Resona Asset Management Co. Ltd. Invests $18.99 Million in CSX Co. (NASDAQ:CSX)

Resona Asset Management Co. Ltd. purchased a new stake in CSX Co. (NASDAQ:CSX) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 588,023 shares of the transportation company’s stock, valued at approximately $18,992,000.

A number of other large investors have also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of CSX in the fourth quarter valued at approximately $780,194,000. Bank of New York Mellon Corp raised its position in CSX by 40.5% during the 4th quarter. Bank of New York Mellon Corp now owns 23,350,087 shares of the transportation company’s stock worth $753,507,000 after buying an additional 6,730,316 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of CSX by 471.9% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,748,661 shares of the transportation company’s stock worth $217,808,000 after acquiring an additional 5,568,624 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of CSX in the fourth quarter valued at about $85,959,000. Finally, Perpetual Ltd acquired a new position in shares of CSX during the fourth quarter worth about $83,301,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CSX. Barclays lowered their price objective on CSX from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Wednesday. BMO Capital Markets dropped their price objective on CSX from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. UBS Group reduced their target price on CSX from $39.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on shares of CSX in a research note on Friday, March 7th. They set a “hold” rating and a $34.00 price target on the stock. Finally, Stephens reiterated an “overweight” rating and issued a $38.00 price objective on shares of CSX in a research note on Friday, January 24th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, CSX presently has an average rating of “Moderate Buy” and an average target price of $36.20.

CSX Stock Performance

NASDAQ:CSX opened at $27.21 on Friday. CSX Co. has a 1-year low of $26.95 and a 1-year high of $37.10. The firm has a 50 day simple moving average of $31.32 and a 200-day simple moving average of $33.03. The firm has a market cap of $51.28 billion, a PE ratio of 15.20, a P/E/G ratio of 1.92 and a beta of 1.22. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.86 and a quick ratio of 1.23.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Thursday, January 23rd. The transportation company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). CSX had a return on equity of 28.15% and a net margin of 23.95%. On average, equities analysts expect that CSX Co. will post 1.83 EPS for the current year.

CSX Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.91%. This is an increase from CSX’s previous quarterly dividend of $0.12. CSX’s dividend payout ratio is currently 29.05%.

CSX Company Profile

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.