CIBC Asset Management Inc Lowers Stake in CSX Co. (CSX)

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CIBC Asset Management Inc cut its holdings in shares of CSX Co. (NASDAQ:CSX) by 1.3% during the third quarter, Holdings Channel reports. The fund owned 128,384 shares of the transportation company’s stock after selling 1,646 shares during the quarter. CIBC Asset Management Inc’s holdings in CSX were worth $9,507,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Northwest Bancshares Inc. lifted its holdings in shares of CSX by 14.2% during the third quarter. Northwest Bancshares Inc. now owns 5,630 shares of the transportation company’s stock worth $417,000 after purchasing an additional 700 shares during the period. Captrust Financial Advisors lifted its holdings in shares of CSX by 10.7% during the second quarter. Captrust Financial Advisors now owns 7,659 shares of the transportation company’s stock worth $488,000 after purchasing an additional 741 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in shares of CSX by 0.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 96,848 shares of the transportation company’s stock worth $6,177,000 after purchasing an additional 748 shares during the period. Sumitomo Life Insurance Co. lifted its holdings in shares of CSX by 4.1% during the second quarter. Sumitomo Life Insurance Co. now owns 19,295 shares of the transportation company’s stock worth $1,231,000 after purchasing an additional 768 shares during the period. Finally, CENTRAL TRUST Co lifted its holdings in shares of CSX by 4.7% during the second quarter. CENTRAL TRUST Co now owns 17,565 shares of the transportation company’s stock worth $1,120,000 after purchasing an additional 782 shares during the period. Institutional investors and hedge funds own 76.20% of the company’s stock.

Several brokerages recently weighed in on CSX. Bank of America increased their price target on CSX from $77.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, October 1st. Citigroup increased their price target on CSX from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, October 1st. BMO Capital Markets downgraded CSX from an “outperform” rating to a “market perform” rating and set a $65.00 price target for the company. in a report on Wednesday, September 5th. They noted that the move was a valuation call. Stephens reaffirmed a “buy” rating and set a $85.00 price target on shares of CSX in a report on Tuesday, October 9th. Finally, Morgan Stanley increased their price target on CSX from $52.00 to $55.00 and gave the stock a “sell” rating in a report on Tuesday, October 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $77.60.

CSX stock opened at $69.09 on Tuesday. CSX Co. has a one year low of $48.26 and a one year high of $76.24. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.43 and a quick ratio of 1.29. The firm has a market capitalization of $58.42 billion, a price-to-earnings ratio of 30.04, a price-to-earnings-growth ratio of 1.37 and a beta of 1.27.

CSX (NASDAQ:CSX) last released its earnings results on Tuesday, October 16th. The transportation company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.11. CSX had a return on equity of 21.38% and a net margin of 55.19%. The company had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the company earned $0.51 earnings per share. CSX’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, analysts predict that CSX Co. will post 3.8 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Thursday, November 29th. CSX’s dividend payout ratio (DPR) is currently 38.26%.

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About CSX

CSX Corporation, together with its subsidiaries, provides rail-based transportation services in the United States and Canada. The company offers rail services, as well as transports intermodal containers and trailers. It transports agricultural and food products, fertilizers, chemicals, automotive, metals and equipment, minerals, and forest products; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.

Further Reading: What are the Different Types of Leveraged Buyouts?

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Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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