CSX Corporation (CSX) Position Maintained by Penobscot Investment Management Company Inc.
Penobscot Investment Management Company Inc. continued to hold its stake in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,850 shares of the transportation company’s stock at the end of the second quarter. Penobscot Investment Management Company Inc.’s holdings in CSX Corporation were worth $2,938,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Paragon Capital Management Ltd purchased a new position in shares of CSX Corporation during the first quarter valued at about $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 valued at $26,705,000 after buying an additional 99,118 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of CSX Corporation during the first quarter valued at about $375,000. ClariVest Asset Management LLC purchased a new position in shares of CSX Corporation during the first quarter valued at about $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 valued at $639,000 after buying an additional 1,316 shares during the last quarter. 70.32% of the stock is currently owned by institutional investors.
Shares of CSX Corporation (NASDAQ:CSX) opened at 48.88 on Friday. The firm has a market capitalization of $44.64 billion, a price-to-earnings ratio of 25.56 and a beta of 1.30. The company’s 50-day moving average is $51.87 and its 200-day moving average is $50.29. CSX Corporation has a 12-month low of $27.89 and a 12-month high of $55.48.
CSX Corporation (NASDAQ:CSX) last released its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.05. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. The company had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.85 billion. During the same quarter last year, the firm posted $0.47 earnings per share. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, equities analysts forecast that CSX Corporation will post $2.30 earnings per share for the current fiscal year.
CSX Corporation declared that its board has approved a share buyback plan on Thursday, April 20th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the transportation company to reacquire up to 2.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given 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 41.88%.
CSX has been the topic of several recent analyst reports. BMO Capital Markets reissued a “buy” rating and set a $58.00 price objective on shares of CSX Corporation in a research note on Friday, April 21st. Aegis raised shares of CSX Corporation from a “hold” rating to a “buy” rating and upped their price objective for the company from $50.00 to $64.00 in a research note on Friday, April 21st. TD Securities reissued a “buy” rating and set a $64.00 price objective (up previously from $57.00) on shares of CSX Corporation in a research note on Friday, April 21st. UBS AG reissued a “buy” rating and set a $60.00 price objective (up previously from $57.00) on shares of CSX Corporation in a research note on Monday, April 24th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $65.00 price objective on shares of CSX Corporation in a research note on Friday, June 9th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nineteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $53.71.
In other news, Director Ridge Lp Mantle purchased 1,357,000 shares of the company’s stock in a transaction dated Friday, July 21st. The shares were bought at an average price of $51.59 per share, with a total value of $70,007,630.00. Following the completion of the transaction, the director now directly owns 106 shares in the company, valued at approximately $5,468.54. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 4.79% of the company’s stock.
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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