Mirae Asset Global Investments Co. Ltd. Makes New $61.27 Million Investment in CSX Corporation $CSX

Key Points

• Mirae Asset Global Investments acquired 1.32 million CSX shares valued at approximately $61.3 million, taking a 0.07% stake. Institutional investors collectively own 73.57% of the railroad company.
• Analysts maintain a generally positive outlook, with 18 Buy, seven Hold and one Sell rating, producing a consensus “Moderate Buy” rating and a $52.20 target price.
• CSX beat quarterly estimates with $0.57 in EPS and $4.02 billion in revenue, while revenue rose 12% year over year. The company also declared a quarterly dividend of $0.14 per share, equivalent to a 1.1% annual yield.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in CSX Corporation (NASDAQ:CSX - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,317,460 shares of the transportation company's stock, valued at approximately $61,275,000. Mirae Asset Global Investments Co. Ltd. owned about 0.07% of CSX at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CSX. BlackRock Inc. bought a new stake in CSX during the 2nd quarter worth approximately $7,655,277,000. Bank of America Corp DE acquired a new position in CSX during the second quarter worth $1,598,962,000. Bank of New York Mellon Corp bought a new position in CSX during the second quarter worth about $950,325,000. XXEC Inc. acquired a new position in shares of CSX during the 2nd quarter worth approximately $765,595,000. Finally, Legal & General Group Plc acquired a new position in shares of CSX in the second quarter valued at approximately $747,001,000. Institutional investors own 73.57% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CSX. BMO Capital Markets reissued a "market perform" rating and issued a $52.00 target price (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Evercore set a $53.00 price objective on shares of CSX in a research note on Friday, October 23rd. JPMorgan Chase & Co. boosted their price objective on shares of CSX from $57.00 to $58.00 and gave the company an "overweight" rating in a report on Thursday, October 22nd. Stephens began coverage on shares of CSX in a report on Wednesday, July 8th. They issued an "overweight" rating and a $57.00 price objective for the company. Finally, Sanford C. Bernstein restated a "market perform" rating and set a $49.00 target price on shares of CSX in a research report on Thursday, October 22nd. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.20.

Insiders Place Their Bets

In other CSX news, Director John Zillmer sold 19,500 shares of CSX stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $51.24, for a total transaction of $999,180.00. Following the transaction, the director directly owned 334,214 shares of the company's stock, valued at approximately $17,125,125.36. The trade was a 5.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by insiders.

CSX Stock Performance

CSX stock opened at $51.99 on Monday. CSX Corporation has a 12-month low of $33.63 and a 12-month high of $53.60. The company has a quick ratio of 0.75, a current ratio of 0.84 and a debt-to-equity ratio of 1.19. The business's 50-day moving average price is $48.86 and its two-hundred day moving average price is $45.51. The stock has a market cap of $95.84 billion, a PE ratio of 26.94, a P/E/G ratio of 2.29 and a beta of 1.21.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The transportation company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.04. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.96 billion. CSX had a net margin of 23.97% and a return on equity of 25.94%. The firm's revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 EPS. As a group, analysts expect that CSX Corporation will post 2.04 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Monday, November 30th. CSX's payout ratio is 29.02%.

CSX Profile

CSX Corporation is a transportation company whose primary business is freight railroading through its CSX Transportation subsidiary. The company operates an extensive rail network across the eastern United States, serving major industrial centers, population hubs, ports and distribution markets.

CSX transports a broad range of products, including chemicals, agricultural and food products, forest products, minerals, metals, automotive goods and other manufactured merchandise. Its services also include intermodal transportation, which combines rail service with trucks and containers, as well as the movement of coal and other bulk commodities.

The company traces its roots to the formation of CSX Corporation in 1980 through the merger of Chessie System and Seaboard Coast Line Industries.

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