CSX Corporation (NASDAQ:CSX) Stake Boosted by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp increased its holdings in CSX Corporation by 23.2%, acquiring 79,372 shares during the first quarter, bringing its total to 421,398 shares valued at approximately $12.4 million.
• CSX reported quarterly earnings with $0.44 earnings per share, exceeding analysts' expectations, although its revenue saw a decline of 3.5% compared to the previous year.
• Analysts are optimistic, with Barclays and BMO Capital raising their price targets for CSX to between $38.00 and $42.00, reflecting a strong endorsement from multiple financial institutions.

Alberta Investment Management Corp lifted its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 23.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 421,398 shares of the transportation company's stock after acquiring an additional 79,372 shares during the period. Alberta Investment Management Corp's holdings in CSX were worth $12,402,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Harbour Investments Inc. raised its holdings in CSX by 19.0% in the first quarter. Harbour Investments Inc. now owns 8,514 shares of the transportation company's stock valued at $251,000 after buying an additional 1,359 shares during the period. Davis R M Inc. raised its stake in shares of CSX by 151.0% during the first quarter. Davis R M Inc. now owns 34,337 shares of the transportation company's stock valued at $1,011,000 after purchasing an additional 20,657 shares during the period. Arkadios Wealth Advisors raised its stake in shares of CSX by 22.2% during the first quarter. Arkadios Wealth Advisors now owns 26,276 shares of the transportation company's stock valued at $773,000 after purchasing an additional 4,773 shares during the period. Vestcor Inc raised its stake in shares of CSX by 5.6% during the first quarter. Vestcor Inc now owns 78,871 shares of the transportation company's stock valued at $2,321,000 after purchasing an additional 4,152 shares during the period. Finally, XTX Topco Ltd raised its stake in shares of CSX by 397.0% during the first quarter. XTX Topco Ltd now owns 231,249 shares of the transportation company's stock valued at $6,806,000 after purchasing an additional 184,721 shares during the period. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Price Performance

CSX stock traded down $0.53 during midday trading on Friday, hitting $35.01. The company's stock had a trading volume of 19,265,718 shares, compared to its average volume of 21,068,458. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50. The stock's 50-day moving average price is $33.14 and its 200-day moving average price is $31.36. CSX Corporation has a 12 month low of $26.22 and a 12 month high of $37.10. The company has a market capitalization of $65.27 billion, a PE ratio of 21.61, a price-to-earnings-growth ratio of 2.62 and a beta of 1.25.

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

CSX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $0.13 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.52 annualized dividend and a yield of 1.5%. CSX's payout ratio is 32.10%.

Wall Street Analysts Forecast Growth

CSX has been the subject of a number of recent analyst reports. UBS Group decreased their price target on shares of CSX from $36.00 to $34.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. The Goldman Sachs Group reissued a "neutral" rating and set a $35.00 price target on shares of CSX in a research report on Monday, June 2nd. Jefferies Financial Group decreased their price objective on shares of CSX from $37.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. BMO Capital Markets lifted their price objective on shares of CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Finally, Baird R W raised shares of CSX to a "strong-buy" rating in a report on Tuesday, July 1st. Seven analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $37.00.

About CSX

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.