iA Global Asset Management Inc. Boosts Stock Holdings 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. grew its position in CSX Corporation (NASDAQ:CSX - Free Report) by 21.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Portside Wealth Group LLC lifted its position in shares of CSX by 1.3% during the 1st quarter. Portside Wealth Group LLC now owns 27,335 shares of the transportation company's stock valued at $804,000 after acquiring an additional 361 shares during the period. Ullmann Wealth Partners Group LLC increased its position in shares of CSX by 1.3% in the first quarter. Ullmann Wealth Partners Group LLC now owns 29,276 shares of the transportation company's stock worth $862,000 after purchasing an additional 363 shares during the period. LRI Investments LLC raised its stake in CSX by 4.8% in the first quarter. LRI Investments LLC now owns 8,254 shares of the transportation company's stock valued at $243,000 after purchasing an additional 375 shares in the last quarter. Patrick M Sweeney & Associates Inc. lifted its position in CSX by 1.2% during the first quarter. Patrick M Sweeney & Associates Inc. now owns 32,205 shares of the transportation company's stock worth $948,000 after purchasing an additional 378 shares during the period. Finally, Faithward Advisors LLC grew its stake in CSX by 1.7% during the fourth quarter. Faithward Advisors LLC now owns 23,841 shares of the transportation company's stock worth $769,000 after buying an additional 392 shares in the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Trading Up 0.5%

NASDAQ CSX traded up $0.18 during trading hours on Friday, hitting $35.43. 10,864,400 shares of the company's stock were exchanged, compared to its average volume of 21,548,876. The firm has a market cap of $66.05 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 2.63 and a beta of 1.25. The stock has a 50-day simple moving average of $33.56 and a 200 day simple moving average of $31.47. 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 1-year low of $26.22 and a 1-year high of $37.10.

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 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 firm had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the prior year, the business earned $0.49 earnings per share. The business's quarterly revenue was down 3.5% compared to the same quarter last year. On average, equities analysts forecast that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. 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 report on Thursday, July 24th. Stifel Nicolaus cut their target price on CSX from $37.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $36.00 target price (up previously from $33.00) on shares of CSX in a report on Tuesday, July 8th. Argus set a $32.00 price target on CSX in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. upped their price objective on CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

About CSX

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.