CSX Co. (CSX) is Gibraltar Capital Management Inc.’s 3rd Largest Position
Gibraltar Capital Management Inc. reduced its stake in CSX Co. (NASDAQ:CSX) by 2.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,401 shares of the transportation company’s stock after selling 2,606 shares during the period. CSX makes up about 6.9% of Gibraltar Capital Management Inc.’s holdings, making the stock its 3rd largest holding. Gibraltar Capital Management Inc.’s holdings in CSX were worth $6,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the company. Cigna Investments Inc. New boosted its stake in CSX by 1.1% during the fourth 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 period. Suntrust Banks Inc. boosted its stake in CSX by 15.2% during the fourth quarter. Suntrust Banks Inc. now owns 342,170 shares of the transportation company’s stock valued at $21,259,000 after buying an additional 45,146 shares during the period. Shelton Capital Management boosted its stake in CSX by 33.2% during the fourth 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 period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in CSX by 5.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 359,815 shares of the transportation company’s stock valued at $22,355,000 after buying an additional 18,062 shares during the period. Finally, Thoroughbred Financial Services LLC bought a new stake in CSX during the fourth quarter valued at $221,000. 77.35% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:CSX traded up $0.33 during mid-day trading on Thursday, reaching $75.40. 2,000,733 shares of the company’s stock traded hands, compared to its average volume of 5,040,892. CSX Co. has a 12-month low of $55.22 and a 12-month high of $77.15. The company has a market cap of $61.01 billion, a PE ratio of 19.64, a P/E/G ratio of 1.33 and a beta of 1.29. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.34 and a quick ratio of 1.20.
CSX announced that its Board of Directors has approved a share repurchase program on Wednesday, January 16th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the transportation company to purchase up to 9.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 28th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.27%. This is a boost from CSX’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, February 27th. CSX’s payout ratio is presently 25.00%.
In other CSX news, Director Ridge Lp Mantle sold 1,930,318 shares of CSX stock in a transaction that occurred on Thursday, January 24th. The stock was sold at an average price of $65.01, for a total transaction of $125,489,973.18. Following the sale, 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 SEC, which is accessible through this hyperlink. Insiders own 4.83% of the company’s stock.
Several equities research analysts have issued reports on the company. Royal Bank of Canada reaffirmed a “buy” rating and set a $82.00 price target on shares of CSX in a research note on Monday, December 17th. Argus dropped their price target on CSX from $84.00 to $71.00 and set a “buy” rating for the company in a research note on Monday, December 31st. Zacks Investment Research raised CSX from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Thursday, January 3rd. Loop Capital lifted their price target on CSX to $87.00 and gave the stock a “buy” rating in a research note on Thursday, January 17th. Finally, ValuEngine raised CSX from a “hold” rating to a “buy” rating in a research note on Monday, February 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $75.64.
CSX Company Profile
CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.
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