OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in CSX Corporation (NASDAQ:CSX)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd has acquired 7,366 shares of CSX Corporation, valued at approximately $217,000.
• CSX Corporation reported a quarterly earnings per share (EPS) of $0.44, beating analysts' expectations and showing a 3.5% decrease in quarterly revenue compared to the previous year.
• The company recently declared a $0.13 quarterly dividend, representing an annualized yield of 1.5% with a payout ratio of 32.10%.

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in CSX Corporation (NASDAQ:CSX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,366 shares of the transportation company's stock, valued at approximately $217,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CSX. Marshall & Sterling Wealth Advisors Inc. purchased a new position in CSX in the 4th quarter valued at $27,000. Accredited Wealth Management LLC purchased a new stake in CSX in the 4th quarter valued at approximately $29,000. Fourth Dimension Wealth LLC acquired a new stake in shares of CSX during the fourth quarter valued at $29,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in CSX during the first quarter worth approximately $30,000. Finally, Rossby Financial LCC acquired a new position in CSX in the first quarter valued at $28,000. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Price Performance

CSX stock traded up $0.36 during mid-day trading on Wednesday, reaching $36.01. The company had a trading volume of 12,124,625 shares, compared to its average volume of 21,163,898. The business has a fifty day simple moving average of $33.32 and a 200 day simple moving average of $31.41. The company has a market cap of $67.13 billion, a P/E ratio of 22.23, a P/E/G ratio of 2.67 and a beta of 1.25. CSX Corporation has a fifty-two week low of $26.22 and a fifty-two week high of $37.10. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50.

CSX (NASDAQ:CSX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%. CSX's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period last year, the company earned $0.49 EPS. On average, equities research analysts predict that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.52 annualized dividend and a yield of 1.4%. CSX's dividend payout ratio (DPR) is presently 32.10%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company raised their price target on shares of CSX from $35.00 to $37.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Sanford C. Bernstein restated a "market perform" rating and issued a $36.00 target price (up from $33.00) on shares of CSX in a report on Tuesday, July 8th. Benchmark boosted their target price on shares of CSX from $37.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Evercore ISI lowered their price objective on shares of CSX from $35.00 to $33.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. Finally, Susquehanna restated a "neutral" rating and issued a $35.00 price objective on shares of CSX in a report on Tuesday, June 24th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

CSX Company Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.