Massachusetts Financial Services Co. MA Cuts Stock Position in CSX Corporation (NASDAQ:CSX)

Massachusetts Financial Services Co. MA cut its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 4.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,443,717 shares of the transportation company's stock after selling 109,100 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.13% of CSX worth $71,919,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CSX. Norges Bank acquired a new position in shares of CSX during the fourth quarter worth about $780,194,000. Ameriprise Financial Inc. grew its position in shares of CSX by 89.7% during the fourth quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after buying an additional 9,863,587 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of CSX by 471.9% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,748,661 shares of the transportation company's stock worth $217,808,000 after buying an additional 5,568,624 shares in the last quarter. Fiduciary Management Inc. WI acquired a new position in shares of CSX during the fourth quarter worth about $178,259,000. Finally, Bank of New York Mellon Corp grew its position 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 worth $835,336,000 after buying an additional 5,033,743 shares in the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Stock Performance

Shares of CSX stock traded down $0.11 during trading hours on Friday, hitting $34.39. The stock had a trading volume of 24,853,359 shares, compared to its average volume of 13,531,299. The firm has a market capitalization of $64.60 billion, a PE ratio of 20.59, a PEG ratio of 2.98 and a beta of 1.23. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.10. The stock's 50 day moving average is $32.16 and its 200 day moving average is $31.15. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.88 and a quick ratio of 0.75.

CSX (NASDAQ:CSX - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The transportation company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). CSX had a return on equity of 26.42% and a net margin of 22.66%. The company had revenue of $3.42 billion for the quarter, compared to analysts' expectations of $3.53 billion. As a group, research analysts forecast that CSX Corporation will post 1.83 earnings per share for the current fiscal year.

CSX Announces Dividend

The business 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 dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, August 29th. CSX's dividend payout ratio (DPR) is presently 31.14%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CSX shares. Argus set a $32.00 price objective on CSX in a research report on Friday, April 25th. Barclays reaffirmed an "overweight" rating and issued a $36.00 price target (up from $31.00) on shares of CSX in a report on Thursday, July 10th. Robert W. Baird initiated coverage on CSX in a report on Tuesday, July 1st. They issued an "outperform" rating and a $38.00 price target for the company. Evercore ISI lowered their price target on CSX from $35.00 to $33.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. Finally, BMO Capital Markets lowered their price target on CSX from $36.00 to $35.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. Eight analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $35.14.

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.