Pathway Financial Advisors LLC purchased a new position in CSX Co. (NASDAQ:CSX) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,904 shares of the transportation company’s stock, valued at approximately $217,000.
A number of other institutional investors and hedge funds have also made changes to their positions in CSX. Chartwell Investment Partners LLC raised its holdings 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 acquiring an additional 7,067 shares in the last quarter. Graves Light Private Wealth Management Inc. bought a new stake in shares of CSX in the first quarter valued at about $223,000. Pacer Advisors Inc. raised its holdings 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 acquiring an additional 117,815 shares in the last quarter. North Star Investment Management Corp. raised its holdings in shares of CSX by 323.1% in the first quarter. North Star Investment Management Corp. now owns 3,144 shares of the transportation company’s stock valued at $235,000 after acquiring an additional 2,401 shares in the last quarter. Finally, Atalanta Sosnoff Capital LLC raised its holdings in shares of CSX by 1.5% in the first quarter. Atalanta Sosnoff Capital LLC now owns 580,043 shares of the transportation company’s stock valued at $43,399,000 after acquiring an additional 8,638 shares in the last quarter. Institutional investors own 77.35% of the company’s stock.
CSX stock traded up $0.19 during midday trading on Thursday, reaching $75.26. 1,107,438 shares of the stock traded hands, compared to its average volume of 4,629,951. CSX Co. has a 12-month low of $54.65 and a 12-month high of $77.15. The stock has a market capitalization of $61.01 billion, a price-to-earnings ratio of 19.60, 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 announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 16th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the transportation company to reacquire up to 9.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board 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 paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.28%. 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 (DPR) is presently 25.00%.
In other news, Director Ridge Lp Mantle sold 1,930,318 shares of CSX stock in a transaction dated Thursday, January 24th. The stock was sold at an average price of $65.01, for a total value of $125,489,973.18. Following the completion of the transaction, the director now owns 106 shares in the company, valued at approximately $6,891.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.83% of the company’s stock.
A number of equities analysts have commented on the stock. Susquehanna Bancshares reiterated a “neutral” rating on shares of CSX in a report on Wednesday, April 3rd. SNS Securities downgraded shares of CSX from a “positive” rating to a “neutral” rating in a report on Wednesday, April 3rd. BidaskClub downgraded shares of CSX from a “strong-buy” rating to a “buy” rating in a report on Friday, April 5th. UBS Group downgraded shares of CSX from a “buy” rating to a “neutral” rating and upped their price objective for the company from $75.00 to $80.00 in a report on Friday, April 5th. Finally, Citigroup upped their price objective on shares of CSX from $79.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the stock. CSX presently has an average rating of “Hold” and a consensus price target of $75.64.
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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