Carlson Capital L.P. Takes $500,000 Position in CSX Corporation $CSX

Key Points

• Carlson Capital L.P. has acquired a new stake in CSX Corporation, purchasing 17,000 shares valued at approximately $500,000, which now constitutes about 0.2% of its portfolio.
• Several institutional investors have also increased their holdings in CSX, with significant acquisitions from Bank of New York Mellon and Ameriprise Financial, enhancing their stakes by 21.6% and 12.5%, respectively.
• CSX announced a quarterly dividend of $0.13 per share, reflecting a 1.6% yield, with the ex-dividend date set for August 29, and a payout ratio currently at 32.10%.

Carlson Capital L.P. acquired a new stake in CSX Corporation (NASDAQ:CSX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 17,000 shares of the transportation company's stock, valued at approximately $500,000. CSX accounts for about 0.2% of Carlson Capital L.P.'s portfolio, making the stock its 25th largest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of CSX by 21.6% in the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock valued at $835,336,000 after acquiring an additional 5,033,743 shares during the period. Ameriprise Financial Inc. grew its position in shares of CSX by 12.5% in the 1st quarter. Ameriprise Financial Inc. now owns 23,456,085 shares of the transportation company's stock valued at $690,359,000 after acquiring an additional 2,599,518 shares during the period. Northern Trust Corp grew its position in shares of CSX by 4.6% in the 1st quarter. Northern Trust Corp now owns 22,067,356 shares of the transportation company's stock valued at $649,442,000 after acquiring an additional 969,567 shares during the period. Lazard Asset Management LLC grew its position in shares of CSX by 3.5% in the 4th quarter. Lazard Asset Management LLC now owns 21,124,807 shares of the transportation company's stock valued at $681,696,000 after acquiring an additional 707,934 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of CSX by 11.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,742,431 shares of the transportation company's stock worth $551,540,000 after buying an additional 1,856,322 shares during the last quarter. Institutional investors own 73.57% of the company's stock.

CSX Trading Down 1.2%

Shares of CSX stock opened at $32.41 on Wednesday. CSX Corporation has a 1 year low of $26.22 and a 1 year high of $37.25. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $60.42 billion, a PE ratio of 20.01, a price-to-earnings-growth ratio of 2.45 and a beta of 1.25. The firm's 50 day moving average is $34.34 and its 200 day moving average is $31.66.

CSX (NASDAQ:CSX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, topping 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 firm had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the firm posted $0.49 EPS. The company's revenue for the quarter was down 3.5% compared to the same quarter last year. Equities research analysts forecast that CSX Corporation will post 1.83 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. CSX's payout ratio is presently 32.10%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CSX. Benchmark lifted their price objective on shares of CSX from $37.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Bank of America raised shares of CSX from a "neutral" rating to a "buy" rating and raised their target price for the company from $34.00 to $42.00 in a report on Thursday, July 17th. TD Cowen raised shares of CSX from a "hold" rating to a "buy" rating and raised their target price for the company from $32.00 to $45.00 in a report on Monday, July 21st. Susquehanna reissued a "neutral" rating and issued a $35.00 target price on shares of CSX in a report on Tuesday, June 24th. Finally, Royal Bank Of Canada reissued a "sector perform" rating on shares of CSX in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.

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