Resona Asset Management Co. Ltd. Has $18.67 Million Stake in CSX Corporation (NASDAQ:CSX)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in CSX Corporation by 8.1%, owning a total of 635,585 shares valued at approximately $18.67 million after purchasing an additional 47,562 shares.
• Various institutional investors increased their holdings in CSX, with a significant boost from Farther Finance Advisors LLC, which raised its stake by 61.4%.
• CSX recently announced a quarterly dividend of $0.13 per share, with a dividend yield of 1.5% and a payout ratio of 32.10% as of the latest report.

Resona Asset Management Co. Ltd. increased its holdings in CSX Corporation (NASDAQ:CSX - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 635,585 shares of the transportation company's stock after acquiring an additional 47,562 shares during the period. Resona Asset Management Co. Ltd.'s holdings in CSX were worth $18,674,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of CSX in the fourth quarter worth about $27,000. Rossby Financial LCC bought a new position in CSX in the 1st quarter worth approximately $28,000. Accredited Wealth Management LLC bought a new position in CSX in the 4th quarter worth approximately $29,000. Fourth Dimension Wealth LLC acquired a new stake in shares of CSX during the 4th quarter worth approximately $29,000. Finally, Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of CSX during the 1st quarter worth approximately $30,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Down 0.1%

Shares of CSX stock traded down $0.03 on Friday, hitting $36.32. 17,898,133 shares of the stock were exchanged, compared to its average volume of 16,100,734. 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 firm has a market capitalization of $67.71 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 2.69 and a beta of 1.25. The business has a 50-day moving average of $33.90 and a 200 day moving average of $31.54. CSX Corporation has a fifty-two week low of $26.22 and a fifty-two week high of $37.10.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The company had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%. CSX's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 earnings per share. Equities analysts anticipate that CSX Corporation will post 1.83 EPS for the current year.

CSX Dividend Announcement

The company also recently disclosed 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. This represents a $0.52 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 29th. CSX's dividend payout ratio is currently 32.10%.

Analyst Ratings Changes

Several analysts recently commented on the company. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $35.00 price target on shares of CSX in a research note on Monday, June 2nd. UBS Group lowered their target price on CSX from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Raymond James Financial raised their target price on CSX from $33.00 to $37.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Citigroup boosted their target price on CSX from $36.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Susquehanna reiterated a "neutral" rating and issued a $35.00 price objective on shares of CSX in a report on Tuesday, June 24th. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently 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.