CSX Co. (NASDAQ:CSX) Sees Large Growth in Short Interest

CSX Co. (NASDAQ:CSX) was the recipient of a significant increase in short interest in October. As of October 15th, there was short interest totalling 27,660,000 shares, an increase of 15.0% from the September 30th total of 24,050,000 shares. Based on an average daily trading volume, of 11,280,000 shares, the days-to-cover ratio is presently 2.5 days.

CSX Price Performance

Shares of NASDAQ CSX traded up $0.30 on Thursday, hitting $33.84. The company’s stock had a trading volume of 830,122 shares, compared to its average volume of 11,590,418. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.16 and a quick ratio of 1.01. CSX has a 12-month low of $29.28 and a 12-month high of $40.12. The company has a market capitalization of $66.15 billion, a price-to-earnings ratio of 18.43, a price-to-earnings-growth ratio of 1.90 and a beta of 1.19. The stock has a 50 day moving average of $34.01 and a 200-day moving average of $33.81.

CSX (NASDAQ:CSX) last announced its earnings results 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). CSX had a net margin of 24.52% and a return on equity of 29.11%. The firm had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same period in the previous year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, research analysts predict that CSX will post 1.93 EPS for the current year.

CSX Dividend Announcement

The business 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 dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Friday, November 29th. CSX’s dividend payout ratio is currently 26.37%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CSX. Stephens cut their price target 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. Wells Fargo & Company cut their target price on CSX from $35.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, October 17th. Citigroup initiated coverage on CSX in a research report on Wednesday, October 9th. They issued a “buy” rating and a $42.00 target price on the stock. Royal Bank of Canada lowered their price target on CSX from $36.00 to $35.00 and set a “sector perform” rating for the company in a report on Thursday, October 17th. Finally, Evercore ISI reduced their price objective on shares of CSX from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.61.

Hedge Funds Weigh In On CSX

A number of large investors have recently bought and sold shares of CSX. Banque Cantonale Vaudoise raised its position in CSX by 149.1% in the second quarter. Banque Cantonale Vaudoise now owns 17,208 shares of the transportation company’s stock valued at $575,000 after purchasing an additional 10,301 shares during the period. Ascent Group LLC lifted its holdings in CSX by 559.7% in the 1st quarter. Ascent Group LLC now owns 58,779 shares of the transportation company’s stock worth $2,179,000 after buying an additional 49,869 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in CSX by 20.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 467,399 shares of the transportation company’s stock valued at $16,139,000 after buying an additional 80,423 shares during the last quarter. PFG Advisors grew its stake in shares of CSX by 2.1% during the first quarter. PFG Advisors now owns 18,880 shares of the transportation company’s stock valued at $700,000 after acquiring an additional 387 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of CSX by 4.2% during the first quarter. Sei Investments Co. now owns 597,426 shares of the transportation company’s stock worth $22,146,000 after acquiring an additional 23,938 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

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.