ING Groep NV Increases Stock Position in CSX Corporation (NASDAQ:CSX)

Key Points

• ING Groep NV has increased its stake in CSX Corporation by 50.7%, acquiring an additional 64,152 shares, bringing its total holdings to 190,764 shares valued at approximately $5.6 million.
• Several other institutional investors have also increased their stakes in CSX, with 73.57% of the stock now owned by institutional investors.
• CSX announced a quarterly dividend of $0.13 per share, resulting in an annualized dividend yield of 1.5%, with a payout ratio of 32.10%.

ING Groep NV boosted its position in CSX Corporation (NASDAQ:CSX - Free Report) by 50.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 190,764 shares of the transportation company's stock after acquiring an additional 64,152 shares during the quarter. ING Groep NV's holdings in CSX were worth $5,614,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in shares of CSX by 21.6% during 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 buying an additional 5,033,743 shares during the last quarter. Invesco Ltd. grew its stake in shares of CSX by 13.5% during the fourth quarter. Invesco Ltd. now owns 25,103,077 shares of the transportation company's stock valued at $810,076,000 after buying an additional 2,977,212 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of CSX by 3.5% during the fourth quarter. Lazard Asset Management LLC now owns 21,124,807 shares of the transportation company's stock worth $681,696,000 after purchasing an additional 707,934 shares during the period. Northern Trust Corp grew its stake in shares of CSX by 13.8% in the fourth quarter. Northern Trust Corp now owns 21,097,789 shares of the transportation company's stock worth $680,826,000 after purchasing an additional 2,550,929 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of CSX by 89.7% in the fourth quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after purchasing an additional 9,863,587 shares during the last quarter. Institutional investors own 73.57% of the company's stock.

Analysts Set New Price Targets

CSX has been the topic of several recent analyst reports. Royal Bank Of Canada reissued a "sector perform" rating on shares of CSX in a research note on Thursday, July 24th. TD Cowen raised CSX from a "hold" rating to a "buy" rating and raised their target price for the stock from $32.00 to $45.00 in a research note on Monday, July 21st. UBS Group cut their target price on CSX from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Raymond James Financial raised their target price on CSX from $33.00 to $37.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Finally, Robert W. Baird raised their target price on CSX from $38.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Seven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

CSX Stock Up 0.5%

Shares of CSX stock traded up $0.18 during trading hours on Friday, hitting $35.43. 10,864,400 shares of the company's stock traded hands, compared to its average volume of 21,548,876. The stock's fifty day simple moving average is $33.56 and its two-hundred day simple moving average is $31.46. CSX Corporation has a 12-month low of $26.22 and a 12-month high of $37.10. The stock has a market cap of $66.05 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 2.64 and a beta of 1.25. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50.

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, 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 during the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the business earned $0.49 earnings per share. The business's revenue was down 3.5% on a year-over-year basis. On average, analysts expect that CSX Corporation will post 1.83 EPS for the current year.

CSX Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, August 29th. CSX's payout ratio is presently 32.10%.

CSX 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.