Ally Financial Inc. Acquires 10,000 Shares of CSX Corporation $CSX

Key Points

• Ally Financial Inc. increased its stake in CSX Corporation by 13.3% in Q1, acquiring an additional 10,000 shares, bringing its total holdings to 85,000 shares valued at approximately $2.5 million.
• CSX's stock price opened at $34.58, and the company reported a 3.5% decline in quarterly revenue compared to the previous year, with an earnings per share (EPS) of $0.44.
• CSX declared a $0.13 quarterly dividend per share with a dividend yield of 1.5%, emphasizing a 32.1% dividend payout ratio.

Ally Financial Inc. boosted its position in CSX Corporation (NASDAQ:CSX - Free Report) by 13.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 85,000 shares of the transportation company's stock after acquiring an additional 10,000 shares during the period. Ally Financial Inc.'s holdings in CSX were worth $2,502,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CSX. Ameriprise Financial Inc. boosted its holdings in CSX by 89.7% in the fourth quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock valued at $673,025,000 after acquiring an additional 9,863,587 shares during the last quarter. Nuveen LLC bought a new position in CSX in the first quarter valued at about $182,550,000. Bank of New York Mellon Corp boosted its holdings in CSX by 21.6% in the first 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 last quarter. Allspring Global Investments Holdings LLC boosted its holdings in CSX by 1,283.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock valued at $123,786,000 after acquiring an additional 3,887,644 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in CSX in the fourth quarter valued at about $117,133,000. Institutional investors own 73.57% of the company's stock.

Wall Street Analyst Weigh In

CSX has been the subject of several analyst reports. Sanford C. Bernstein restated a "market perform" rating and set a $36.00 target price (up from $33.00) on shares of CSX in a research report on Tuesday, July 8th. Susquehanna restated a "neutral" rating and set a $35.00 target price on shares of CSX in a research report on Tuesday, June 24th. Citigroup boosted their target price on CSX from $36.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Raymond James Financial boosted their target price on CSX from $33.00 to $37.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Benchmark boosted their target price on CSX from $37.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. 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 stock. According to data from MarketBeat, CSX currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

CSX Stock Performance

Shares of CSX stock traded up $0.13 during trading on Wednesday, reaching $32.54. 25,265,440 shares of the company's stock were exchanged, compared to its average volume of 24,376,786. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $60.66 billion, a PE ratio of 20.09, a PEG ratio of 2.42 and a beta of 1.25. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.25. The firm's fifty day moving average price is $34.34 and its 200-day moving average price 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 return on equity of 25.48% and a net margin of 21.92%.The business 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 earned $0.49 EPS. The firm's revenue was down 3.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that CSX Corporation will post 1.83 EPS for the current year.

CSX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 dividend yield of 1.6%. The ex-dividend date is Friday, August 29th. CSX's dividend payout ratio is presently 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.