Short Interest in CSX Co. (CSX) Declines By 12.2%

CSX Co. (NASDAQ:CSX) was the target of a large drop in short interest in January. As of January 31st, there was short interest totalling 13,725,547 shares, a drop of 12.2% from the January 15th total of 15,636,390 shares. Based on an average trading volume of 6,573,122 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.6% of the company’s stock are short sold.

In other CSX news, Director Ridge Lp Mantle sold 1,930,318 shares of the stock in a transaction on Thursday, January 24th. The stock was sold at an average price of $65.01, for a total transaction of $125,489,973.18. Following the sale, the director now owns 106 shares of the company’s stock, valued at approximately $6,891.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.03% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Whitener Capital Management Inc. purchased a new position in shares of CSX during the 3rd quarter valued at about $196,000. Shelton Capital Management raised its stake in shares of CSX by 33.2% during the 4th quarter. Shelton Capital Management now owns 111,623 shares of the transportation company’s stock valued at $6,935,000 after buying an additional 27,800 shares during the last quarter. Cigna Investments Inc. New raised its stake in shares of CSX by 1.1% during the 4th quarter. Cigna Investments Inc. New now owns 26,360 shares of the transportation company’s stock valued at $1,637,000 after buying an additional 276 shares during the last quarter. Private Capital Group LLC raised its stake in shares of CSX by 21.3% during the 4th quarter. Private Capital Group LLC now owns 3,791 shares of the transportation company’s stock valued at $236,000 after buying an additional 665 shares during the last quarter. Finally, Korea Investment CORP raised its stake in shares of CSX by 51.5% during the 3rd quarter. Korea Investment CORP now owns 877,711 shares of the transportation company’s stock valued at $64,994,000 after buying an additional 298,198 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Several brokerages have issued reports on CSX. Cowen increased their target price on CSX from $74.00 to $77.00 and gave the company a “market perform” rating in a research report on Wednesday, October 17th. Credit Suisse Group dropped their target price on CSX from $86.00 to $79.00 and set an “outperform” rating on the stock in a research report on Monday, January 7th. TD Securities increased their target price on CSX from $76.00 to $80.00 and gave the company a “hold” rating in a research report on Wednesday, October 17th. BidaskClub raised CSX from a “hold” rating to a “buy” rating in a research report on Friday, November 2nd. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $82.00 price objective on shares of CSX in a report on Monday, December 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. CSX currently has a consensus rating of “Buy” and a consensus target price of $75.93.

Shares of CSX opened at $71.13 on Thursday. CSX has a 12 month low of $53.13 and a 12 month high of $76.24. The company has a quick ratio of 1.20, a current ratio of 1.34 and a debt-to-equity ratio of 1.17. The firm has a market cap of $56.63 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 1.22 and a beta of 1.25.

CSX (NASDAQ:CSX) last issued its earnings results on Wednesday, January 16th. The transportation company reported $1.01 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.01. The company had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.12 billion. CSX had a return on equity of 24.18% and a net margin of 27.01%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $0.64 EPS. Analysts forecast that CSX will post 4.23 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Thursday, February 28th will be paid a $0.24 dividend. This is a positive change from CSX’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, February 27th. This represents a $0.96 dividend on an annualized basis and a yield of 1.35%. CSX’s dividend payout ratio (DPR) is 22.92%.

CSX declared that its Board of Directors has initiated a share buyback program on Wednesday, January 16th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the transportation company to reacquire up to 9.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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About CSX

CSX Corporation, together with its subsidiaries, provides rail-based transportation services in the United States and Canada. The company offers rail services, as well as transports intermodal containers and trailers. It transports agricultural and food products, fertilizers, chemicals, automotive, metals and equipment, minerals, and forest products; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.

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