Sterling Capital Management LLC grew its holdings in shares of CSX Co. (NASDAQ:CSX) by 32.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,876 shares of the transportation company’s stock after buying an additional 1,423 shares during the quarter. Sterling Capital Management LLC’s holdings in CSX were worth $319,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in CSX. Tocqueville Asset Management L.P. acquired a new stake in shares of CSX during the 2nd quarter valued at approximately $4,126,000. Essex Financial Services Inc. raised its position in shares of CSX by 163.0% during the 2nd quarter. Essex Financial Services Inc. now owns 15,158 shares of the transportation company’s stock valued at $827,000 after acquiring an additional 9,395 shares in the last quarter. Parallel Advisors LLC raised its position in shares of CSX by 14.9% during the 2nd quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company’s stock valued at $108,000 after acquiring an additional 285 shares in the last quarter. BKS Advisors LLC acquired a new stake in shares of CSX during the 2nd quarter valued at approximately $221,000. Finally, ARGI Investment Services LLC acquired a new stake in shares of CSX during the 2nd quarter valued at approximately $208,000. Institutional investors own 70.15% of the company’s stock.
Several equities research analysts recently issued reports on CSX shares. BidaskClub raised CSX from a “sell” rating to a “hold” rating in a research report on Tuesday, September 12th. Zacks Investment Research raised CSX from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. Morgan Stanley lowered CSX from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $44.00 to $43.00 in a research report on Monday, October 2nd. Royal Bank of Canada dropped their target price on CSX from $65.00 to $64.00 and set an “outperform” rating on the stock in a research report on Thursday, September 7th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $55.00 target price (down from $57.00) on shares of CSX in a research report on Thursday, September 7th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the stock. CSX has a consensus rating of “Buy” and a consensus price target of $57.58.
CSX (NASDAQ:CSX) last issued its quarterly earnings results on Tuesday, October 17th. The transportation company reported $0.51 EPS for the quarter, meeting analysts’ consensus estimates of $0.51. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.77 billion. CSX had a return on equity of 17.28% and a net margin of 15.45%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $0.48 earnings per share. sell-side analysts predict that CSX Co. will post 2.21 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 30th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Wednesday, November 29th. CSX’s dividend payout ratio (DPR) is 41.24%.
CSX declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 25th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
In other CSX news, Director Gary Keith Anderson purchased 5,000 shares of the stock in a transaction dated Friday, November 24th. The shares were bought at an average cost of $2,300.00 per share, with a total value of $11,500,000.00. 4.79% of the stock is currently owned by company insiders.
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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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