Connor Clark & Lunn Investment Management Ltd. Sells 1,967,348 Shares of CSX Co. (NASDAQ:CSX)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in CSX Co. (NASDAQ:CSX) by 81.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 450,161 shares of the transportation company’s stock after selling 1,967,348 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in CSX were worth $15,544,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Factorial Partners LLC raised its position in shares of CSX by 13.7% in the third quarter. Factorial Partners LLC now owns 95,500 shares of the transportation company’s stock valued at $3,298,000 after purchasing an additional 11,500 shares during the period. Avior Wealth Management LLC grew its stake in CSX by 2.5% in the 3rd quarter. Avior Wealth Management LLC now owns 11,790 shares of the transportation company’s stock valued at $407,000 after buying an additional 293 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in CSX by 2.3% during the third quarter. PNC Financial Services Group Inc. now owns 6,521,214 shares of the transportation company’s stock worth $225,178,000 after acquiring an additional 146,973 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of CSX during the third quarter worth approximately $3,610,000. Finally, FWG Holdings LLC boosted its holdings in shares of CSX by 5.6% during the third quarter. FWG Holdings LLC now owns 12,788 shares of the transportation company’s stock worth $425,000 after acquiring an additional 681 shares during the period. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Royal Bank of Canada reduced their price target on CSX from $36.00 to $35.00 and set a “sector perform” rating for the company in a research note on Thursday, October 17th. Stephens cut their price objective on shares of CSX from $41.00 to $39.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Barclays lifted their price target on shares of CSX from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Stifel Nicolaus reduced their price target on CSX from $39.00 to $37.00 and set a “buy” rating on the stock in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. increased their target price on CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.78.

CSX Stock Performance

NASDAQ:CSX opened at $34.57 on Thursday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 1.39. CSX Co. has a fifty-two week low of $31.65 and a fifty-two week high of $40.12. The company has a 50 day simple moving average of $34.39 and a two-hundred day simple moving average of $33.92. The company has a market capitalization of $66.67 billion, a PE ratio of 18.59, a P/E/G ratio of 2.23 and a beta of 1.19.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, October 16th. The transportation company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). The firm had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.68 billion. CSX had a return on equity of 28.92% and a net margin of 24.77%. The company’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.42 earnings per share. Research analysts anticipate that CSX Co. will post 1.84 earnings per share for the current year.

CSX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Friday, November 29th. CSX’s dividend payout ratio is 25.81%.

CSX 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.