Sumitomo Mitsui Asset Management Company LTD cut its stake in shares of CSX Co. (NASDAQ:CSX) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,191 shares of the transportation company’s stock after selling 3,514 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in CSX were worth $3,429,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in CSX. Highwater Wealth Management LLC acquired a new position in CSX during the 4th quarter worth approximately $31,000. Moody National Bank Trust Division acquired a new position in CSX during the 4th quarter worth approximately $34,000. Ipswich Investment Management Co. Inc. acquired a new position in CSX during the 4th quarter worth approximately $34,000. Contravisory Investment Management Inc. grew its holdings in CSX by 227.3% during the 4th quarter. Contravisory Investment Management Inc. now owns 648 shares of the transportation company’s stock worth $40,000 after acquiring an additional 450 shares in the last quarter. Finally, Baystate Wealth Management LLC grew its holdings in CSX by 219.9% during the 4th quarter. Baystate Wealth Management LLC now owns 611 shares of the transportation company’s stock worth $41,000 after acquiring an additional 420 shares in the last quarter. Institutional investors and hedge funds own 75.11% of the company’s stock.
In other news, Director Ridge Lp Mantle sold 1,930,318 shares of the 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 transaction, the director now directly owns 106 shares in the company, valued at approximately $6,891.06. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.03% of the stock is currently owned by corporate insiders.
NASDAQ:CSX opened at $68.75 on Monday. The firm has a market cap of $56.25 billion, a PE ratio of 17.90, a P/E/G ratio of 1.22 and a beta of 1.25. CSX Co. has a fifty-two week low of $48.43 and a fifty-two week high of $76.24. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.29 and a current ratio of 1.34.
CSX (NASDAQ:CSX) last issued its quarterly earnings data on Wednesday, January 16th. The transportation company reported $1.01 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.01. The firm had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $3.12 billion. CSX had a net margin of 27.01% and a return on equity of 24.18%. The firm’s revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.64 EPS. As a group, equities research analysts expect that CSX Co. will post 4.23 earnings per share for the current fiscal year.
CSX declared that its board has approved a stock buyback plan on Wednesday, January 16th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the transportation company to buy up to 9.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Thursday, February 28th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.40%. This is a positive change 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 is 22.92%.
Several brokerages have recently weighed in on CSX. Zacks Investment Research upgraded shares of CSX from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research report on Thursday, January 24th. ValuEngine upgraded shares of CSX from a “hold” rating to a “buy” rating in a research report on Monday, February 4th. BidaskClub upgraded shares of CSX from a “hold” rating to a “buy” rating in a research report on Friday, November 2nd. Stephens restated a “buy” rating and set a $86.00 price objective on shares of CSX in a research report on Monday, October 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating on shares of CSX in a research report on Wednesday, October 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $75.93.
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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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