Highland Capital Management LLC cut its position in CSX Corporation (NASDAQ:CSX) by 24.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,378 shares of the transportation company’s stock after selling 83,711 shares during the period. CSX Corporation comprises approximately 1.1% of Highland Capital Management LLC’s portfolio, making the stock its 16th largest position. Highland Capital Management LLC’s holdings in CSX Corporation were worth $14,152,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Brahman Capital Corp. acquired a new stake in shares of CSX Corporation during the first quarter worth $257,229,000. Blue Ridge Capital L.L.C. acquired a new stake in shares of CSX Corporation during the first quarter worth $225,162,000. Janus Capital Management LLC increased its stake in shares of CSX Corporation by 32.9% in the first quarter. Janus Capital Management LLC now owns 16,620,538 shares of the transportation company’s stock worth $773,686,000 after buying an additional 4,114,395 shares during the last quarter. Thrivent Financial For Lutherans increased its stake in shares of CSX Corporation by 252.3% in the first quarter. Thrivent Financial For Lutherans now owns 4,769,577 shares of the transportation company’s stock worth $222,004,000 after buying an additional 3,415,705 shares during the last quarter. Finally, OZ Management LP increased 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. 70.02% of the stock is currently owned by institutional investors.
Shares of CSX Corporation (NASDAQ:CSX) opened at 48.74 on Monday. The company’s 50-day moving average price is $52.99 and its 200-day moving average price is $49.96. The stock has a market cap of $44.51 billion, a PE ratio of 25.49 and a beta of 1.30. CSX Corporation has a one year low of $27.82 and a one year high of $55.48.
CSX Corporation (NASDAQ:CSX) last issued its quarterly earnings data on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.05. CSX Corporation had a return on equity of 16.93% and a net margin of 15.46%. The company had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.85 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. CSX Corporation’s revenue was up 8.5% compared to the same quarter last year. Equities research analysts anticipate that CSX Corporation will post $2.30 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, August 29th. CSX Corporation’s payout ratio is currently 41.88%.
CSX Corporation declared that its board has authorized a stock buyback plan on Thursday, April 20th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.
CSX has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their target price on CSX Corporation from $47.00 to $50.00 and gave the stock a “hold” rating in a report on Thursday, April 20th. FBR & Co restated an “outperform” rating and set a $54.00 price objective (up previously from $48.00) on shares of CSX Corporation in a report on Thursday, April 20th. BMO Capital Markets restated a “buy” rating and set a $58.00 price objective on shares of CSX Corporation in a report on Friday, April 21st. UBS AG upgraded CSX Corporation from a “market perform” rating to an “outperform” rating in a report on Friday, April 21st. Finally, Aegis upgraded CSX Corporation from a “hold” rating to a “buy” rating and boosted their price objective for the company from $50.00 to $64.00 in a report on Friday, April 21st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nineteen have issued a buy rating to the company. CSX Corporation has an average rating of “Buy” and an average price target of $53.74.
In related news, Director Ridge Lp Mantle bought 1,357,000 shares of the stock in a transaction that occurred on Friday, July 21st. The shares were bought at an average cost of $51.59 per share, for a total transaction of $70,007,630.00. Following the completion of the transaction, the director now owns 106 shares of the company’s stock, valued at $5,468.54. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.
Receive News & Ratings for CSX Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CSX Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
