Charles Schwab Investment Management Inc. Increases Stake in CSX Corporation (NASDAQ:CSX)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in CSX Corporation by 0.6%, owning approximately 12 million shares valued at $353.85 million as of the latest SEC filing.
• Multiple hedge funds have significantly boosted their holdings in CSX, with Bank of New York Mellon Corp increasing its position by 21.6%, resulting in ownership of over 28 million shares worth around $835 million.
• Analysts generally hold a positive outlook on CSX, with the average target price set at $37.00, and a majority rating it as a "buy" or "moderate buy."

Charles Schwab Investment Management Inc. raised its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 0.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,023,425 shares of the transportation company's stock after acquiring an additional 73,240 shares during the period. Charles Schwab Investment Management Inc. owned about 0.64% of CSX worth $353,849,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CSX. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of CSX in the fourth quarter worth approximately $27,000. Accredited Wealth Management LLC bought a new stake in shares of CSX during the 4th quarter valued at $29,000. Fourth Dimension Wealth LLC bought a new stake in shares of CSX during the 4th quarter valued at $29,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of CSX during the 1st quarter valued at $30,000. Finally, Rossby Financial LCC bought a new position in CSX in the 1st quarter worth about $28,000. 73.57% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CSX shares. BMO Capital Markets upped their price target on shares of CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of CSX in a research note on Thursday, July 24th. Barclays upped their price target on shares of CSX from $36.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Bank of America upgraded shares of CSX from a "neutral" rating to a "buy" rating and upped their price target for the stock from $34.00 to $42.00 in a research note on Thursday, July 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CSX from a "hold" rating to a "buy" rating and set a $40.00 price target on the stock 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 given a strong buy rating to the company. According to data from MarketBeat, CSX has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

CSX Stock Performance

Shares of NASDAQ:CSX traded up $0.59 during trading on Tuesday, hitting $35.82. The company's stock had a trading volume of 20,809,261 shares, compared to its average volume of 16,002,227. The company has a 50-day moving average of $33.64 and a 200-day moving average of $31.46. CSX Corporation has a 12 month low of $26.22 and a 12 month high of $37.10. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63. The firm has a market cap of $66.78 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 2.64 and a beta of 1.25.

CSX (NASDAQ:CSX - Get Free Report) last released 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 company had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.57 billion. CSX had a net margin of 21.92% and a return on equity of 25.48%. The firm's quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.49 EPS. On average, sell-side analysts expect that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Announces Dividend

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

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.