OZ Management LP raised its stake in CSX Corporation (NASDAQ:CSX) by 266.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 4,094,353 shares of the transportation company’s stock after buying an additional 2,976,497 shares during the period. CSX Corporation comprises approximately 1.1% of OZ Management LP’s portfolio, making the stock its 23rd largest position. OZ Management LP’s holdings in CSX Corporation were worth $190,592,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Trust Co boosted its position in CSX Corporation by 2.0% in the fourth quarter. Trust Co now owns 24,070 shares of the transportation company’s stock valued at $865,000 after buying an additional 470 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its position in CSX Corporation by 1.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 847,232 shares of the transportation company’s stock valued at $39,439,000 after buying an additional 16,167 shares in the last quarter. Philadelphia Trust Co. boosted its position in CSX Corporation by 2.2% in the fourth quarter. Philadelphia Trust Co. now owns 14,089 shares of the transportation company’s stock valued at $506,000 after buying an additional 300 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in CSX Corporation during the fourth quarter valued at $1,090,000. Finally, Kentucky Retirement Systems acquired a new position in CSX Corporation during the fourth quarter valued at $2,442,000. 69.28% of the stock is owned by institutional investors and hedge funds.
Shares of CSX Corporation (NASDAQ CSX) opened at 51.68 on Friday. The company’s 50-day moving average price is $53.76 and its 200-day moving average price is $49.11. CSX Corporation has a 52-week low of $27.46 and a 52-week high of $55.48. The company has a market capitalization of $47.68 billion, a price-to-earnings ratio of 28.21 and a beta of 1.32. CSX Corporation also was the target of some unusual options trading activity on Wednesday. Investors bought 17,617 put options on the stock. This represents an increase of 574% compared to the typical volume of 2,612 put options.
CSX Corporation (NASDAQ:CSX) last posted its earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.85 billion. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. The company’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 earnings per share. Equities research analysts forecast that CSX Corporation will post $2.30 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.55%. CSX Corporation’s payout ratio is presently 41.88%.
CSX Corporation announced that its board has authorized a share repurchase program on Thursday, April 20th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to buy up to 2.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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Several equities analysts recently weighed in on the company. BidaskClub raised CSX Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. Credit Suisse Group reissued a “buy” rating and set a $65.00 price objective on shares of CSX Corporation in a research report on Friday, July 14th. Zacks Investment Research raised CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, July 11th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $65.00 price target on shares of CSX Corporation in a report on Wednesday, July 12th. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $65.00 price target (up previously from $56.00) on shares of CSX Corporation in a report on Tuesday, June 6th. Eleven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. CSX Corporation currently has a consensus rating of “Buy” and an average target price of $53.01.
In related news, CEO E Hunter Harrison bought 300,000 shares of the firm’s stock in a transaction on Monday, April 24th. The shares were purchased at an average price of $50.20 per share, with a total value 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 acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 4.79% of the company’s stock.
CSX Corporation 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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