Glenmede Trust Co. NA Sells 30,059 Shares of CSX Co. (CSX)
Glenmede Trust Co. NA trimmed its stake in CSX Co. (NASDAQ:CSX) by 16.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 148,291 shares of the transportation company’s stock after selling 30,059 shares during the quarter. Glenmede Trust Co. NA’s holdings in CSX were worth $8,156,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of CSX. First Command Financial Services Inc. lifted its stake in CSX by 130.0% in the fourth quarter. First Command Financial Services Inc. now owns 2,123 shares of the transportation company’s stock valued at $117,000 after buying an additional 1,200 shares during the last quarter. Prentiss Smith & Co. Inc. bought a new stake in CSX in the fourth quarter valued at $119,000. Icon Wealth Partners LLC bought a new stake in CSX in the fourth quarter valued at $126,000. Front Row Advisors LLC bought a new stake in CSX in the fourth quarter valued at $135,000. Finally, Pinebridge Investments L.P. lifted its stake in CSX by 93.7% in the fourth quarter. Pinebridge Investments L.P. now owns 3,384 shares of the transportation company’s stock valued at $186,000 after buying an additional 1,637 shares during the last quarter. Institutional investors own 75.57% of the company’s stock.
A number of research analysts have recently commented on the company. BidaskClub raised CSX from a “hold” rating to a “buy” rating in a report on Friday. UBS set a $72.00 price target on CSX and gave the company a “buy” rating in a report on Friday, March 2nd. Deutsche Bank set a $70.00 price target on CSX and gave the company a “buy” rating in a report on Sunday, March 4th. Scotiabank set a $63.00 price target on CSX and gave the company a “hold” rating in a report on Wednesday, January 17th. Finally, Cowen reissued a “market perform” rating and set a $61.00 price target (up from $54.00) on shares of CSX in a report on Wednesday, January 17th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eighteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $60.87.
CSX (NASDAQ:CSX) last released its earnings results on Tuesday, January 16th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.89 billion. CSX had a return on equity of 17.16% and a net margin of 47.96%. CSX’s revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.49 earnings per share. analysts anticipate that CSX Co. will post 3.1 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Thursday, March 1st were issued a dividend of $0.22 per share. This is a positive change from CSX’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Wednesday, February 28th. CSX’s payout ratio is presently 14.50%.
CSX declared that its board has initiated a share repurchase program on Monday, February 12th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the transportation company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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