iA Global Asset Management Inc. Cuts Position in CSX Co. (NASDAQ:CSX)

iA Global Asset Management Inc. cut its stake in CSX Co. (NASDAQ:CSX) by 28.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 207,855 shares of the transportation company’s stock after selling 81,644 shares during the quarter. iA Global Asset Management Inc.’s holdings in CSX were worth $6,707,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new position in shares of CSX in the 4th quarter valued at $31,000. Sierra Ocean LLC purchased a new position in shares of CSX in the 4th quarter valued at $33,000. Center for Financial Planning Inc. increased its holdings in shares of CSX by 205.7% in the 4th quarter. Center for Financial Planning Inc. now owns 1,070 shares of the transportation company’s stock valued at $35,000 after acquiring an additional 720 shares during the period. Atala Financial Inc purchased a new position in shares of CSX in the 4th quarter valued at $36,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in shares of CSX in the 4th quarter valued at $39,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Price Performance

NASDAQ:CSX opened at $29.98 on Friday. CSX Co. has a 12 month low of $28.98 and a 12 month high of $38.03. The stock has a 50 day moving average of $32.07 and a two-hundred day moving average of $33.39. The company has a current ratio of 0.86, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. The firm has a market cap of $56.80 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 1.92 and a beta of 1.25.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Thursday, January 23rd. The transportation company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). CSX had a return on equity of 28.15% and a net margin of 23.95%. On average, analysts expect that CSX Co. will post 1.83 earnings per share for the current fiscal year.

CSX Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a $0.13 dividend. The ex-dividend date was Friday, February 28th. This is a positive change from CSX’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.73%. CSX’s dividend payout ratio is 29.05%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CSX shares. Loop Capital downgraded CSX from a “buy” rating to a “hold” rating and dropped their target price for the stock from $40.00 to $34.00 in a research note on Monday, February 3rd. BMO Capital Markets dropped their target price on CSX from $40.00 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Citigroup dropped their target price on CSX from $40.00 to $39.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. Raymond James restated an “outperform” rating and set a $37.00 target price (down from $38.00) on shares of CSX in a research note on Friday, January 24th. Finally, Jefferies Financial Group upgraded CSX from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a research note on Friday, January 10th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

CSX Company 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.