CSX Corporation (CSX) Holdings Increased by Pinebridge Investments L.P.
Pinebridge Investments L.P. raised its holdings in CSX Corporation (NASDAQ:CSX) by 515.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 8,934 shares of the transportation company’s stock after acquiring an additional 7,483 shares during the period. Pinebridge Investments L.P.’s holdings in CSX Corporation were worth $488,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of CSX. World Asset Management Inc grew its holdings in CSX Corporation by 8.1% in the 1st quarter. World Asset Management Inc now owns 99,618 shares of the transportation company’s stock valued at $4,637,000 after buying an additional 7,485 shares during the period. Morse Asset Management Inc acquired a new position in shares of CSX Corporation during the 1st quarter valued at about $2,847,000. British Columbia Investment Management Corp increased its stake in shares of CSX Corporation by 16.1% during the 1st quarter. British Columbia Investment Management Corp now owns 659,896 shares of the transportation company’s stock valued at $30,718,000 after acquiring an additional 91,568 shares during the last quarter. Locust Wood Capital Advisers LLC purchased a new position in shares of CSX Corporation during the 1st quarter worth about $3,219,000. Finally, Meadow Creek Investment Management LLC lifted its holdings in shares of CSX Corporation by 142.8% during the 1st quarter. Meadow Creek Investment Management LLC now owns 55,318 shares of the transportation company’s stock worth $2,575,000 after acquiring an additional 32,538 shares during the period. Institutional investors own 69.83% of the company’s stock.
Several brokerages recently weighed in on CSX. Zacks Investment Research lowered CSX Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. J P Morgan Chase & Co lowered their price target on CSX Corporation from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, July 20th. BidaskClub downgraded CSX Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. TD Securities dropped their price target on CSX Corporation from $64.00 to $63.00 and set a “buy” rating for the company in a research note on Thursday, July 20th. Finally, UBS AG restated a “buy” rating and set a $63.00 price target on shares of CSX Corporation in a research note on Saturday, July 22nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nineteen have given a buy rating to the stock. CSX Corporation presently has a consensus rating of “Buy” and an average target price of $54.13.
In related news, Director Ridge Lp Mantle bought 1,357,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The shares were acquired at an average price of $51.59 per share, with a total value of $70,007,630.00. Following the completion of the transaction, the director now owns 106 shares of the company’s stock, valued at approximately $5,468.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.79% of the company’s stock.
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CSX Corporation (NASDAQ CSX) opened at 54.26 on Monday. CSX Corporation has a 12 month low of $30.01 and a 12 month high of $55.48. The company has a market cap of $49.56 billion, a PE ratio of 28.38 and a beta of 1.35. The stock’s 50 day moving average is $50.16 and its 200 day moving average is $50.73.
CSX Corporation (NASDAQ:CSX) last issued its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. CSX Corporation had a return on equity of 16.93% and a net margin of 15.46%. The company had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.85 billion. During the same period in the previous year, the company earned $0.47 earnings per share. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. Equities analysts predict that CSX Corporation will post $2.24 earnings per share for the current year.
CSX Corporation declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, July 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the transportation company to repurchase up to 1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a $0.20 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.47%. CSX Corporation’s dividend payout ratio is 41.88%.
About CSX Corporation
CSX Corporation is a transportation company. The Company provides rail-based freight transportation services, including traditional rail service and transport of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations.
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