IFP Advisors Inc grew its position in shares of CSX Co. (NASDAQ:CSX) by 23.7% during the first quarter, HoldingsChannel.com reports. The fund owned 58,625 shares of the transportation company’s stock after purchasing an additional 11,218 shares during the period. IFP Advisors Inc’s holdings in CSX were worth $3,266,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the business. Canandaigua National Bank & Trust Co. grew its stake in shares of CSX by 12.8% in the 1st quarter. Canandaigua National Bank & Trust Co. now owns 10,701 shares of the transportation company’s stock worth $596,000 after buying an additional 1,216 shares during the last quarter. KBC Group NV grew its stake in shares of CSX by 2.4% in the 1st quarter. KBC Group NV now owns 199,589 shares of the transportation company’s stock worth $11,119,000 after buying an additional 4,624 shares during the last quarter. Forsta AP Fonden purchased a new stake in shares of CSX in the 1st quarter worth approximately $16,479,000. Intact Investment Management Inc. purchased a new stake in shares of CSX in the 1st quarter worth approximately $223,000. Finally, Connecticut Wealth Management LLC grew its stake in shares of CSX by 69.2% in the 1st quarter. Connecticut Wealth Management LLC now owns 5,986 shares of the transportation company’s stock worth $328,000 after buying an additional 2,448 shares during the last quarter. Hedge funds and other institutional investors own 75.78% of the company’s stock.
Several research firms recently weighed in on CSX. BidaskClub upgraded CSX from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. ValuEngine downgraded CSX from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Scotiabank set a $65.00 price target on CSX and gave the stock a “hold” rating in a research note on Wednesday, April 18th. TD Securities upped their price target on CSX from $62.00 to $64.00 and gave the stock a “hold” rating in a research note on Wednesday, April 18th. Finally, Goldman Sachs Group upgraded CSX from a “sell” rating to a “neutral” rating and set a $60.00 price target on the stock in a research note on Monday, May 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $64.19.
Shares of CSX opened at $63.55 on Thursday. The firm has a market cap of $55.56 billion, a price-to-earnings ratio of 27.63, a price-to-earnings-growth ratio of 1.47 and a beta of 1.20. The company has a current ratio of 1.87, a quick ratio of 1.68 and a debt-to-equity ratio of 0.96. CSX Co. has a 12 month low of $47.99 and a 12 month high of $64.67.
CSX (NASDAQ:CSX) last released its quarterly earnings results on Tuesday, April 17th. The transportation company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.12. The firm had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.80 billion. CSX had a return on equity of 18.00% and a net margin of 50.85%. The company’s revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 EPS. equities research analysts expect that CSX Co. will post 3.24 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Thursday, May 31st will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, May 30th. This represents a $0.88 annualized dividend and a dividend yield of 1.38%. CSX’s payout ratio is 38.26%.
CSX declared that its board has authorized a stock repurchase plan on Monday, February 12th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the transportation company to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, CEO James M. Foote purchased 5,000 shares of the stock in a transaction dated Wednesday, May 2nd. The shares were purchased at an average cost of $59.91 per share, with a total value of $299,550.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 5.03% of the stock is owned by corporate insiders.
CSX Corporation, together with its subsidiaries, provides rail-based transportation services in the United States and Canada. The company offers rail services, as well as transports intermodal containers and trailers. It transports agricultural and food products, fertilizers, chemicals, automotive, metals and equipment, minerals, and forest products; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.
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