Cetera Investment Advisers Buys 39,991 Shares of CSX Corporation (NASDAQ:CSX)

Key Points

• Cetera Investment Advisers increased its stake in CSX Corporation by 9.8%, acquiring an additional 39,991 shares, bringing its total holdings to 447,236 shares valued at approximately $13.16 million.
• CSX reported earnings of $0.44 per share, surpassing analysts' estimates of $0.42, despite experiencing a 3.5% decline in revenue year-over-year, totaling $3.57 billion.
• The company announced a quarterly dividend of $0.13 per share, representing an annualized yield of 1.47%, with a payout ratio of 32.10%.

Cetera Investment Advisers grew its position in CSX Corporation (NASDAQ:CSX - Free Report) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 447,236 shares of the transportation company's stock after buying an additional 39,991 shares during the quarter. Cetera Investment Advisers' holdings in CSX were worth $13,162,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings in CSX by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 41,633,333 shares of the transportation company's stock valued at $1,339,555,000 after buying an additional 726,507 shares during the period. Bank of New York Mellon Corp grew its holdings in 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 buying an additional 5,033,743 shares during the period. Invesco Ltd. lifted its stake in shares of CSX by 13.5% in the 4th quarter. Invesco Ltd. now owns 25,103,077 shares of the transportation company's stock valued at $810,076,000 after purchasing an additional 2,977,212 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of CSX by 3.5% during the 4th quarter. Lazard Asset Management LLC now owns 21,124,807 shares of the transportation company's stock worth $681,696,000 after purchasing an additional 707,934 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of CSX by 13.8% during the 4th quarter. Northern Trust Corp now owns 21,097,789 shares of the transportation company's stock worth $680,826,000 after purchasing an additional 2,550,929 shares during the period. Hedge funds and other institutional investors own 73.57% of the company's stock.

CSX Stock Down 1.5%

NASDAQ CSX traded down $0.53 during trading on Friday, reaching $35.01. 19,265,718 shares of the company's stock were exchanged, compared to its average volume of 20,105,130. The firm has a market capitalization of $65.27 billion, a PE ratio of 21.61, a P/E/G ratio of 2.66 and a beta of 1.25. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. CSX Corporation has a fifty-two week low of $26.22 and a fifty-two week high of $37.10. The company's fifty day simple moving average is $33.14 and its 200-day simple moving average is $31.38.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, beating 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%. The firm's revenue was down 3.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.49 EPS. Sell-side analysts predict that CSX Corporation will post 1.83 EPS for the current year.

CSX Announces Dividend

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

Analysts Set New Price Targets

CSX has been the subject of a number of analyst reports. Wall Street Zen upgraded CSX from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Robert W. Baird upped their price target on CSX from $38.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Sanford C. Bernstein reiterated a "market perform" rating and set a $36.00 target price (up from $33.00) on shares of CSX in a research note on Tuesday, July 8th. Argus set a $32.00 target price on CSX in a research note on Friday, April 25th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating on shares of CSX in a research note on Thursday, July 24th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $37.00.

CSX 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.