Piedmont Investment Advisors LLC Reduces Holdings in CSX Co. (CSX)
Piedmont Investment Advisors LLC reduced its position in CSX Co. (NASDAQ:CSX) by 17.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,119 shares of the transportation company’s stock after selling 40,403 shares during the quarter. Piedmont Investment Advisors LLC’s holdings in CSX were worth $10,207,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oakbrook Investments LLC grew its position in shares of CSX by 8.5% during the third quarter. Oakbrook Investments LLC now owns 70,200 shares of the transportation company’s stock worth $3,809,000 after buying an additional 5,500 shares in the last quarter. Pinebridge Investments L.P. grew its position in shares of CSX by 515.7% during the second quarter. Pinebridge Investments L.P. now owns 8,934 shares of the transportation company’s stock worth $488,000 after buying an additional 7,483 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of CSX by 12.0% during the third quarter. Canada Pension Plan Investment Board now owns 564,878 shares of the transportation company’s stock worth $30,650,000 after buying an additional 60,300 shares in the last quarter. South State Corp grew its position in shares of CSX by 36.3% during the third quarter. South State Corp now owns 23,419 shares of the transportation company’s stock worth $1,271,000 after buying an additional 6,239 shares in the last quarter. Finally, Zeke Capital Advisors LLC grew its position in shares of CSX by 210.6% during the third quarter. Zeke Capital Advisors LLC now owns 20,922 shares of the transportation company’s stock worth $1,135,000 after buying an additional 14,185 shares in the last quarter. 70.24% of the stock is owned by institutional investors.
In related news, Director Gary Keith Anderson purchased 5,000 shares of the business’s stock in a transaction dated Friday, November 24th. The stock was acquired at an average price of $2,300.00 per share, for a total transaction of $11,500,000.00. 4.79% of the stock is owned by corporate insiders.
Shares of CSX Co. (CSX) opened at $56.98 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.08. CSX Co. has a 52 week low of $35.59 and a 52 week high of $58.25. The firm has a market capitalization of $50,459.61, a P/E ratio of 26.26, a price-to-earnings-growth ratio of 1.74 and a beta of 1.35.
CSX (NASDAQ:CSX) last issued its quarterly earnings data on Tuesday, October 17th. The transportation company reported $0.51 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.51. CSX had a return on equity of 17.28% and a net margin of 15.45%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the business earned $0.48 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. equities research analysts expect that CSX Co. will post 2.22 EPS for the current year.
CSX announced that its board has approved a stock buyback program on Wednesday, October 25th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the transportation company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Wednesday, November 29th. CSX’s dividend payout ratio (DPR) is presently 41.24%.
A number of brokerages have recently commented on CSX. Barclays reissued a “buy” rating and set a $68.00 price objective on shares of CSX in a research report on Wednesday. BidaskClub raised CSX from a “sell” rating to a “hold” rating in a research report on Wednesday, December 6th. ValuEngine downgraded CSX from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. UBS set a $68.00 price objective on CSX and gave the stock a “buy” rating in a research report on Sunday, December 3rd. Finally, Royal Bank of Canada lowered their price objective on CSX from $65.00 to $64.00 and set an “outperform” rating for the company in a research report on Thursday, September 7th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $57.27.
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CSX Company Profile
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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