iA Global Asset Management Inc. Cuts Stake in CSX Co. (NASDAQ:CSX)

iA Global Asset Management Inc. lowered its holdings in shares of CSX Co. (NASDAQ:CSX) by 28.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 207,855 shares of the transportation company’s stock after selling 81,644 shares during the quarter. iA Global Asset Management Inc.’s holdings in CSX were worth $6,707,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CSX. SBI Securities Co. Ltd. purchased a new position in CSX during the 4th quarter valued at approximately $31,000. Sierra Ocean LLC purchased a new position in CSX during the 4th quarter valued at approximately $33,000. Center for Financial Planning Inc. grew its holdings in CSX by 205.7% during the 4th quarter. Center for Financial Planning Inc. now owns 1,070 shares of the transportation company’s stock valued at $35,000 after buying an additional 720 shares in the last quarter. Atala Financial Inc purchased a new position in CSX during the 4th quarter valued at approximately $36,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in CSX during the 4th quarter valued at approximately $39,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Analysts Set New Price Targets

CSX has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price target on CSX from $38.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, January 24th. Deutsche Bank Aktiengesellschaft initiated coverage on CSX in a report on Friday, March 7th. They set a “hold” rating and a $34.00 price target for the company. BMO Capital Markets lowered their price objective on CSX from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Citigroup lowered their price objective on CSX from $40.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, January 24th. Finally, Barclays lowered their price objective on CSX from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Friday, January 24th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $37.00.

CSX Trading Down 0.3 %

CSX opened at $29.98 on Friday. The stock’s fifty day moving average is $32.07 and its two-hundred day moving average is $33.39. The company has a market capitalization of $56.80 billion, a P/E ratio of 16.75, a PEG ratio of 1.92 and a beta of 1.25. CSX Co. has a 52 week low of $28.98 and a 52 week high of $38.03. The company has a quick ratio of 1.23, a current ratio of 0.86 and a debt-to-equity ratio of 1.43.

CSX (NASDAQ:CSX) last released its quarterly earnings data on Thursday, January 23rd. The transportation company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). CSX had a return on equity of 28.15% and a net margin of 23.95%. Analysts forecast that CSX Co. will post 1.83 earnings per share for the current year.

CSX Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a dividend of $0.13 per share. This is an increase from CSX’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a yield of 1.73%. The ex-dividend date was Friday, February 28th. CSX’s dividend payout ratio (DPR) is presently 29.05%.

About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.