Gotham Asset Management LLC cut its stake in CSX Corporation (NASDAQ:CSX) by 3.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,524 shares of the transportation company’s stock after selling 5,105 shares during the period. Gotham Asset Management LLC’s holdings in CSX Corporation were worth $6,309,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Paragon Capital Management Ltd purchased a new stake in CSX Corporation during the first quarter worth about $9,357,000. United Services Automobile Association boosted its stake in CSX Corporation by 20.9% in the first quarter. United Services Automobile Association now owns 573,690 shares of the transportation company’s stock worth $26,705,000 after buying an additional 99,118 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in CSX Corporation during the first quarter worth about $375,000. ClariVest Asset Management LLC purchased a new stake in CSX Corporation during the first quarter worth about $13,531,000. Finally, Stratos Wealth Partners LTD. boosted its stake in CSX Corporation by 10.6% in the first quarter. Stratos Wealth Partners LTD. now owns 13,720 shares of the transportation company’s stock worth $639,000 after buying an additional 1,316 shares in the last quarter. 70.32% of the stock is currently owned by institutional investors.
Shares of CSX Corporation (NASDAQ:CSX) traded down 0.20% on Friday, reaching $48.78. The company had a trading volume of 6,910,756 shares. The stock has a market cap of $44.55 billion, a PE ratio of 25.51 and a beta of 1.30. CSX Corporation has a 12 month low of $27.89 and a 12 month high of $55.48. The stock has a 50-day moving average price of $51.73 and a 200-day moving average price of $50.30.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Tuesday, August 29th. CSX Corporation’s dividend payout ratio is currently 41.88%.
CSX Corporation declared that its board has initiated a stock repurchase plan on Tuesday, July 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the transportation company to repurchase up to 1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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CSX has been the topic of a number of research reports. BMO Capital Markets restated a “buy” rating and set a $58.00 price objective on shares of CSX Corporation in a research report on Friday, April 21st. UBS AG upgraded CSX Corporation from a “market perform” rating to an “outperform” rating in a research report on Friday, April 21st. Aegis upgraded CSX Corporation from a “hold” rating to a “buy” rating and boosted their price objective for the company from $50.00 to $64.00 in a research report on Friday, April 21st. Raymond James Financial, Inc. upgraded CSX Corporation from a “market perform” rating to an “outperform” rating and set a $55.00 price target on the stock in a research report on Friday, April 21st. Finally, TD Securities reiterated a “buy” rating and issued a $64.00 price target (up from $57.00) on shares of CSX Corporation in a research report on Friday, April 21st. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nineteen have issued a buy rating to the stock. CSX Corporation has a consensus rating of “Buy” and a consensus price target of $53.71.
In other CSX Corporation news, Director Ridge Lp Mantle bought 1,357,000 shares of CSX Corporation stock in a transaction dated Friday, July 21st. The stock was bought at an average cost of $51.59 per share, with a total value of $70,007,630.00. Following the completion of the acquisition, the director now directly owns 106 shares in the company, valued at approximately $5,468.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.79% of the company’s stock.
About CSX Corporation
CSX Corporation is a transportation company. The Company provides rail-based freight transportation services, including traditional rail service and transport of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations.
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