CSX Co. (CSX) Holdings Trimmed by HM Payson & Co.

HM Payson & Co. lessened its holdings in shares of CSX Co. (NASDAQ:CSX) by 97.7% in the fourth quarter, HoldingsChannel reports. The firm owned 7,070 shares of the transportation company’s stock after selling 301,905 shares during the period. HM Payson & Co.’s holdings in CSX were worth $439,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CSX. Capital World Investors grew its stake in CSX by 1,080.6% during the 3rd quarter. Capital World Investors now owns 29,751,204 shares of the transportation company’s stock valued at $2,203,077,000 after purchasing an additional 27,231,204 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in CSX by 11,871.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,486,719 shares of the transportation company’s stock valued at $185,000 after purchasing an additional 11,390,771 shares in the last quarter. Morgan Stanley grew its stake in CSX by 38.8% during the 3rd quarter. Morgan Stanley now owns 8,803,609 shares of the transportation company’s stock valued at $651,908,000 after purchasing an additional 2,462,931 shares in the last quarter. BlackRock Inc. grew its stake in CSX by 2.3% during the 4th quarter. BlackRock Inc. now owns 49,404,831 shares of the transportation company’s stock valued at $3,069,519,000 after purchasing an additional 1,127,467 shares in the last quarter. Finally, Royal London Asset Management Ltd. acquired a new stake in CSX during the 4th quarter valued at approximately $60,563,000. Hedge funds and other institutional investors own 75.78% of the company’s stock.

In other CSX news, Director Ridge Lp Mantle sold 1,930,318 shares of CSX stock in a transaction on Thursday, January 24th. The stock was sold at an average price of $65.01, for a total transaction of $125,489,973.18. Following the sale, the director now owns 106 shares of the company’s stock, valued at approximately $6,891.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.03% of the stock is owned by insiders.

CSX has been the subject of a number of recent analyst reports. Deutsche Bank raised their price objective on CSX from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, December 3rd. Royal Bank of Canada reaffirmed a “buy” rating and set a $82.00 target price on shares of CSX in a report on Monday, December 17th. Zacks Investment Research downgraded CSX from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Argus reduced their target price on CSX from $84.00 to $71.00 and set a “buy” rating on the stock in a report on Monday, December 31st. Finally, ValuEngine downgraded CSX from a “buy” rating to a “hold” rating in a report on Wednesday, January 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. CSX presently has a consensus rating of “Buy” and a consensus target price of $75.69.

Shares of CSX stock opened at $73.35 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.20 and a current ratio of 1.34. The firm has a market cap of $60.25 billion, a price-to-earnings ratio of 19.10, a price-to-earnings-growth ratio of 1.29 and a beta of 1.29. CSX Co. has a 1-year low of $53.53 and a 1-year high of $76.24.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, January 16th. The transportation company reported $1.01 earnings per share for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.12 billion. CSX had a return on equity of 24.18% and a net margin of 27.01%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 EPS. On average, research analysts forecast that CSX Co. will post 4.23 EPS for the current fiscal year.

CSX declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 16th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the transportation company to purchase up to 9.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 28th were paid a dividend of $0.24 per share. The ex-dividend date was Wednesday, February 27th. This represents a $0.96 annualized dividend and a yield of 1.31%. This is an increase from CSX’s previous quarterly dividend of $0.22. CSX’s payout ratio is presently 25.00%.

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About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.

Further Reading: What are convertible shares? 

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Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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