Meridian Wealth Management LLC acquired a new position in CSX Co. (NASDAQ:CSX) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 8,847 shares of the transportation company’s stock, valued at approximately $550,000.
Other large investors have also added to or reduced their stakes in the company. Highwater Wealth Management LLC acquired a new stake in shares of CSX in the fourth quarter worth $31,000. Moody National Bank Trust Division acquired a new stake in shares of CSX in the fourth quarter worth $34,000. Ipswich Investment Management Co. Inc. acquired a new stake in shares of CSX in the fourth quarter worth $34,000. Baystate Wealth Management LLC increased its stake in shares of CSX by 219.9% in the fourth quarter. Baystate Wealth Management LLC now owns 611 shares of the transportation company’s stock worth $41,000 after acquiring an additional 420 shares during the period. Finally, Contravisory Investment Management Inc. increased its stake in shares of CSX by 227.3% in the fourth quarter. Contravisory Investment Management Inc. now owns 648 shares of the transportation company’s stock worth $40,000 after acquiring an additional 450 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.
In other news, Director Ridge Lp Mantle sold 1,930,318 shares of CSX stock in a transaction dated Thursday, January 24th. The shares were sold at an average price of $65.01, for a total value of $125,489,973.18. Following the sale, the director now owns 106 shares in the company, valued at $6,891.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.03% of the stock is owned by company insiders.
A number of analysts have recently weighed in on CSX shares. Argus reiterated a “buy” rating and issued a $71.00 price objective on shares of CSX in a research note on Friday, January 18th. Morgan Stanley set a $55.00 price target on shares of CSX and gave the company a “sell” rating in a research report on Monday, October 22nd. Deutsche Bank raised their price target on shares of CSX from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, December 3rd. TD Securities raised their price target on shares of CSX from $76.00 to $80.00 and gave the company a “hold” rating in a research report on Wednesday, October 17th. Finally, Wolfe Research lowered shares of CSX from an “outperform” rating to a “market perform” rating in a research report on Friday, January 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. CSX has a consensus rating of “Buy” and a consensus target price of $75.93.
CSX stock traded up $1.52 during midday trading on Monday, hitting $70.27. 62,672 shares of the stock traded hands, compared to its average volume of 5,554,123. CSX Co. has a 1-year low of $48.43 and a 1-year high of $76.24. The firm has a market cap of $56.25 billion, a PE ratio of 18.24, a P/E/G ratio of 1.22 and a beta of 1.25. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.20 and a current ratio of 1.34.
CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, January 16th. The transportation company reported $1.01 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.01. CSX had a net margin of 27.01% and a return on equity of 24.18%. The business had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the business earned $0.64 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Research analysts predict that CSX Co. will post 4.23 earnings per share for the current fiscal year.
CSX announced that its Board of Directors has initiated a stock buyback plan on Wednesday, January 16th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the transportation company to reacquire up to 9.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Thursday, February 28th will be given a $0.24 dividend. This is a positive change from CSX’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, February 27th. This represents a $0.96 annualized dividend and a dividend yield of 1.37%. CSX’s dividend payout ratio (DPR) is 22.92%.
CSX Company Profile
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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