CSX Corporation (NASDAQ:CSX) Stake Reduced by Palladium Partners LLC
Palladium Partners LLC cut its stake in CSX Corporation (NASDAQ:CSX) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,617 shares of the transportation company’s stock after selling 300 shares during the period. Palladium Partners LLC’s holdings in CSX Corporation were worth $1,070,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of CSX Corporation by 0.5% in the first quarter. Vanguard Group Inc. now owns 67,607,341 shares of the transportation company’s stock valued at $3,147,122,000 after buying an additional 303,834 shares in the last quarter. Janus Capital Management LLC increased its position in shares of CSX Corporation by 32.9% in the first quarter. Janus Capital Management LLC now owns 16,620,538 shares of the transportation company’s stock valued at $773,686,000 after buying an additional 4,114,395 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of CSX Corporation by 22.3% in the first quarter. Bank of New York Mellon Corp now owns 10,380,043 shares of the transportation company’s stock valued at $483,191,000 after buying an additional 1,896,101 shares in the last quarter. Geode Capital Management LLC increased its position in shares of CSX Corporation by 7.6% in the first quarter. Geode Capital Management LLC now owns 9,175,880 shares of the transportation company’s stock valued at $426,540,000 after buying an additional 648,154 shares in the last quarter. Finally, Brahman Capital Corp. acquired a new position in shares of CSX Corporation during the first quarter valued at approximately $257,229,000. 70.02% of the stock is currently owned by institutional investors.
CSX Corporation (NASDAQ:CSX) opened at 48.74 on Monday. CSX Corporation has a 1-year low of $27.82 and a 1-year high of $55.48. The firm has a market cap of $44.51 billion, a price-to-earnings ratio of 25.49 and a beta of 1.30. The firm has a 50-day moving average price of $52.99 and a 200-day moving average price of $49.96.
CSX Corporation (NASDAQ:CSX) last issued its earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.05. The firm had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.85 billion. CSX Corporation had a return on equity of 16.93% and a net margin of 15.46%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. On average, analysts expect that CSX Corporation will post $2.30 earnings per share for the current fiscal year.
CSX Corporation announced that its board has authorized a stock buyback plan on Thursday, April 20th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the transportation company to reacquire up to 2.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, August 29th. CSX Corporation’s dividend payout ratio is presently 41.88%.
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Several research analysts have commented on CSX shares. Stifel Nicolaus lifted their price target on CSX Corporation from $47.00 to $50.00 and gave the stock a “hold” rating in a research report on Thursday, April 20th. TD Securities lowered their price objective on CSX Corporation from $64.00 to $63.00 and set a “buy” rating on the stock in a research report on Thursday, July 20th. BidaskClub cut CSX Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Royal Bank Of Canada restated a “buy” rating and set a $65.00 price objective on shares of CSX Corporation in a research report on Friday, June 9th. Finally, Cowen and Company restated a “market perform” rating and set a $54.00 price objective (up from $48.00) on shares of CSX Corporation in a research report on Sunday, April 23rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $53.74.
In other CSX Corporation news, Director Ridge Lp Mantle bought 1,357,000 shares of CSX Corporation stock in a transaction on Friday, July 21st. The shares were purchased at an average price of $51.59 per share, with a total value of $70,007,630.00. Following the acquisition, the director now owns 106 shares in the company, valued at approximately $5,468.54. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.79% of the company’s stock.
About CSX Corporation
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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