Sound Shore Management Inc CT Cuts Stock Position in CSX Corporation $CSX

Sound Shore Management Inc CT lessened its holdings in CSX Corporation (NASDAQ:CSX) by 22.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,416,667 shares of the transportation company’s stock after selling 690,326 shares during the period. CSX makes up about 2.8% of Sound Shore Management Inc CT’s investment portfolio, making the stock its 13th largest position. Sound Shore Management Inc CT’s holdings in CSX were worth $85,816,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Rhumbline Advisers increased its holdings in shares of CSX by 0.3% in the 3rd quarter. Rhumbline Advisers now owns 3,450,199 shares of the transportation company’s stock worth $122,516,000 after buying an additional 8,639 shares during the last quarter. Captrust Financial Advisors grew its position in CSX by 0.8% in the second quarter. Captrust Financial Advisors now owns 405,828 shares of the transportation company’s stock worth $13,242,000 after acquiring an additional 3,162 shares in the last quarter. Cohen Capital Management Inc. grew its position in CSX by 0.4% in the third quarter. Cohen Capital Management Inc. now owns 278,373 shares of the transportation company’s stock worth $9,885,000 after acquiring an additional 1,100 shares in the last quarter. Miller Howard Investments Inc. NY increased its stake in CSX by 1.3% during the third quarter. Miller Howard Investments Inc. NY now owns 207,368 shares of the transportation company’s stock worth $7,364,000 after acquiring an additional 2,728 shares during the last quarter. Finally, Reaves W H & Co. Inc. purchased a new stake in CSX during the third quarter valued at approximately $5,326,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Insider Transactions at CSX

In other news, EVP Stephen Fortune sold 31,456 shares of CSX stock in a transaction that occurred 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 transaction, the executive vice president owned 82,034 shares of the company’s stock, valued at $3,170,614.10. The trade was a 27.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Diana B. Sorfleet sold 66,667 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $37.48, for a total transaction of $2,498,679.16. Following the transaction, the chief accounting officer owned 170,777 shares of the company’s stock, valued at approximately $6,400,721.96. This trade represents a 28.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.55% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $40.00 target price on shares of CSX in a report on Thursday, December 18th. Weiss Ratings restated a “hold (c+)” rating on shares of CSX in a research report on Monday, December 29th. Barclays reaffirmed an “overweight” rating on shares of CSX in a research note on Monday, October 20th. Jefferies Financial Group set a $42.00 price objective on CSX and gave the company a “buy” rating in a research report on Friday, October 17th. Finally, Rothschild & Co Redburn lifted their target price on CSX from $39.00 to $42.50 and gave the stock a “buy” rating in a research report on Friday, January 30th. Nineteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, CSX currently has an average rating of “Moderate Buy” and an average price target of $39.77.

CSX Price Performance

NASDAQ CSX opened at $41.34 on Thursday. The company has a market cap of $76.98 billion, a PE ratio of 26.84, a P/E/G ratio of 2.09 and a beta of 1.30. The firm’s 50 day moving average price is $37.05 and its 200-day moving average price is $35.57. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.71 and a current ratio of 0.81. CSX Corporation has a 52-week low of $26.22 and a 52-week high of $41.51.

CSX (NASDAQ:CSX) last posted its earnings results on Thursday, January 22nd. The transportation company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the company earned $0.42 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. Sell-side analysts forecast that CSX Corporation will post 1.83 EPS for the current fiscal year.

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.