The Manufacturers Life Insurance Company Increases Stock Holdings in CSX Corporation $CSX

Key Points

• The Manufacturers Life Insurance Company increased its holdings in CSX Corporation by 3.3% in the first quarter, now owning 2,659,056 shares valued at approximately $78.25 million.
• Institutional investors control 73.57% of CSX's stock, indicating significant confidence in the company from financial institutions.
• CSX reported a quarterly earnings per share of $0.44, surpassing analysts' expectations, despite a 3.5% decline in revenue compared to the previous year.

The Manufacturers Life Insurance Company lifted its position in CSX Corporation (NASDAQ:CSX - Free Report) by 3.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,659,056 shares of the transportation company's stock after acquiring an additional 85,482 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.14% of CSX worth $78,255,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in shares of CSX by 5.5% in the fourth quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company's stock valued at $525,000 after buying an additional 849 shares in the last quarter. AQR Capital Management LLC increased its position in CSX by 88.4% during the fourth quarter. AQR Capital Management LLC now owns 1,099,784 shares of the transportation company's stock worth $35,490,000 after acquiring an additional 515,906 shares during the period. Accredited Wealth Management LLC acquired a new stake in shares of CSX during the 4th quarter worth approximately $29,000. Aptus Capital Advisors LLC lifted its holdings in shares of CSX by 12.7% in the fourth quarter. Aptus Capital Advisors LLC now owns 552,342 shares of the transportation company's stock worth $17,824,000 after acquiring an additional 62,455 shares during the last quarter. Finally, Alteri Wealth LLC bought a new position in CSX in the fourth quarter valued at about $278,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Susquehanna restated a "neutral" rating and issued a $35.00 price target on shares of CSX in a research report on Tuesday, June 24th. Sanford C. Bernstein restated a "market perform" rating and issued a $36.00 target price (up previously from $33.00) on shares of CSX in a report on Tuesday, July 8th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of CSX in a report on Thursday, July 24th. Wall Street Zen lowered CSX from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft upgraded CSX from a "hold" rating to a "buy" rating and set a $40.00 price objective on the stock in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, CSX currently has an average rating of "Moderate Buy" and a consensus target price of $37.00.

CSX Trading Down 1.0%

Shares of CSX stock traded down $0.32 during trading hours on Friday, reaching $32.35. 4,177,835 shares of the stock were exchanged, compared to its average volume of 16,957,994. The company's 50-day moving average price is $34.36 and its 200-day moving average price is $31.64. 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 $60.30 billion, a price-to-earnings ratio of 19.97, a price-to-earnings-growth ratio of 2.41 and a beta of 1.25. CSX Corporation has a 12-month low of $26.22 and a 12-month high of $37.25.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $3.57 billion for 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 business's revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.49 earnings per share. As a group, equities analysts anticipate that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Dividend Announcement

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 issued a $0.13 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.6%. CSX's dividend payout ratio (DPR) is currently 32.10%.

CSX 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.