Appian Way Asset Management LP Reduces Stock Holdings in CSX Co. (NASDAQ:CSX)

Appian Way Asset Management LP decreased its holdings in shares of CSX Co. (NASDAQ:CSX) by 12.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 490,062 shares of the transportation company’s stock after selling 69,308 shares during the period. CSX accounts for 4.2% of Appian Way Asset Management LP’s portfolio, making the stock its 9th largest position. Appian Way Asset Management LP’s holdings in CSX were worth $16,393,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Itau Unibanco Holding S.A. bought a new stake in shares of CSX during the second quarter valued at approximately $26,000. MFA Wealth Advisors LLC bought a new stake in shares of CSX in the 2nd quarter worth $27,000. Financial Synergies Wealth Advisors Inc. bought a new stake in shares of CSX in the 1st quarter worth $29,000. Fairscale Capital LLC purchased a new position in shares of CSX in the second quarter worth $32,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of CSX during the second quarter valued at $33,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Stock Performance

CSX opened at $34.02 on Tuesday. The company has a 50 day simple moving average of $34.01 and a two-hundred day simple moving average of $34.31. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.16 and a quick ratio of 1.01. The firm has a market cap of $66.51 billion, a P/E ratio of 18.69, a PEG ratio of 1.77 and a beta of 1.19. CSX Co. has a 1-year low of $29.03 and a 1-year high of $40.12.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Monday, August 5th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. The business had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.70 billion. CSX had a return on equity of 29.11% and a net margin of 24.52%. CSX’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.49 EPS. Equities analysts forecast that CSX Co. will post 1.93 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.41%. CSX’s dividend payout ratio is presently 26.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Sanford C. Bernstein boosted their target price on CSX from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Monday, July 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $36.00 target price on shares of CSX in a report on Tuesday, August 6th. BMO Capital Markets reiterated an “outperform” rating and set a $40.00 target price on shares of CSX in a research note on Tuesday, August 6th. Evercore ISI upgraded CSX to a “strong-buy” rating in a research note on Tuesday, August 6th. Finally, Susquehanna upped their price objective on CSX from $40.00 to $41.00 and gave the company a “positive” rating in a research report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.80.

CSX Company Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.