Morse Asset Management Inc Buys 3,900 Shares of CSX Corporation (CSX)

Morse Asset Management Inc grew its stake in shares of CSX Corporation (NASDAQ:CSX) by 6.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,465 shares of the transportation company’s stock after buying an additional 3,900 shares during the quarter. Morse Asset Management Inc’s holdings in CSX Corporation were worth $3,498,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Decatur Capital Management Inc. grew its stake in shares of CSX Corporation by 6.1% during the third quarter. Decatur Capital Management Inc. now owns 146,475 shares of the transportation company’s stock valued at $7,948,000 after buying an additional 8,375 shares during the last quarter. Tocqueville Asset Management L.P. grew its stake in shares of CSX Corporation by 1.9% during the third quarter. Tocqueville Asset Management L.P. now owns 77,038 shares of the transportation company’s stock valued at $4,180,000 after buying an additional 1,420 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of CSX Corporation by 12.0% during the third quarter. Canada Pension Plan Investment Board now owns 564,878 shares of the transportation company’s stock valued at $30,650,000 after buying an additional 60,300 shares during the last quarter. Xact Kapitalforvaltning AB grew its stake in shares of CSX Corporation by 1.5% during the third quarter. Xact Kapitalforvaltning AB now owns 153,417 shares of the transportation company’s stock valued at $8,324,000 after buying an additional 2,332 shares during the last quarter. Finally, Nationwide Fund Advisors grew its stake in shares of CSX Corporation by 2.3% during the third quarter. Nationwide Fund Advisors now owns 376,906 shares of the transportation company’s stock valued at $20,451,000 after buying an additional 8,365 shares during the last quarter. 71.17% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently weighed in on CSX shares. BidaskClub upgraded shares of CSX Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. TD Securities dropped their target price on shares of CSX Corporation from $64.00 to $63.00 and set a “buy” rating for the company in a report on Thursday, July 20th. Royal Bank Of Canada reiterated a “buy” rating and set a $65.00 target price on shares of CSX Corporation in a report on Wednesday, July 12th. Zacks Investment Research upgraded shares of CSX Corporation from a “sell” rating to a “hold” rating in a report on Friday. Finally, Morgan Stanley lowered shares of CSX Corporation from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $44.00 to $43.00 in a report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $56.76.

CSX Corporation (NASDAQ:CSX) last posted its earnings results on Tuesday, October 17th. The transportation company reported $0.51 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.51. CSX Corporation had a net margin of 15.45% and a return on equity of 17.28%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the prior year, the company posted $0.48 earnings per share. CSX Corporation’s revenue for the quarter was up 1.2% compared to the same quarter last year.

CSX Corporation announced that its board has approved a share buyback plan on Tuesday, July 18th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the transportation company to reacquire up to 1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of Infinity. CSX Corporation’s payout ratio is 41.24%.

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CSX Corporation Company Profile

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.

Institutional Ownership by Quarter for CSX Corporation (NASDAQ:CSX)

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