Magellan Asset Management Ltd Has $180.11 Million Stock Holdings in CSX Co. (NASDAQ:CSX)

Magellan Asset Management Ltd trimmed its holdings in shares of CSX Co. (NASDAQ:CSX) by 3.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 5,581,392 shares of the transportation company’s stock after selling 184,070 shares during the period. CSX makes up approximately 2.0% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 23rd largest position. Magellan Asset Management Ltd’s holdings in CSX were worth $180,112,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Public Sector Pension Investment Board increased its position in CSX by 10.3% during the third quarter. Public Sector Pension Investment Board now owns 82,276 shares of the transportation company’s stock worth $2,841,000 after buying an additional 7,700 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of CSX during the 3rd quarter valued at about $2,204,000. Benjamin Edwards Inc. raised its stake in shares of CSX by 485.7% in the 3rd quarter. Benjamin Edwards Inc. now owns 66,074 shares of the transportation company’s stock valued at $2,282,000 after acquiring an additional 54,792 shares in the last quarter. Hilltop Holdings Inc. bought a new position in shares of CSX in the 3rd quarter valued at approximately $323,000. Finally, HighTower Advisors LLC lifted its holdings in CSX by 1.5% in the 3rd quarter. HighTower Advisors LLC now owns 819,304 shares of the transportation company’s stock worth $28,274,000 after purchasing an additional 11,890 shares during the last quarter. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Up 0.7 %

CSX opened at $29.74 on Thursday. The firm has a market cap of $56.05 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.92 and a beta of 1.22. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 0.86. The firm’s 50-day simple moving average is $31.54 and its 200-day simple moving average is $33.12. CSX Co. has a twelve month low of $28.78 and a twelve month high of $37.10.

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

CSX Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.13 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.52 dividend on an annualized basis and a yield of 1.75%. This is a positive change from CSX’s previous quarterly dividend of $0.12. CSX’s payout ratio is currently 29.05%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CSX shares. Robert W. Baird decreased their price target on shares of CSX from $39.00 to $38.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Deutsche Bank Aktiengesellschaft assumed coverage on CSX in a research note on Friday, March 7th. They set a “hold” rating and a $34.00 target price for the company. UBS Group dropped their price target on CSX from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday. Wells Fargo & Company reduced their price objective on CSX from $34.00 to $31.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. Finally, Loop Capital lowered shares of 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 report on Monday, February 3rd. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.20.

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.