CSX Corporation (NASDAQ:CSX) Director Ridge Lp Mantle Buys 1,357,000 Shares

CSX Corporation (NASDAQ:CSX) Director Ridge Lp Mantle acquired 1,357,000 shares of the company’s stock in a transaction dated Friday, July 21st. The stock was bought at an average cost of $51.59 per share, for a total transaction of $70,007,630.00. Following the completion of the transaction, the director now directly owns 106 shares of the company’s stock, valued at $5,468.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Shares of CSX Corporation (CSX) opened at 48.78 on Friday. CSX Corporation has a 52-week low of $27.89 and a 52-week high of $55.48. The firm has a market cap of $44.55 billion, a P/E ratio of 25.51 and a beta of 1.30. The company has a 50-day moving average of $51.73 and a 200 day moving average of $50.30.

CSX Corporation (NASDAQ:CSX) last posted its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.05. The business had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.85 billion. CSX Corporation had a return on equity of 16.93% and a net margin of 15.46%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.47 EPS. On average, equities analysts expect that CSX Corporation will post $2.30 earnings per share for the current year.

CSX Corporation announced that its Board of Directors has approved a share repurchase program on Tuesday, July 18th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the transportation company to buy up to 1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.80 annualized dividend and a yield of 1.64%. CSX Corporation’s payout ratio is presently 41.88%.

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Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of CSX Corporation by 0.5% in the first quarter. Vanguard Group Inc. now owns 67,607,341 shares of the transportation company’s stock worth $3,147,122,000 after buying an additional 303,834 shares during the last quarter. Janus Capital Management LLC increased its stake in shares of CSX Corporation by 32.9% in the first quarter. Janus Capital Management LLC now owns 16,620,538 shares of the transportation company’s stock worth $773,686,000 after buying an additional 4,114,395 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of CSX Corporation by 22.3% in the first quarter. Bank of New York Mellon Corp now owns 10,380,043 shares of the transportation company’s stock worth $483,191,000 after buying an additional 1,896,101 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of CSX Corporation by 7.6% in the first quarter. Geode Capital Management LLC now owns 9,175,880 shares of the transportation company’s stock worth $426,540,000 after buying an additional 648,154 shares during the last quarter. Finally, Brahman Capital Corp. bought a new stake in shares of CSX Corporation during the first quarter worth approximately $257,229,000. Hedge funds and other institutional investors own 70.32% of the company’s stock.

A number of equities research analysts have recently weighed in on CSX shares. BMO Capital Markets restated a “buy” rating and issued a $58.00 price target on shares of CSX Corporation in a research note on Friday, April 21st. UBS AG upgraded shares of CSX Corporation from a “market perform” rating to an “outperform” rating in a research note on Friday, April 21st. Aegis upgraded shares of CSX Corporation from a “hold” rating to a “buy” rating and raised their price target for the company from $50.00 to $64.00 in a research note on Friday, April 21st. Raymond James Financial, Inc. upgraded shares of CSX Corporation from a “market perform” rating to an “outperform” rating and set a $55.00 price target on the stock in a research note on Friday, April 21st. Finally, TD Securities restated a “buy” rating and issued a $64.00 price target (up from $57.00) on shares of CSX Corporation in a research note on Friday, April 21st. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nineteen have assigned a buy rating to the stock. CSX Corporation currently has a consensus rating of “Buy” and a consensus price target of $53.71.

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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