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

Tribune Investment Group LP reduced its stake in CSX Corporation (NASDAQ:CSX) by 35.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 167,900 shares of the transportation company’s stock after selling 92,000 shares during the quarter. CSX comprises 3.2% of Tribune Investment Group LP’s holdings, making the stock its 2nd largest position. Tribune Investment Group LP’s holdings in CSX were worth $7,980,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Canada Post Corp Registered Pension Plan lifted its holdings in CSX by 34.2% during the 4th quarter. Canada Post Corp Registered Pension Plan now owns 96,484 shares of the transportation company’s stock worth $3,498,000 after purchasing an additional 24,566 shares during the last quarter. M. Kulyk & Associates LLC bought a new position in CSX during the 2nd quarter worth $8,145,000. Wealthfront Advisers LLC bought a new position in CSX during the 2nd quarter worth $7,609,000. First National Bank of Omaha acquired a new stake in shares of CSX during the second quarter worth $6,248,000. Finally, B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of CSX during the second quarter worth $6,598,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CSX has been the topic of several research reports. Argus set a $56.00 price target on shares of CSX in a research note on Friday, July 31st. Rothschild & Co Redburn boosted their price objective on shares of CSX from $45.50 to $47.50 and gave the company a “buy” rating in a report on Tuesday, April 28th. Truist Financial set a $46.00 target price on shares of CSX in a research report on Friday, July 10th. Barclays reiterated an “overweight” rating and issued a $60.00 price target (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. Finally, Citigroup boosted their price target on CSX from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.31.

CSX Stock Performance

CSX opened at $51.59 on Monday. The stock has a market capitalization of $95.57 billion, a price-to-earnings ratio of 29.82, a P/E/G ratio of 2.36 and a beta of 1.21. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60. The company has a 50-day simple moving average of $49.38 and a 200 day simple moving average of $45.20.

CSX (NASDAQ:CSX) last issued its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.89 billion. During the same period in the previous year, the company earned $0.44 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. Analysts predict that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

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

Insiders Place Their Bets

In other CSX news, CFO Kevin S. Boone sold 136,708 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the completion of the sale, the chief financial officer directly owned 208,622 shares in the company, valued at $9,742,647.40. This represents a 39.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Angela C. Williams sold 30,000 shares of CSX 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 completion of the transaction, the chief accounting officer owned 10,437 shares in the company, valued at approximately $556,187.73. The trade was a 74.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 189,708 shares of company stock valued at $9,132,304 over the last ninety days. Company insiders own 0.30% of the company’s stock.

About CSX

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.