Orrstown Financial Services Inc. decreased its position in CSX Corporation (NASDAQ:CSX) by 35.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,855 shares of the transportation company’s stock after selling 11,363 shares during the period. Orrstown Financial Services Inc.’s holdings in CSX Corporation were worth $1,138,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the company. Brahman Capital Corp. acquired a new position in shares of CSX Corporation during the first quarter worth approximately $257,229,000. Blue Ridge Capital L.L.C. acquired a new position in shares of CSX Corporation during the first quarter worth approximately $225,162,000. Janus Capital Management LLC boosted its position in shares of CSX Corporation by 32.9% in the first quarter. Janus Capital Management LLC now owns 16,620,538 shares of the transportation company’s stock worth $773,686,000 after buying an additional 4,114,395 shares in the last quarter. Thrivent Financial For Lutherans boosted its position in shares of CSX Corporation by 252.3% in the first quarter. Thrivent Financial For Lutherans now owns 4,769,577 shares of the transportation company’s stock worth $222,004,000 after buying an additional 3,415,705 shares in the last quarter. Finally, OZ Management LP boosted its position in shares of CSX Corporation by 266.3% in the first quarter. OZ Management LP now owns 4,094,353 shares of the transportation company’s stock worth $190,592,000 after buying an additional 2,976,497 shares in the last quarter. 69.28% of the stock is currently owned by institutional investors and hedge funds.
Shares of CSX Corporation (NASDAQ CSX) traded down 0.84% during trading on Monday, hitting $54.62. 3,909,617 shares of the stock traded hands. The firm has a market capitalization of $50.40 billion, a price-to-earnings ratio of 29.81 and a beta of 1.32. The firm has a 50-day moving average of $52.87 and a 200-day moving average of $47.32. CSX Corporation has a 1-year low of $27.46 and a 1-year high of $55.48.
CSX Corporation (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, April 19th. The transportation company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.08. CSX Corporation had a net margin of 15.19% and a return on equity of 15.67%. The company had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the prior year, the company posted $0.37 earnings per share. CSX Corporation’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, equities analysts forecast that CSX Corporation will post $2.30 earnings per share for the current year.
CSX Corporation announced that its board has authorized a stock buyback program on Thursday, April 20th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the transportation company to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.46%. CSX Corporation’s dividend payout ratio (DPR) is presently 43.72%.
A number of research analysts have commented on the stock. BidaskClub upgraded shares of CSX Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Credit Suisse Group restated a “buy” rating and set a $65.00 price target on shares of CSX Corporation in a research note on Friday. Zacks Investment Research upgraded shares of CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Tuesday, July 11th. Royal Bank Of Canada reiterated a “buy” rating and issued a $65.00 target price on shares of CSX Corporation in a research note on Wednesday, July 12th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $65.00 target price (up previously from $56.00) on shares of CSX Corporation in a research note on Tuesday, June 6th. Ten equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $52.85.
In other news, CEO E Hunter Harrison acquired 300,000 shares of the firm’s stock in a transaction dated Monday, April 24th. The stock was bought at an average cost of $50.20 per share, for a total transaction of $15,060,000.00. Following the completion of the transaction, the chief executive officer now directly owns 300,000 shares in the company, valued at approximately $15,060,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.79% of the company’s stock.
CSX Corporation Company Profile
CSX Corporation is a transportation company. The Company provides rail-based freight transportation services, including traditional rail service and transport of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations.
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