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Tag: CSX

  • Perpetual Ltd Purchases Shares of 12,165 CSX Co. (NASDAQ:CSX)

    Perpetual Ltd Purchases Shares of 12,165 CSX Co. (NASDAQ:CSX)

    Perpetual Ltd acquired a new stake in CSX Co. (NASDAQ:CSX – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 12,165 shares of the transportation company’s stock, valued at approximately $364,000.

    A number of other hedge funds have also recently modified their holdings of the stock. Valmark Advisers Inc. boosted its stake in shares of CSX by 1.0% during the 4th quarter. Valmark Advisers Inc. now owns 33,240 shares of the transportation company’s stock worth $1,030,000 after acquiring an additional 322 shares in the last quarter. Firethorn Wealth Partners LLC increased its position in shares of CSX by 0.7% during the first quarter. Firethorn Wealth Partners LLC now owns 49,495 shares of the transportation company’s stock worth $1,549,000 after purchasing an additional 325 shares in the last quarter. Adirondack Trust Co. lifted its holdings in CSX by 1.2% in the 1st quarter. Adirondack Trust Co. now owns 28,390 shares of the transportation company’s stock valued at $850,000 after purchasing an additional 346 shares in the last quarter. New England Research & Management Inc. grew its stake in CSX by 0.3% during the 1st quarter. New England Research & Management Inc. now owns 109,894 shares of the transportation company’s stock valued at $3,290,000 after acquiring an additional 350 shares in the last quarter. Finally, Smith Anglin Financial LLC raised its holdings in CSX by 5.4% in the 1st quarter. Smith Anglin Financial LLC now owns 6,861 shares of the transportation company’s stock valued at $205,000 after acquiring an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 72.36% of the company’s stock.

    CSX Price Performance

    CSX stock opened at $31.31 on Wednesday. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.42 and a quick ratio of 1.21. The stock has a market capitalization of $62.82 billion, a PE ratio of 15.81, a price-to-earnings-growth ratio of 2.74 and a beta of 1.21. The business has a 50 day simple moving average of $33.01 and a 200-day simple moving average of $31.51. CSX Co. has a 12 month low of $25.80 and a 12 month high of $34.71.

    CSX (NASDAQ:CSX – Get Free Report) last issued its quarterly earnings results on Thursday, July 20th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49. The business had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.73 billion. CSX had a net margin of 27.36% and a return on equity of 32.82%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share. Equities analysts predict that CSX Co. will post 1.9 earnings per share for the current year.

    CSX Announces Dividend

    The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend is Wednesday, August 30th. CSX’s dividend payout ratio is presently 22.22%.

    Analysts Set New Price Targets

    Several analysts have issued reports on the company. Bank of America cut CSX from a “buy” rating to a “neutral” rating and dropped their target price for the company from $37.00 to $34.00 in a report on Friday, August 4th. Citigroup decreased their target price on shares of CSX from $39.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Stephens reaffirmed an “overweight” rating and set a $39.00 price target on shares of CSX in a research report on Friday, July 21st. Royal Bank of Canada downgraded CSX from an “outperform” rating to a “sector perform” rating and set a $35.00 target price on the stock. in a research report on Monday, July 31st. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $37.00 target price on shares of CSX in a research report on Friday, April 21st. Eleven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.21.

    View Our Latest Analysis on CSX

    About CSX

    (Free Report)

    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 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.

    Featured Articles

    Want to see what other hedge funds are holding CSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CSX Co. (NASDAQ:CSX – Free Report).

    Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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    ABMN Staff

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  • Senate passes bill to prevent rail strike, rejects measure providing paid sick leave

    Senate passes bill to prevent rail strike, rejects measure providing paid sick leave

    The U.S. Senate on Thursday voted 80-15 in favor of a bill that would prevent a rail strike by imposing a deal on freight-rail workers, after rejecting a separate House-passed measure that would require rail companies to provide those workers with seven days of paid sick leave per year.

    The vote for the bill imposing a deal keeps Washington on track to block a strike, as the House of Representatives passed it Wednesday. President Joe Biden is expected to sign the legislation into law given that he called on Monday for Congress to act.

    Business groups have been warning that even a short-term strike would have a tremendous impact and cause economic pain.

    The deal that would be imposed on rail employees includes a 24% increase in wages from 2020 through 2024, but workers have remained concerned about a lack of paid sick time.

    In the vote on sick leave, there were 52 senators in favor, while 43 were opposed, and 60 votes for it were needed. A half dozen Republican senators were in favor, while Sen. Joe Manchin of West Virginia was the only Democrat in opposition.

    “While I am sympathetic to the concerns union members have raised, I do not believe it is the role of Congress to renegotiate a collective bargaining agreement that has already been negotiated,” Manchin said in a statement. 

    Earlier Thursday, the Senate also voted against an amendment from Republican senators that aimed to deliver a cooling-off period so talks between rail companies and their workers could continue.

    Railroad operators’ stocks finished with gains Tuesday as traders reacted to Washington’s moves to prevent a strike, but Norfolk Southern Corp.
    NSC,
    -0.05%    ,
     CSX Corp. 
    CSX,
    -0.03%
    and Union Pacific Corp.
    UNP,
    -0.69%
    all lost ground Thursday as the broad market
    SPX,
    -0.09%

    DJIA,
    -0.56%
    closed mostly lower.

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  • ‘A rail shutdown would devastate our economy’: Biden urges Congress to head off potential strike

    ‘A rail shutdown would devastate our economy’: Biden urges Congress to head off potential strike

    OMAHA, Neb. — President Joe Biden on Monday asked Congress to intervene and block a railroad strike before next month’s deadline in the stalled contract talks, following pressure by business groups on the stalled negotiations.

    “Let me be clear: a rail shutdown would devastate our economy,” Biden said in a statement. “Without freight rail, many U.S. industries would shut down.”

    Congress has the power to impose contract terms on the workers, but it’s not clear what lawmakers might include if they do. They could also force the negotiations to continue into the new year.

    Both the unions and railroads have been lobbying Congress while contract talks continue. Four rail unions that represent more than half of the 115,000 workers in the industry have rejected the deals that Biden helped broker before the original strike deadline in September and are back at the table trying to work out new agreements. Eight other unions have approved their five-year deals with the railroads and are in the process of getting back pay for their workers for the 24% raises that are retroactive to 2020.

    Biden said that as a “a proud pro-labor president” he was reluctant to override the views of people who voted against the agreement. “But in this case — where the economic impact of a shutdown would hurt millions of other working people and families — I believe Congress must use its powers to adopt this deal.”

    Biden’s remarks came after a coalition of more than 400 business groups sent a letter to congressional leaders Monday urging them to step into the stalled talks because of fears about the devastating potential impact of a strike that could force many businesses to shut down if they can’t get the rail deliveries they need. Commuter railroads and Amtrak would also be affected in a strike because many of them use tracks owned by the freight railroads.

    The business groups led by the U.S. Chamber of Commerce, National Association of Manufacturers and National Retail Federation said even a short-term strike would have a tremendous impact and the economic pain would start to be felt even before the Dec. 9 strike deadline. They said the railroads would stop hauling hazardous chemicals, fertilizers and perishable goods up to a week beforehand to keep those products from being stranded somewhere along the tracks.

    “A potential rail strike only adds to the headwinds facing the U.S. economy,” the businesses wrote. “A rail stoppage would immediately lead to supply shortages and higher prices. The cessation of Amtrak and commuter rail services would disrupt up to 7 million travelers a day. Many businesses would see their sales disrupted right in the middle of the critical holiday shopping season.”

    A similar group of businesses sent another letter to Biden last month urging him to play a more active role in resolving the contract dispute.

    On Monday, the Association of American Railroads trade group praised Biden’s action.

    “No one benefits from a rail work stoppage — not our customers, not rail employees and not the American economy,” said AAR President and CEO Ian Jefferies. “Now is the appropriate time for Congress to pass legislation to implement the agreements already ratified by eight of the twelve unions.”

    Congressional leaders and the White House have said they are monitoring the contract talks closely but haven’t indicated when they might act or what they will do. House Majority Leader Steny Hoyer, D-Md., said leaders are aware of the situation with the rail negotiations and will monitor the talks in the coming days.

    Rep. Brian Fitzpatrick, R-Pa., said on “Fox News Sunday” that congressional intervention is a last resort but that lawmakers will have to be ready to act.

    “Congress will not let this strike happen. That’s for sure,” said Fitzpatrick, who helps lead a bipartisan group of 58 lawmakers. “It would be devastating to our economy. So, we’ll get to a resolution one way or another.”

    “It certainly could end up in Congress’ lap, which is why we are headed to D.C. this week to meet with lawmakers on the Hill from both parties,” said Clark Ballew, a spokesman for the Brotherhood of Maintenance of Way Employes Division, which represents track maintenance workers. “We have instructed our members to contact their federal lawmakers in the House and Senate for several weeks now.”

    The unions have asked the railroads to consider adding paid sick time to what they already offered to address some of workers’ quality of life concerns. But so far, the railroads, which include Union Pacific
    UNP,
    -2.25%    ,
    Berkshire Hathaway’s
    BRK.B,
    -1.31%
    BNSF, Norfolk Southern
    NSC,
    -1.49%    ,
    CSX
    CSX,
    -1.00%
    and Canadian Pacific’s
    CP,
    -1.26%
    Kansas City Southern, have refused to consider that.

    The railroads want any deal to closely follow the recommendations a special board of arbitrators that Biden appointed made this summer that called for the 24% raises and $5,000 in bonuses but didn’t resolve workers’ concerns about demanding schedules that make it hard to take a day off and other working conditions.

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