Cullen Frost Bankers Inc. Buys Shares of 4,516 CSX Corporation (CSX)
Cullen Frost Bankers Inc. bought a new position in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,516 shares of the transportation company’s stock, valued at approximately $246,000.
Other institutional investors have also modified their holdings of the company. Paragon Capital Management Ltd acquired a new position in shares of CSX Corporation during the first quarter worth approximately $9,357,000. United Services Automobile Association increased its position in shares of CSX Corporation by 20.9% in the first quarter. United Services Automobile Association now owns 573,690 shares of the transportation company’s stock worth $26,705,000 after buying an additional 99,118 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of CSX Corporation during the first quarter worth approximately $375,000. ClariVest Asset Management LLC acquired a new position in shares of CSX Corporation during the first quarter worth approximately $13,531,000. Finally, Stratos Wealth Partners LTD. increased its position in shares of CSX Corporation by 10.6% in the first quarter. Stratos Wealth Partners LTD. now owns 13,720 shares of the transportation company’s stock worth $639,000 after buying an additional 1,316 shares in the last quarter. 70.02% of the stock is currently owned by institutional investors and hedge funds.
CSX Corporation (NASDAQ:CSX) opened at 50.70 on Thursday. CSX Corporation has a one year low of $27.82 and a one year high of $55.48. The firm has a market capitalization of $46.30 billion, a price-to-earnings ratio of 26.52 and a beta of 1.30. The firm’s 50-day moving average is $52.36 and its 200 day moving average is $50.19.
CSX Corporation (NASDAQ:CSX) last released its earnings results on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.05. The firm had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.85 billion. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 EPS. Analysts forecast that CSX Corporation will post $2.30 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend is Tuesday, August 29th. CSX Corporation’s payout ratio is currently 41.88%.
CSX Corporation declared that its board has approved a stock buyback plan on Thursday, April 20th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the transportation company to purchase up to 2.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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CSX has been the topic of a number of research reports. Zacks Investment Research raised shares of CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research note on Tuesday, July 11th. Credit Suisse Group reissued a “buy” rating and issued a $65.00 target price on shares of CSX Corporation in a research note on Friday, July 14th. TD Securities reaffirmed a “buy” rating and set a $64.00 price target (up previously from $57.00) on shares of CSX Corporation in a research note on Friday, April 21st. Cowen and Company reaffirmed a “hold” rating and set a $54.00 price target on shares of CSX Corporation in a research note on Friday, July 28th. Finally, Raymond James Financial, Inc. raised shares of CSX Corporation from a “market perform” rating to an “outperform” rating and set a $55.00 price target on the stock in a research note on Friday, April 21st. One investment 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. CSX Corporation presently has an average rating of “Buy” and an average target price of $53.74.
In related news, Director Ridge Lp Mantle bought 1,357,000 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was purchased at an average cost of $51.59 per share, for a total transaction of $70,007,630.00. Following the purchase, the director now directly owns 106 shares in the company, valued at $5,468.54. The purchase was disclosed in a filing with the SEC, which is available through this link. 4.79% of the stock is owned by corporate insiders.
CSX Corporation Company Profile
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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