CSX Co. (CSX) Shares Bought by ClariVest Asset Management LLC
ClariVest Asset Management LLC grew its position in shares of CSX Co. (NASDAQ:CSX) by 86.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 826,118 shares of the transportation company’s stock after acquiring an additional 383,519 shares during the quarter. CSX makes up 1.1% of ClariVest Asset Management LLC’s holdings, making the stock its 16th largest holding. ClariVest Asset Management LLC’s holdings in CSX were worth $51,326,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Whitener Capital Management Inc. bought a new position in CSX in the 3rd quarter worth $196,000. Korea Investment CORP raised its holdings 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 period. Suffolk Capital Management LLC bought a new position in CSX in the 3rd quarter worth $12,597,000. Captrust Financial Advisors raised its holdings in CSX by 33.4% in the 3rd quarter. Captrust Financial Advisors now owns 10,219 shares of the transportation company’s stock worth $757,000 after purchasing an additional 2,560 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its holdings in CSX by 503.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 292,877 shares of the transportation company’s stock worth $21,689,000 after purchasing an additional 244,306 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
CSX opened at $68.75 on Monday. The stock has a market capitalization of $56.25 billion, a P/E ratio of 17.90, a P/E/G ratio of 1.22 and a beta of 1.25. CSX Co. has a 12 month low of $48.43 and a 12 month 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.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Thursday, February 28th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, February 27th. This represents a $0.96 annualized dividend and a yield of 1.40%. This is an increase from CSX’s previous quarterly dividend of $0.22. CSX’s dividend payout ratio (DPR) is presently 22.92%.
CSX announced that its Board of Directors has initiated a stock buyback program on Wednesday, January 16th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the transportation company to reacquire up to 9.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
CSX has been the subject of a number of analyst reports. Deutsche Bank increased their price target on CSX from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, December 3rd. Royal Bank of Canada reiterated an “outperform” rating on shares of CSX in a research note on Wednesday, October 17th. BMO Capital Markets increased their price target on CSX from $77.00 to $80.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 17th. Cowen increased their price target on CSX from $74.00 to $77.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 17th. Finally, Loop Capital set a $85.00 price target on CSX and gave the stock a “buy” rating in a research note on Wednesday, October 17th. One equities 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. The stock presently has a consensus rating of “Buy” and a consensus price target of $75.93.
In other CSX 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 value of $125,489,973.18. Following the completion of the sale, the director now owns 106 shares of the company’s stock, valued at $6,891.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.03% of the stock is owned by company insiders.
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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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