Highland Capital Management Lowers stake in CSX Corporation (CSX)

CSX Corporation (CSX) : Highland Capital Management reduced its stake in CSX Corporation by 1.59% during the most recent quarter end. The investment management company now holds a total of 364,603 shares of CSX Corporation which is valued at $10,434,938 after selling 5,895 shares in CSX Corporation , the firm said in a disclosure report filed with the SEC on Jul 18, 2016.CSX Corporation makes up approximately 0.87% of Highland Capital Management’s portfolio.

Other Hedge Funds, Including , Palladium Partners reduced its stake in CSX by selling 290 shares or 1.73% in the most recent quarter. The Hedge Fund company now holds 16,459 shares of CSX which is valued at $471,057. CSX Corporation makes up approx 0.04% of Palladium Partners’s portfolio.Heritage Investors Management Corp boosted its stake in CSX in the latest quarter, The investment management firm added 8,665 additional shares and now holds a total of 367,165 shares of CSX Corporation which is valued at $10,453,188. CSX Corporation makes up approx 0.76% of Heritage Investors Management Corp’s portfolio.Capital Analysts boosted its stake in CSX in the latest quarter, The investment management firm added 139 additional shares and now holds a total of 2,355 shares of CSX Corporation which is valued at $67,047. CSX Corporation makes up approx 0.01% of Capital Analysts’s portfolio.Fragasso Group reduced its stake in CSX by selling 587 shares or 5.23% in the most recent quarter. The Hedge Fund company now holds 10,640 shares of CSX which is valued at $300,154. CSX Corporation makes up approx 0.11% of Fragasso Group’s portfolio.

CSX Corporation opened for trading at $28.38 and hit $28.65 on the upside on Wednesday, eventually ending the session at $28.62, with a gain of 1.13% or 0.32 points. The heightened volatility saw the trading volume jump to 60,79,484 shares. Company has a market cap of $27,074 M.

On the company’s financial health, CSX Corporation reported $0.47 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 13, 2016. Analyst had a consensus of $0.44. The company had revenue of $2670.00 million for the quarter, compared to analysts expectations of $2686.99 million. The company’s revenue was down -12.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.56 EPS.

Investors should note that on Jul 13, 2016, CSX Corporation announced a cash dividend of $0.1800. The company’s management has announced Aug 29, 2016 as the ex-dividend date and fixed the record date on Aug 31, 2016. The payable date has been fixed on Sep 15, 2016.

Many Wall Street Analysts have commented on CSX Corporation. CSX Corporation was Downgraded by BB&T Capital Mkts to ” Hold” on Jul 15, 2016. Company shares were Reiterated by Cowen on Jul 15, 2016 to “Market Perform”, Firm has raised the Price Target to $ 30 from a previous price target of $27 .CSX Corporation was Downgraded by Stifel to ” Hold” on Jul 15, 2016.

CSX Corporation (CSX) together with its subsidiaries is a transportation company. The Company provides rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. The Company has three lines of business: merchandise business coal business and the intermodal business. The Company’s merchandise business transports aggregates (which include crushed stone sand and gravel) metal phosphate fertilizer food consumer (manufactured goods and appliances) agricultural automotive paper and chemical products. Its coal business transports domestic coal coke and iron ore to electricity-generating power plants steel manufacturers and industrial plants as well as export coal to deep-water port facilities. Through a network of around 50 terminals the intermodal business serves markets east of the Mississippi and transports manufactured consumer goods in containers providing truck-like services for longer shipments.

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