Comerica Bank Acquires 38,373 Shares of CSX Corporation $CSX

Key Points

• Comerica Bank increased its stake in CSX Corporation by 7.4% during Q1, holding 558,337 shares valued at approximately $16.43 million.
• Deutsche Bank upgraded CSX from a "hold" to a "buy" rating with a price target of $40.00, while analysts maintain a consensus rating of "Moderate Buy" and a price target of $37.00.
• CSX recently announced a quarterly dividend of $0.13 per share, reflecting an annualized yield of 1.6% and a payout ratio of 32.10%.

Comerica Bank boosted its position in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 7.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 558,337 shares of the transportation company's stock after purchasing an additional 38,373 shares during the quarter. Comerica Bank's holdings in CSX were worth $16,432,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CSX. Marshall & Sterling Wealth Advisors Inc. bought a new stake in CSX during the 4th quarter worth about $27,000. Rossby Financial LCC bought a new stake in CSX during the 1st quarter worth about $28,000. Accredited Wealth Management LLC bought a new stake in CSX during the 4th quarter worth about $29,000. Fourth Dimension Wealth LLC bought a new stake in shares of CSX in the 4th quarter valued at about $29,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new stake in shares of CSX in the 1st quarter valued at about $30,000. 73.57% of the stock is owned by institutional investors.

CSX Stock Down 0.5%

NASDAQ:CSX traded down $0.15 during trading hours on Friday, reaching $32.51. 13,464,388 shares of the stock were exchanged, compared to its average volume of 17,100,004. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.25. 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 50 day moving average of $34.36 and a 200 day moving average of $31.67. The stock has a market cap of $60.61 billion, a PE ratio of 20.07, a PEG ratio of 2.43 and a beta of 1.25.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. CSX had a return on equity of 25.48% and a net margin of 21.92%.The company had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.57 billion. During the same quarter in the prior year, the business posted $0.49 EPS. The business's revenue was down 3.5% compared to the same quarter last year. On average, equities analysts expect that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently commented on CSX shares. Bank of America raised CSX from a "neutral" rating to a "buy" rating and upped their price target for the company from $34.00 to $42.00 in a research note on Thursday, July 17th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $35.00 price target on shares of CSX in a research note on Monday, June 2nd. Raymond James Financial upped their price target on CSX from $33.00 to $37.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft raised 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. Finally, TD Cowen raised CSX from a "hold" rating to a "buy" rating and upped their price target for the company from $32.00 to $45.00 in a research note on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.