American Century Companies Inc. Purchases 1,584,811 Shares of CSX Corporation $CSX

Key Points

• American Century Companies Inc. increased its stake in CSX Corporation by 30.3%, now holding approximately 6.8 million shares valued at $200.32 million.
• CSX reported a net margin of 21.92% with earnings per share of $0.44, surpassing expectations of $0.42, despite a 3.5% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.13 per share, with a dividend yield of 1.4%, reflecting a payout ratio of 32.10%.

American Century Companies Inc. raised its position in CSX Corporation (NASDAQ:CSX - Free Report) by 30.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 6,806,679 shares of the transportation company's stock after purchasing an additional 1,584,811 shares during the period. American Century Companies Inc. owned 0.36% of CSX worth $200,321,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameriprise Financial Inc. boosted its position in shares of CSX by 89.7% during the 4th quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after purchasing an additional 9,863,587 shares in the last quarter. Nuveen LLC bought a new position in shares of CSX during the 1st quarter worth about $182,550,000. Fiduciary Management Inc. WI bought a new position in shares of CSX during the 4th quarter worth about $178,259,000. Bank of New York Mellon Corp boosted its position in shares of CSX by 21.6% during the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock worth $835,336,000 after purchasing an additional 5,033,743 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in CSX by 1,283.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock valued at $123,786,000 after purchasing an additional 3,887,644 shares in the last quarter. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Price Performance

CSX traded up $0.53 on Tuesday, reaching $36.52. The company had a trading volume of 42,850,136 shares, compared to its average volume of 16,288,676. CSX Corporation has a 52-week low of $26.22 and a 52-week high of $37.25. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.63 and a current ratio of 0.77. The business has a 50 day simple moving average of $34.06 and a 200 day simple moving average of $31.57. The company has a market cap of $68.08 billion, a price-to-earnings ratio of 22.54, a P/E/G ratio of 2.71 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, beating analysts' consensus estimates of $0.42 by $0.02. CSX had a net margin of 21.92% and a return on equity of 25.48%. The business had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.57 billion. During the same period last year, the business earned $0.49 earnings per share. The business's quarterly revenue was down 3.5% on a year-over-year basis. As a group, sell-side analysts anticipate that CSX Corporation will post 1.83 EPS for the current 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 dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 29th. CSX's dividend payout ratio (DPR) is presently 32.10%.

Wall Street Analysts Forecast Growth

CSX has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft upgraded shares of CSX from a "hold" rating to a "buy" rating and set a $40.00 price target for the company in a research note on Thursday, July 24th. BMO Capital Markets lowered shares of CSX from an "outperform" rating to a "market perform" rating and set a $38.00 price target for the company. in a research note on Monday. Benchmark boosted their price target 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. Robert W. Baird upped their target price on shares of CSX from $38.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, Baird R W upgraded shares of CSX to a "strong-buy" rating in a research report on Tuesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, CSX has a consensus rating of "Moderate Buy" and a consensus price target 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.