CSX Corporation (NASDAQ:CSX) Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has increased its stake in CSX Corporation by 9.3%, owning a total of 195,254 shares worth approximately $5.75 million.
• CSX reported an EPS of $0.44 for the last quarter, exceeding expectations, but also saw a 3.5% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.13 per share, translating to an annualized dividend of $0.52 and a yield of 1.5%.

Mackenzie Financial Corp lifted its holdings in CSX Corporation (NASDAQ:CSX - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 195,254 shares of the transportation company's stock after buying an additional 16,599 shares during the quarter. Mackenzie Financial Corp's holdings in CSX were worth $5,746,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Bank of New York Mellon Corp grew 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 worth $835,336,000 after purchasing an additional 5,033,743 shares during the last quarter. Invesco Ltd. lifted its position in CSX by 13.5% during the 4th quarter. Invesco Ltd. now owns 25,103,077 shares of the transportation company's stock worth $810,076,000 after acquiring an additional 2,977,212 shares during the period. Lazard Asset Management LLC boosted its position in CSX by 3.5% in the fourth quarter. Lazard Asset Management LLC now owns 21,124,807 shares of the transportation company's stock valued at $681,696,000 after buying an additional 707,934 shares during the last quarter. Northern Trust Corp raised its holdings in shares of CSX by 13.8% during 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. raised its stake in shares of CSX by 89.7% during the 4th quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock valued at $673,025,000 after buying an additional 9,863,587 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CSX. Citigroup lifted their target price on shares of CSX from $36.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada reissued a "sector perform" rating on shares of CSX in a research note on Thursday, July 24th. Evercore ISI reduced their target price on shares of CSX from $35.00 to $33.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. JPMorgan Chase & Co. upped their price objective on shares of CSX from $34.00 to $41.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, Wall Street Zen upgraded CSX from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $37.00.

CSX Stock Performance

Shares of CSX stock traded up $0.36 during trading hours on Wednesday, hitting $36.01. 12,123,184 shares of the company were exchanged, compared to its average volume of 16,025,251. CSX Corporation has a 1 year low of $26.22 and a 1 year high of $37.10. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. The business has a 50-day moving average of $33.32 and a 200-day moving average of $31.41. The stock has a market capitalization of $67.13 billion, a price-to-earnings ratio of 22.23, a P/E/G ratio of 2.65 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 analysts' consensus estimates of $0.42 by $0.02. The firm had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%. The company's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 earnings per share. As a group, analysts expect that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 yield of 1.4%. The ex-dividend date is Friday, August 29th. CSX's payout ratio is presently 32.10%.

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.