United Capital Financial Advisers LLC boosted its stake in CSX Corporation (NASDAQ:CSX) by 38.6% during the first quarter, Holdings Channel reports. The firm owned 50,432 shares of the transportation company’s stock after buying an additional 14,053 shares during the period. United Capital Financial Advisers LLC’s holdings in CSX Corporation were worth $2,348,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. KCG Holdings Inc. raised its stake in shares of CSX Corporation by 237.1% in the first quarter. KCG Holdings Inc. now owns 106,291 shares of the transportation company’s stock worth $4,948,000 after buying an additional 74,761 shares during the last quarter. OZ Management LP raised its stake in shares of CSX Corporation by 266.3% in the first quarter. OZ Management LP now owns 4,094,353 shares of the transportation company’s stock worth $190,592,000 after buying an additional 2,976,497 shares during the last quarter. First Heartland Consultants Inc. bought a new stake in shares of CSX Corporation during the first quarter worth $214,000. Renaissance Technologies LLC bought a new stake in shares of CSX Corporation during the first quarter worth $5,232,000. Finally, Impala Asset Management LLC raised its stake in shares of CSX Corporation by 37.2% in the first quarter. Impala Asset Management LLC now owns 1,124,190 shares of the transportation company’s stock worth $52,331,000 after buying an additional 305,039 shares during the last quarter. Hedge funds and other institutional investors own 69.28% of the company’s stock.
Shares of CSX Corporation (CSX) opened at 51.68 on Friday. CSX Corporation has a 52-week low of $27.46 and a 52-week high of $55.48. The firm’s 50-day moving average is $53.76 and its 200 day moving average is $49.11. The stock has a market cap of $47.68 billion, a P/E ratio of 28.21 and a beta of 1.32. CSX Corporation also saw 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 daily volume of 2,612 put options.
CSX Corporation (NASDAQ:CSX) last announced its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.05. The company had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.85 billion. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.47 earnings per share. Analysts forecast that CSX Corporation will post $2.30 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders 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 yield of 1.55%. CSX Corporation’s dividend payout ratio is currently 41.88%.
CSX Corporation declared that its Board of Directors has approved a stock buyback plan on Thursday, April 20th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the transportation company to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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CSX has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a report on Tuesday, July 11th. Credit Suisse Group reiterated a “buy” rating and set a $65.00 price objective on shares of CSX Corporation in a report on Friday, July 14th. TD Securities reiterated a “buy” rating and set a $64.00 price objective (up previously from $57.00) on shares of CSX Corporation in a report on Friday, April 21st. Avondale Partners upgraded shares of CSX Corporation from a “market perform” rating to a “market outperform” rating in a report on Tuesday, March 28th. Finally, Loop Capital reiterated a “hold” rating on shares of CSX Corporation in a report on Saturday, March 25th. Eleven equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $53.01.
In related news, CEO E Hunter Harrison purchased 300,000 shares of the company’s stock in a transaction on Monday, April 24th. The shares were bought at an average cost 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 directly owns 300,000 shares of the company’s stock, valued at approximately $15,060,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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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