Daiwa Securities Group Inc. reduced its position in shares of CSX Co. (NASDAQ:CSX) by 15.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 125,780 shares of the transportation company’s stock after selling 23,335 shares during the quarter. Daiwa Securities Group Inc.’s holdings in CSX were worth $9,411,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CSX. Oregon Public Employees Retirement Fund boosted its stake in CSX by 11,871.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,486,719 shares of the transportation company’s stock valued at $185,000 after purchasing an additional 11,390,771 shares in the last quarter. Norges Bank bought a new position in CSX during the 4th quarter valued at $463,481,000. CI Investments Inc. bought a new position in CSX during the 4th quarter valued at $370,449,000. FMR LLC boosted its stake in CSX by 14.1% during the 4th quarter. FMR LLC now owns 23,161,058 shares of the transportation company’s stock valued at $1,438,997,000 after purchasing an additional 2,867,186 shares in the last quarter. Finally, Morgan Stanley boosted its stake in CSX by 38.8% during the 3rd quarter. Morgan Stanley now owns 8,803,609 shares of the transportation company’s stock valued at $651,908,000 after purchasing an additional 2,462,931 shares in the last quarter. 77.36% of the stock is owned by hedge funds and other institutional investors.
CSX opened at $79.17 on Monday. The firm has a market capitalization of $64.06 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 1.35 and a beta of 1.29. CSX Co. has a 12-month low of $57.97 and a 12-month high of $80.51. The company has a quick ratio of 1.68, a current ratio of 1.81 and a debt-to-equity ratio of 1.27.
CSX (NASDAQ:CSX) last released its earnings results on Tuesday, April 16th. The transportation company reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.11. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $3 billion. CSX had a return on equity of 26.13% and a net margin of 27.84%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 earnings per share. Sell-side analysts anticipate that CSX Co. will post 4.34 EPS for the current fiscal year.
CSX declared that its board has approved a stock buyback program on Wednesday, January 16th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the transportation company to repurchase up to 9.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have recently commented on CSX shares. Raymond James increased their price objective on CSX from $81.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Morgan Stanley increased their price objective on CSX from $55.00 to $57.00 and gave the company an “underweight” rating in a research report on Wednesday, April 17th. TD Securities increased their price objective on CSX from $79.00 to $81.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Zacks Investment Research upgraded CSX from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a research report on Monday, April 22nd. Finally, Stifel Nicolaus set a $80.00 price objective on CSX and gave the company a “hold” rating in a research report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the company. CSX currently has an average rating of “Hold” and an average price target of $78.55.
In other news, VP Angela C. Williams sold 9,560 shares of the stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $79.14, for a total value of $756,578.40. Following the completion of the sale, the vice president now owns 14,607 shares in the company, valued at $1,155,997.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.83% of the stock is owned by corporate insiders.
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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