Quantbot Technologies LP Takes Position in CSX Corporation $CSX

Key Points

• Quantbot Technologies LP has acquired a new position in CSX Corporation, purchasing 914,109 shares valued at approximately $26.90 million, making it the firm's 6th largest holding.
• Several analysts have modified their target prices for CSX, with Barclays and BMO Capital Markets raising their targets to $38.00, and JPMorgan Chase increasing it to $41.00, reflecting a positive outlook on the stock.
• CSX has recently announced a quarterly dividend of $0.13 per share, equating to an annualized dividend yield of 1.4%, with a payout ratio currently at 32.10%.

Quantbot Technologies LP bought a new stake in CSX Corporation (NASDAQ:CSX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 914,109 shares of the transportation company's stock, valued at approximately $26,902,000. CSX accounts for about 0.9% of Quantbot Technologies LP's portfolio, making the stock its 6th largest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in CSX by 21.6% during the 1st 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 period. Northern Trust Corp grew its position in CSX by 4.6% during the 1st quarter. Northern Trust Corp now owns 22,067,356 shares of the transportation company's stock worth $649,442,000 after purchasing an additional 969,567 shares during the period. Lazard Asset Management LLC grew its position in CSX by 3.5% during the 4th 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. Ameriprise Financial Inc. grew its position in CSX by 89.7% during the 4th 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 period. Finally, Dimensional Fund Advisors LP grew its position in CSX by 11.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,742,431 shares of the transportation company's stock worth $551,540,000 after purchasing an additional 1,856,322 shares during the period. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Price Performance

CSX traded down $1.29 during trading on Friday, reaching $34.58. The company's stock had a trading volume of 81,206,108 shares, compared to its average volume of 20,159,842. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50. The firm has a fifty day simple moving average of $34.33 and a two-hundred day simple moving average of $31.67. CSX Corporation has a 1 year low of $26.22 and a 1 year high of $37.25. The company has a market cap of $64.47 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 2.68 and a beta of 1.25.

CSX (NASDAQ:CSX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. CSX had a net margin of 21.92% and a return on equity of 25.48%. The business had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the company posted $0.49 EPS. The business's revenue was down 3.5% on a year-over-year basis. As a group, analysts anticipate that CSX Corporation will post 1.83 EPS for the current year.

CSX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 29th. CSX's dividend payout ratio (DPR) is 32.10%.

Analysts Set New Price Targets

Several brokerages have weighed in on CSX. Wells Fargo & Company increased 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. Baird R W upgraded CSX to a "strong-buy" rating in a research note on Tuesday, July 1st. Sanford C. Bernstein restated a "market perform" rating and issued a $36.00 price target (up previously from $33.00) on shares of CSX in a research note on Tuesday, July 8th. Benchmark increased their price target on CSX from $37.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Argus set a $32.00 price target on CSX in a research report on Friday, April 25th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $37.00.

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.