Chemical Bank boosted its holdings in CSX Co. (NASDAQ:CSX) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,041 shares of the transportation company’s stock after purchasing an additional 1,103 shares during the period. Chemical Bank’s holdings in CSX were worth $2,023,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Acima Private Wealth LLC bought a new stake in shares of CSX in the first quarter valued at $45,000. Frisch Financial Group Inc. bought a new stake in shares of CSX in the first quarter valued at $609,000. Riggs Asset Managment Co. Inc. raised its stake in shares of CSX by 124.0% in the first quarter. Riggs Asset Managment Co. Inc. now owns 1,445 shares of the transportation company’s stock valued at $108,000 after buying an additional 800 shares during the period. Wakefield Asset Management LLLP raised its stake in shares of CSX by 11.0% in the first quarter. Wakefield Asset Management LLLP now owns 34,496 shares of the transportation company’s stock valued at $2,581,000 after buying an additional 3,432 shares during the period. Finally, Toronto Dominion Bank raised its stake in shares of CSX by 12.9% in the first quarter. Toronto Dominion Bank now owns 548,518 shares of the transportation company’s stock valued at $41,029,000 after buying an additional 62,798 shares during the period. 77.64% of the stock is currently owned by institutional investors and hedge funds.
In other CSX news, VP Angela C. Williams sold 9,560 shares of the company’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $79.14, for a total value of $756,578.40. Following the transaction, the vice president now directly owns 14,607 shares in the company, valued at approximately $1,155,997.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.83% of the stock is owned by corporate insiders.
CSX (NASDAQ:CSX) last announced its earnings results on Tuesday, April 16th. The transportation company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.11. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $3 billion. CSX had a return on equity of 26.13% and a net margin of 27.84%. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 EPS. As a group, research analysts anticipate that CSX Co. will post 4.34 EPS for the current fiscal year.
CSX declared that its board has initiated a share repurchase program on Wednesday, January 16th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the transportation company to repurchase up to 9.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be paid a $0.24 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.23%. CSX’s dividend payout ratio is currently 25.00%.
Several brokerages have issued reports on CSX. Zacks Investment Research upgraded CSX from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Monday, April 22nd. ValuEngine upgraded CSX from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Stifel Nicolaus set a $80.00 price objective on CSX and gave the company a “hold” rating in a research note on Wednesday, April 17th. TD Securities boosted their price objective on CSX from $79.00 to $81.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Finally, Morgan Stanley boosted their price objective on CSX from $55.00 to $57.00 and gave the company an “underweight” rating in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. CSX presently has an average rating of “Hold” and a consensus target price of $79.58.
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CSX Company Profile
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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