Magellan Asset Management Ltd Decreases Stake in CSX Co. (NASDAQ:CSX)

Magellan Asset Management Ltd trimmed its holdings in shares of CSX Co. (NASDAQ:CSX) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,581,392 shares of the transportation company’s stock after selling 184,070 shares during the quarter. CSX accounts for about 2.0% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 23rd biggest position. Magellan Asset Management Ltd owned approximately 0.29% of CSX worth $180,112,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in CSX during the 4th quarter worth $31,000. Sierra Ocean LLC acquired a new position in CSX in the fourth quarter worth about $33,000. Center for Financial Planning Inc. increased its holdings in CSX by 205.7% in the fourth 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 during the last quarter. Meeder Asset Management Inc. raised its stake in CSX by 216.2% during the fourth quarter. Meeder Asset Management Inc. now owns 1,091 shares of the transportation company’s stock valued at $35,000 after buying an additional 746 shares in the last quarter. Finally, Atala Financial Inc bought a new position in CSX during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

CSX Price Performance

Shares of CSX stock opened at $29.74 on Thursday. CSX Co. has a 52 week low of $28.78 and a 52 week high of $37.10. The company has a current ratio of 0.86, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. The company’s 50-day moving average price is $31.54 and its two-hundred day moving average price is $33.12. The stock has a market cap of $56.05 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 1.92 and a beta of 1.22.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Thursday, January 23rd. The transportation company reported $0.42 earnings per share (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%. As a group, sell-side analysts anticipate that CSX Co. will post 1.83 EPS for the current fiscal year.

CSX Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.75%. This is an increase from CSX’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, February 28th. CSX’s dividend payout ratio is currently 29.05%.

Wall Street Analyst Weigh In

CSX has been the subject of a number of research analyst reports. Loop Capital downgraded CSX from a “buy” rating to a “hold” rating and lowered their price target for the company from $40.00 to $34.00 in a report on Monday, February 3rd. Wells Fargo & Company dropped their target price on shares of CSX from $34.00 to $31.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Citigroup decreased their price target on shares of CSX from $40.00 to $39.00 and set a “buy” rating for the company in a report on Friday, January 24th. Deutsche Bank Aktiengesellschaft started coverage on shares of CSX in a report on Friday, March 7th. They issued a “hold” rating and a $34.00 target price on the stock. Finally, UBS Group cut their target price on CSX from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.20.

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.