State of Alaska Department of Revenue Decreases Holdings in CSX Co. (CSX)
State of Alaska Department of Revenue cut its stake in CSX Co. (NASDAQ:CSX) by 10.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 111,925 shares of the transportation company’s stock after selling 13,690 shares during the quarter. State of Alaska Department of Revenue’s holdings in CSX were worth $8,371,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its stake in shares of CSX by 11,871.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,486,719 shares of the transportation company’s stock worth $185,000 after acquiring an additional 11,390,771 shares in the last quarter. Norges Bank bought a new position in shares of CSX in the 4th quarter worth about $463,481,000. CI Investments Inc. bought a new position in shares of CSX in the 4th quarter worth about $370,449,000. FMR LLC increased its stake in shares of CSX by 14.1% in the 4th quarter. FMR LLC now owns 23,161,058 shares of the transportation company’s stock worth $1,438,997,000 after acquiring an additional 2,867,186 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of CSX by 38.8% in the 3rd quarter. Morgan Stanley now owns 8,803,609 shares of the transportation company’s stock worth $651,908,000 after acquiring an additional 2,462,931 shares in the last quarter. Institutional investors and hedge funds own 77.35% of the company’s stock.
NASDAQ:CSX opened at $74.69 on Wednesday. The stock has a market cap of $60.70 billion, a price-to-earnings ratio of 19.45, a PEG ratio of 1.32 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 Co. has a fifty-two week low of $54.65 and a fifty-two week high of $77.15.
The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 28th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date was Wednesday, February 27th. This is an increase from CSX’s previous quarterly dividend of $0.22. CSX’s dividend payout ratio (DPR) is presently 25.00%.
CSX declared that its board has initiated a share repurchase program on Wednesday, January 16th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the transportation company to buy up to 9.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
Several research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of CSX from a “hold” rating to a “buy” rating and set a $74.00 price target for the company in a research note on Monday, February 4th. BidaskClub upgraded shares of CSX from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 14th. Loop Capital increased their price target on shares of CSX to $87.00 and gave the stock a “buy” rating in a research note on Thursday, January 17th. Argus decreased their price target on shares of CSX from $84.00 to $71.00 and set a “buy” rating for the company in a research note on Monday, December 31st. Finally, ValuEngine lowered shares of CSX from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $75.64.
In other 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 transaction of $125,489,973.18. Following the sale, the director now owns 106 shares of the company’s stock, valued at approximately $6,891.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.83% of the company’s stock.
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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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