Cornerstone Investment Partners LLC Sells 47,270 Shares of CSX Corporation $CSX

Cornerstone Investment Partners LLC reduced its position in shares of CSX Corporation (NASDAQ:CSX) by 64.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,886 shares of the transportation company’s stock after selling 47,270 shares during the period. Cornerstone Investment Partners LLC’s holdings in CSX were worth $919,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CSX. Strengthening Families & Communities LLC bought a new position in shares of CSX during the 3rd quarter worth approximately $2,199,000. Allstate Corp bought a new stake in shares of CSX in the third quarter worth $2,363,000. Canada Post Corp Registered Pension Plan boosted its holdings in CSX by 131.0% during the third quarter. Canada Post Corp Registered Pension Plan now owns 71,918 shares of the transportation company’s stock worth $2,577,000 after purchasing an additional 40,780 shares during the last quarter. Reaves W H & Co. Inc. bought a new position in CSX in the third quarter valued at $5,326,000. Finally, Crestwood Advisors Group LLC acquired a new stake in CSX in the 2nd quarter valued at $237,000. 73.57% of the stock is currently owned by institutional investors.

CSX Price Performance

Shares of CSX opened at $41.34 on Thursday. The company’s 50-day moving average is $37.05 and its 200-day moving average is $35.57. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.81 and a quick ratio of 0.71. The firm has a market capitalization of $76.98 billion, a PE ratio of 26.84, a PEG ratio of 2.09 and a beta of 1.30. CSX Corporation has a fifty-two week low of $26.22 and a fifty-two week high of $41.51.

CSX (NASDAQ:CSX) last announced its earnings results on Thursday, January 22nd. The transportation company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). CSX had a return on equity of 23.88% and a net margin of 20.50%.The company had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the firm posted $0.42 EPS. The business’s quarterly revenue was down .9% on a year-over-year basis. Equities analysts forecast that CSX Corporation will post 1.83 EPS for the current year.

Insider Buying and Selling

In related news, CAO Diana B. Sorfleet sold 66,667 shares of the business’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $37.48, for a total value of $2,498,679.16. Following the completion of the sale, the chief accounting officer directly owned 170,777 shares in the company, valued at $6,400,721.96. The trade was a 28.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Stephen Fortune sold 31,456 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $38.65, for a total value of $1,215,774.40. Following the completion of the transaction, the executive vice president directly owned 82,034 shares in the company, valued at approximately $3,170,614.10. This represents a 27.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CSX shares. TD Cowen restated a “buy” rating on shares of CSX in a research note on Monday, January 12th. Weiss Ratings restated a “hold (c+)” rating on shares of CSX in a research note on Monday, December 29th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $36.00 price target (down previously from $37.00) on shares of CSX in a research report on Friday, January 23rd. Evercore cut their price objective on CSX from $41.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, January 23rd. Finally, Barclays reissued an “overweight” rating on shares of CSX in a research note on Monday, October 20th. Nineteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, CSX presently has an average rating of “Moderate Buy” and a consensus target price of $39.77.

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.