iA Global Asset Management Inc. Boosts Stake in CSX Corporation (NASDAQ:CSX)

Key Points

• iA Global Asset Management Inc. increased its stake in CSX Corporation by 21.7%, now holding a total of 252,858 shares worth approximately $7.4 million.
• CSX's stock received a series of positive ratings upgrades, with analysts setting price targets as high as $40.00 and an average rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.13 per share, reflecting a 1.5% yield, to be paid on September 15th to investors of record on August 29th.

iA Global Asset Management Inc. boosted its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 21.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 252,858 shares of the transportation company's stock after purchasing an additional 45,003 shares during the period. iA Global Asset Management Inc.'s holdings in CSX were worth $7,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in CSX by 14.7% during the fourth quarter. Wellington Management Group LLP now owns 117,579 shares of the transportation company's stock valued at $3,794,000 after purchasing an additional 15,029 shares during the period. CWA Asset Management Group LLC raised its position in shares of CSX by 15.1% in the first quarter. CWA Asset Management Group LLC now owns 12,514 shares of the transportation company's stock worth $368,000 after acquiring an additional 1,642 shares during the period. Dynamic Advisor Solutions LLC raised its position in shares of CSX by 9.8% in the first quarter. Dynamic Advisor Solutions LLC now owns 38,757 shares of the transportation company's stock worth $1,141,000 after acquiring an additional 3,458 shares during the period. Farther Finance Advisors LLC raised its position in shares of CSX by 61.4% in the first quarter. Farther Finance Advisors LLC now owns 14,154 shares of the transportation company's stock worth $418,000 after acquiring an additional 5,382 shares during the period. Finally, Cercano Management LLC acquired a new position in shares of CSX in the fourth quarter worth about $4,869,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

CSX Trading Up 0.5%

Shares of CSX stock traded up $0.18 during mid-day trading on Friday, hitting $35.43. The stock had a trading volume of 10,864,400 shares, compared to its average volume of 21,548,876. The firm has a 50-day moving average of $33.56 and a two-hundred 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 quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50. The firm has a market cap of $66.05 billion, a P/E ratio of 21.87, a price-to-earnings-growth ratio of 2.64 and a beta of 1.25.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. CSX had a net margin of 21.92% and a return on equity of 25.48%. The business had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.57 billion. During the same quarter in the prior year, the company posted $0.49 EPS. The business's revenue for the quarter was down 3.5% on a year-over-year basis. Sell-side analysts forecast that CSX Corporation will post 1.83 earnings per share 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 paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.52 annualized dividend and a dividend yield of 1.5%. CSX's dividend payout ratio is 32.10%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CSX. BMO Capital Markets upped their price objective on shares of CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. UBS Group decreased their price objective on shares of CSX from $36.00 to $34.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Susquehanna reiterated a "neutral" rating and issued a $35.00 price objective on shares of CSX in a research report on Tuesday, June 24th. Wall Street Zen upgraded shares of CSX from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating on shares of CSX in a research report on Thursday, July 24th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently 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.