Magellan Asset Management Ltd Has $102.72 Million Stock Position in CSX Corporation (NASDAQ:CSX)

Key Points

• Magellan Asset Management Ltd has reduced its stake in CSX Corporation by 37.5%, holding approximately $102.72 million worth of shares, which makes up 1.2% of its total holdings.
• Several analysts have raised their target prices for CSX, with Citigroup and Barclays both setting a new target of $38.00 and rating the stock as a "buy" or "overweight."
• CSX announced a quarterly dividend of $0.13 per share, with the dividend yield standing at 1.5% and a payout ratio of 32.10%.

Magellan Asset Management Ltd lessened its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 37.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,490,437 shares of the transportation company's stock after selling 2,090,955 shares during the quarter. CSX makes up approximately 1.2% of Magellan Asset Management Ltd's holdings, making the stock its 29th largest holding. Magellan Asset Management Ltd owned 0.19% of CSX worth $102,724,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Associated Banc Corp lifted its stake in shares of CSX by 0.9% in the 1st quarter. Associated Banc Corp now owns 40,384 shares of the transportation company's stock valued at $1,189,000 after purchasing an additional 356 shares in the last quarter. Portside Wealth Group LLC lifted its stake in shares of CSX by 1.3% in the 1st quarter. Portside Wealth Group LLC now owns 27,335 shares of the transportation company's stock valued at $804,000 after purchasing an additional 361 shares in the last quarter. Ullmann Wealth Partners Group LLC lifted its stake in shares of CSX by 1.3% in the 1st quarter. Ullmann Wealth Partners Group LLC now owns 29,276 shares of the transportation company's stock valued at $862,000 after purchasing an additional 363 shares in the last quarter. LRI Investments LLC lifted its stake in shares of CSX by 4.8% in the 1st 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. Finally, Patrick M Sweeney & Associates Inc. lifted its stake in shares of CSX by 1.2% in the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 32,205 shares of the transportation company's stock valued at $948,000 after purchasing an additional 378 shares in the last quarter. Hedge funds and other institutional investors own 73.57% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CSX. Raymond James Financial lifted their price objective on CSX from $33.00 to $37.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Barclays boosted their price target on CSX from $36.00 to $38.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Stifel Nicolaus reduced their price target on CSX from $37.00 to $34.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company boosted their price target on CSX from $35.00 to $37.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen raised 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 given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, CSX has an average rating of "Moderate Buy" and an average price target of $37.00.

CSX Stock Performance

NASDAQ:CSX traded up $0.59 during midday trading on Tuesday, reaching $35.82. 20,809,910 shares of the company traded hands, compared to its average volume of 20,679,716. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.10. The firm has a market capitalization of $66.78 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 2.63 and a beta of 1.25. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63. The company has a fifty day moving average price of $33.64 and a 200 day moving average price of $31.46.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%. The firm's quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.49 EPS. On average, analysts expect that CSX Corporation will post 1.83 EPS for the current fiscal 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. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.5%. CSX's payout ratio is 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.