Zions Bancorporation National Association UT Buys New Shares in CSX Corporation (NASDAQ:CSX)

Key Points

• Zions Bancorporation National Association UT acquired a new stake in CSX Corporation, purchasing 8,487 shares valued at approximately $250,000 in the first quarter of the year.
• Institutional investors now own 73.57% of CSX's stock, with significant increases in holdings reported by various funds including Bank of New York Mellon Corp and Ameriprise Financial Inc.
• CSX reported a quarterly earnings per share (EPS) of $0.44, exceeding the consensus estimate of $0.42, despite a 3.5% decrease in revenue compared to the same quarter last year.

Zions Bancorporation National Association UT bought a new stake in CSX Corporation (NASDAQ:CSX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 8,487 shares of the transportation company's stock, valued at approximately $250,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of New York Mellon Corp increased its position in shares of CSX by 21.6% in the first quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock valued at $835,336,000 after acquiring an additional 5,033,743 shares during the last quarter. Lazard Asset Management LLC grew its holdings in CSX by 3.5% during the fourth 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. Northern Trust Corp grew its holdings in CSX by 13.8% during the fourth quarter. Northern Trust Corp now owns 21,097,789 shares of the transportation company's stock worth $680,826,000 after purchasing an additional 2,550,929 shares during the period. Ameriprise Financial Inc. grew its holdings in 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 purchasing an additional 9,863,587 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in CSX by 7.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 16,886,109 shares of the transportation company's stock worth $544,904,000 after purchasing an additional 1,215,517 shares during the period. Institutional investors and hedge funds own 73.57% of the company's stock.

Analyst Ratings Changes

CSX has been the subject of a number of research analyst reports. BMO Capital Markets lifted their price target on CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Benchmark lifted their price target on CSX from $37.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Argus set a $32.00 price target on CSX in a report on Friday, April 25th. Baird R W upgraded CSX to a "strong-buy" rating in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. lifted their price target on CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $37.00.

CSX Stock Up 0.5%

NASDAQ CSX opened at $35.43 on Monday. The company has a 50 day moving average of $33.56 and a 200-day moving average of $31.45. The company has a market cap of $66.05 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 2.64 and a beta of 1.25. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. CSX Corporation has a 1-year low of $26.22 and a 1-year high of $37.10.

CSX (NASDAQ:CSX - Get Free Report) last issued its 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 company had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.57 billion. CSX had a net margin of 21.92% and a return on equity of 25.48%. The business's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.49 EPS. On average, equities research analysts expect that CSX Corporation will post 1.83 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.13 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.52 annualized dividend and a dividend yield of 1.5%. CSX's payout ratio is presently 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.

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