Augustine Asset Management Inc. lowered its holdings in shares of CSX Co. (NASDAQ:CSX) by 10.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 28,476 shares of the transportation company’s stock after selling 3,298 shares during the period. CSX accounts for approximately 1.4% of Augustine Asset Management Inc.’s holdings, making the stock its 27th largest position. Augustine Asset Management Inc.’s holdings in CSX were worth $2,130,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of CSX. Malaga Cove Capital LLC bought a new stake in shares of CSX in the first quarter valued at approximately $652,000. Pathway Financial Advisors LLC bought a new stake in shares of CSX in the first quarter valued at approximately $217,000. Chartwell Investment Partners LLC boosted its stake in shares of CSX by 6.2% in the first quarter. Chartwell Investment Partners LLC now owns 120,611 shares of the transportation company’s stock valued at $9,024,000 after buying an additional 7,067 shares during the period. Graves Light Private Wealth Management Inc. bought a new stake in shares of CSX in the first quarter valued at approximately $223,000. Finally, Pacer Advisors Inc. boosted its stake in shares of CSX by 85,996.4% in the first quarter. Pacer Advisors Inc. now owns 117,952 shares of the transportation company’s stock valued at $8,825,000 after buying an additional 117,815 shares during the period. Institutional investors and hedge funds own 77.35% of the company’s stock.
Shares of CSX stock traded up $0.33 on Thursday, reaching $75.40. 2,000,682 shares of the company were exchanged, compared to its average volume of 5,040,891. The stock has a market capitalization of $61.01 billion, a PE ratio of 19.64, a price-to-earnings-growth ratio of 1.33 and a beta of 1.29. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.34 and a quick ratio of 1.20. CSX Co. has a one year low of $55.22 and a one year high of $77.15.
CSX declared that its board has initiated a share buyback program on Wednesday, January 16th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to reacquire up to 9.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 28th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend was Wednesday, February 27th. This is a boost from CSX’s previous quarterly dividend of $0.22. CSX’s dividend payout ratio is 25.00%.
In other news, Director Ridge Lp Mantle sold 1,930,318 shares of the stock in a transaction dated Thursday, January 24th. The shares were sold at an average price of $65.01, for a total transaction of $125,489,973.18. Following the transaction, the director now owns 106 shares of the company’s stock, valued at approximately $6,891.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.83% of the stock is owned by corporate insiders.
CSX has been the subject of several research analyst reports. Loop Capital boosted their price objective on shares of CSX to $87.00 and gave the company a “buy” rating in a research report on Thursday, January 17th. Zacks Investment Research downgraded shares of CSX from a “buy” rating to a “hold” rating in a report on Monday, January 21st. Argus reiterated a “buy” rating and set a $71.00 price target on shares of CSX in a report on Friday, January 18th. Wolfe Research downgraded shares of CSX from an “outperform” rating to a “market perform” rating in a report on Friday, January 4th. Finally, Atlantic Securities began coverage on shares of CSX in a report on Tuesday, January 8th. They set an “overweight” rating and a $62.45 price target for the company. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $75.64.
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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.
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