Essex Financial Services Inc. decreased its holdings in shares of CSX Co. (NASDAQ:CSX) by 17.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,961 shares of the transportation company’s stock after selling 1,258 shares during the quarter. Essex Financial Services Inc.’s holdings in CSX were worth $370,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Cigna Investments Inc. New grew its stake in CSX by 1.1% in 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. Whitener Capital Management Inc. acquired a new position in CSX in the 3rd quarter valued at $196,000. Shelton Capital Management grew its stake in CSX by 33.2% in 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. Private Capital Group LLC grew its stake in CSX by 21.3% in 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 grew its position in CSX by 51.5% in the 3rd quarter. Korea Investment CORP now owns 877,711 shares of the transportation company’s stock worth $64,994,000 after purchasing an additional 298,198 shares during the last quarter. Institutional investors own 77.26% of the company’s stock.
In other news, Director Ridge Lp Mantle sold 1,930,318 shares of the firm’s stock in a transaction dated Thursday, January 24th. The shares were sold at an average price of $65.01, for a total transaction of $125,489,973.18. Following the completion of the transaction, the director now directly owns 106 shares of the company’s stock, valued at approximately $6,891.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.03% of the stock is currently owned by company insiders.
CSX has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of CSX from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Thursday, January 3rd. Scotiabank set a $75.00 price target on shares of CSX and gave the stock a “hold” rating in a research report on Tuesday, January 8th. Atlantic Securities initiated coverage on shares of CSX in a research report on Tuesday, January 8th. They issued an “overweight” rating and a $62.45 price target on the stock. Royal Bank of Canada decreased their price target on shares of CSX to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, January 17th. Finally, Credit Suisse Group decreased their price target on shares of CSX from $86.00 to $79.00 and set an “outperform” rating on the stock in a research report on Monday, January 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $75.83.
NASDAQ:CSX opened at $72.51 on Wednesday. The stock has a market cap of $59.33 billion, a PE ratio of 18.88, a price-to-earnings-growth ratio of 1.28 and a beta of 1.25. CSX Co. has a 52 week low of $53.13 and a 52 week 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.
CSX (NASDAQ:CSX) last released its quarterly earnings data on Wednesday, January 16th. The transportation company reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.12 billion. CSX had a net margin of 27.01% and a return on equity of 24.18%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $0.64 EPS. On average, equities research analysts expect that CSX Co. will post 4.23 EPS for the current year.
CSX declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 16th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the transportation company to purchase up to 9.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Thursday, February 28th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.32%. This is an increase from CSX’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Wednesday, February 27th. CSX’s dividend payout ratio (DPR) is presently 22.92%.
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CSX Company Profile
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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