Bank of Hawaii reduced its stake in shares of CSX Co. (NASDAQ:CSX) by 21.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,422 shares of the transportation company’s stock after selling 3,210 shares during the quarter. Bank of Hawaii’s holdings in CSX were worth $887,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. AXA S.A. lifted its holdings in shares of CSX by 5.9% during the 3rd quarter. AXA S.A. now owns 240,744 shares of the transportation company’s stock valued at $18,698,000 after purchasing an additional 13,428 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of CSX by 4.5% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 137,291 shares of the transportation company’s stock valued at $10,663,000 after purchasing an additional 5,900 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of CSX by 2.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 178,260 shares of the transportation company’s stock valued at $13,845,000 after purchasing an additional 4,400 shares in the last quarter. Summit X LLC bought a new position in shares of CSX during the 3rd quarter valued at about $54,000. Finally, Montag A & Associates Inc. bought a new position in shares of CSX during the 3rd quarter valued at about $210,000. Institutional investors own 70.05% of the company’s stock.
CSX stock opened at $90.05 on Tuesday. The company has a current ratio of 1.84, a quick ratio of 1.73 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $68.87 billion, a PE ratio of 25.01, a PEG ratio of 3.30 and a beta of 1.20. CSX Co. has a 1-year low of $46.81 and a 1-year high of $93.71. The business’s 50 day simple moving average is $85.28 and its 200 day simple moving average is $75.88.
CSX (NASDAQ:CSX) last posted its earnings results on Wednesday, October 21st. The transportation company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.03. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.68 billion. CSX had a return on equity of 22.83% and a net margin of 26.08%. The firm’s revenue was down 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.08 EPS. As a group, sell-side analysts predict that CSX Co. will post 3.59 EPS for the current fiscal year.
CSX declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 21st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the transportation company to purchase up to 8.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date is Friday, November 27th. CSX’s payout ratio is presently 24.94%.
In related news, EVP Mark Kenneth Wallace sold 3,986 shares of the business’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $87.57, for a total transaction of $349,054.02. Following the transaction, the executive vice president now directly owns 58,593 shares of the company’s stock, valued at approximately $5,130,989.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is currently owned by insiders.
CSX has been the topic of several research reports. Evercore ISI upgraded CSX from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $80.00 to $90.00 in a research note on Thursday, October 1st. BidaskClub upgraded CSX from a “hold” rating to a “buy” rating in a research note on Saturday, October 17th. Atlantic Securities upgraded CSX from a “neutral” rating to an “overweight” rating and set a $92.00 target price on the stock in a research note on Wednesday, September 23rd. Barclays upgraded CSX from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $78.00 to $92.00 in a research note on Friday, October 16th. Finally, The Goldman Sachs Group boosted their target price on CSX from $80.00 to $86.00 and gave the company a “buy” rating in a research note on Tuesday, September 1st. Seven analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $82.84.
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 transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, 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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