finally, Seaport Global Securities initiated coverage on CSX Corp. in a research note on Wednesday. They issued a “neutral” rating and a $31.00 target price for the company. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $30.00.
About CSX Corp.
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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