Korea Investment CORP cut its stake in CSX Co. (NASDAQ:CSX) by 16.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 448,513 shares of the transportation company’s stock after selling 87,689 shares during the period. Korea Investment CORP owned 0.05% of CSX worth $24,987,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Neuberger Berman Group LLC increased its holdings in shares of CSX by 7.3% during the first quarter. Neuberger Berman Group LLC now owns 11,455,907 shares of the transportation company’s stock valued at $638,209,000 after purchasing an additional 783,705 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of CSX by 0.6% during the fourth quarter. Bank of New York Mellon Corp now owns 9,771,161 shares of the transportation company’s stock valued at $537,511,000 after purchasing an additional 60,453 shares during the period. Eaton Vance Management increased its holdings in shares of CSX by 3.6% during the first quarter. Eaton Vance Management now owns 5,298,524 shares of the transportation company’s stock valued at $295,180,000 after purchasing an additional 185,534 shares during the period. Alleghany Corp DE increased its holdings in shares of CSX by 7.1% during the fourth quarter. Alleghany Corp DE now owns 4,285,000 shares of the transportation company’s stock valued at $235,718,000 after purchasing an additional 285,000 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of CSX by 1.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 3,235,535 shares of the transportation company’s stock valued at $180,252,000 after purchasing an additional 56,415 shares during the period. 76.47% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on CSX. BidaskClub raised CSX from a “hold” rating to a “buy” rating in a report on Friday, March 23rd. Credit Suisse Group raised their price target on CSX from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Wednesday, April 18th. Deutsche Bank set a $70.00 price target on CSX and gave the company a “buy” rating in a report on Sunday, March 4th. ValuEngine cut CSX from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Finally, TD Securities raised their target price on CSX from $62.00 to $64.00 and gave the company a “hold” rating in a research note on Wednesday, April 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $64.19.
CSX opened at $63.76 on Friday, Marketbeat reports. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.87 and a quick ratio of 1.68. CSX Co. has a 1-year low of $47.99 and a 1-year high of $64.07. The firm has a market capitalization of $55.81 billion, a P/E ratio of 27.72, a P/E/G ratio of 1.48 and a beta of 1.20.
CSX (NASDAQ:CSX) last released its quarterly earnings results on Tuesday, April 17th. The transportation company reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.12. CSX had a return on equity of 18.00% and a net margin of 50.85%. The business had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same quarter last year, the company posted $0.51 EPS. CSX’s revenue for the quarter was up .2% on a year-over-year basis. research analysts expect that CSX Co. will post 3.24 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Thursday, May 31st will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.38%. CSX’s dividend payout ratio (DPR) is 38.26%.
CSX announced that its Board of Directors has initiated a stock repurchase program on Monday, February 12th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, CEO James M. Foote purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 2nd. The stock was acquired at an average price of $59.91 per share, for a total transaction of $299,550.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 5.03% of the company’s stock.
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.
Receive News & Ratings for CSX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CSX and related companies with MarketBeat.com's FREE daily email newsletter.