Tortoise Investment Management LLC acquired a new position in shares of CSX Co. (NASDAQ:CSX) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 725 shares of the transportation company’s stock, valued at approximately $56,000.
A number of other hedge funds have also recently modified their holdings of CSX. Impala Asset Management LLC acquired a new position in shares of CSX in the first quarter worth $88,463,000. Magellan Asset Management Ltd acquired a new position in shares of CSX in the first quarter worth $73,749,000. Geode Capital Management LLC raised its holdings in shares of CSX by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 10,386,802 shares of the transportation company’s stock worth $644,194,000 after acquiring an additional 646,745 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of CSX by 44.1% in the first quarter. Lazard Asset Management LLC now owns 2,025,436 shares of the transportation company’s stock worth $151,542,000 after acquiring an additional 619,542 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of CSX by 157.7% in the first quarter. First Trust Advisors LP now owns 889,852 shares of the transportation company’s stock worth $66,579,000 after acquiring an additional 544,542 shares during the last quarter. 75.63% of the stock is owned by hedge funds and other institutional investors.
In other CSX news, EVP Nathan D. Goldman sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $79.50, for a total transaction of $556,500.00. Following the completion of the sale, the executive vice president now owns 79,697 shares of the company’s stock, valued at $6,335,911.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.83% of the stock is currently owned by insiders.
CSX (NASDAQ:CSX) last posted its quarterly earnings results on Tuesday, July 16th. The transportation company reported $1.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.11 by ($0.03). CSX had a net margin of 27.87% and a return on equity of 26.96%. The firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same period last year, the firm posted $1.01 EPS. CSX’s revenue was down 1.4% on a year-over-year basis. On average, equities research analysts predict that CSX Co. will post 4.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Thursday, August 29th. CSX’s dividend payout ratio (DPR) is presently 25.00%.
A number of equities analysts have recently weighed in on CSX shares. Zacks Investment Research cut CSX from a “hold” rating to a “sell” rating and set a $83.00 price target for the company. in a report on Monday, July 8th. BidaskClub downgraded CSX from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 27th. Cascend Securities downgraded CSX from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Deutsche Bank lowered their price objective on CSX from $89.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, June 12th. Finally, TD Securities lowered their price objective on CSX from $81.00 to $77.00 and set a “hold” rating for the company in a research report on Wednesday, July 17th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $78.13.
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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