Alleghany Corp DE lowered its position in shares of CSX Corporation (NASDAQ:CSX) by 40.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,000,000 shares of the transportation company’s stock after selling 2,000,000 shares during the period. CSX Corporation makes up 7.0% of Alleghany Corp DE’s portfolio, making the stock its 6th largest position. Alleghany Corp DE owned about 0.33% of CSX Corporation worth $139,650,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. MCF Advisors LLC boosted its stake in shares of CSX Corporation by 0.3% in the first quarter. MCF Advisors LLC now owns 2,832 shares of the transportation company’s stock worth $132,000 after buying an additional 9 shares during the period. Gamble Jones Investment Counsel boosted its stake in shares of CSX Corporation by 0.3% in the first quarter. Gamble Jones Investment Counsel now owns 7,578 shares of the transportation company’s stock worth $353,000 after buying an additional 21 shares during the period. Jackson Grant Investment Advisers Inc. boosted its stake in shares of CSX Corporation by 0.3% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 9,519 shares of the transportation company’s stock worth $342,000 after buying an additional 25 shares during the period. Financial Architects Inc boosted its stake in shares of CSX Corporation by 1.9% in the first quarter. Financial Architects Inc now owns 2,650 shares of the transportation company’s stock worth $124,000 after buying an additional 50 shares during the period. Finally, Stock Yards Bank & Trust Co. boosted its stake in shares of CSX Corporation by 0.7% in the first quarter. Stock Yards Bank & Trust Co. now owns 8,032 shares of the transportation company’s stock worth $374,000 after buying an additional 53 shares during the period. 69.28% of the stock is currently owned by institutional investors and hedge funds.
Shares of CSX Corporation (NASDAQ CSX) opened at 51.87 on Thursday. CSX Corporation has a 1-year low of $27.46 and a 1-year high of $55.48. The firm has a 50-day moving average of $53.86 and a 200 day moving average of $49.10. The stock has a market cap of $47.86 billion, a price-to-earnings ratio of 28.31 and a beta of 1.32.
CSX Corporation (NASDAQ:CSX) last issued its earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.85 billion. CSX Corporation had a net margin of 15.46% and a return on equity of 16.90%. The business’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 earnings per share. Equities research analysts forecast that CSX Corporation will post $2.30 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a $0.20 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.54%. CSX Corporation’s dividend payout ratio is presently 41.88%.
CSX Corporation declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 20th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the transportation company to reacquire up to 2.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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A number of brokerages have commented on CSX. UBS AG raised shares of CSX Corporation from a “market perform” rating to an “outperform” rating in a research report on Friday, April 21st. BidaskClub cut shares of CSX Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Credit Suisse Group upped their price target on shares of CSX Corporation from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Friday, May 26th. Loop Capital reaffirmed a “hold” rating and set a $52.00 price target on shares of CSX Corporation in a research report on Monday, April 24th. Finally, Cowen and Company reaffirmed a “market perform” rating and set a $54.00 price target (up previously from $48.00) on shares of CSX Corporation in a research report on Sunday, April 23rd. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $52.85.
In other news, CEO E Hunter Harrison bought 300,000 shares of the company’s stock in a transaction dated Monday, April 24th. The shares were purchased at an average price of $50.20 per share, for a total transaction of $15,060,000.00. Following the completion of the purchase, the chief executive officer now owns 300,000 shares in the company, valued at approximately $15,060,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 4.79% of the company’s stock.
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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