Prudential PLC Purchases 87,779 Shares of CSX Co. (NASDAQ:CSX)

Prudential PLC boosted its position in CSX Co. (NASDAQ:CSX) by 41.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 298,637 shares of the transportation company’s stock after purchasing an additional 87,779 shares during the period. Prudential PLC’s holdings in CSX were worth $9,989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Norges Bank bought a new stake in shares of CSX during the 4th quarter worth approximately $757,276,000. Price T Rowe Associates Inc. MD increased its stake in CSX by 18.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 64,807,961 shares of the transportation company’s stock worth $2,246,893,000 after purchasing an additional 9,914,656 shares during the period. Capital International Investors lifted its position in shares of CSX by 14.3% during the fourth quarter. Capital International Investors now owns 40,353,078 shares of the transportation company’s stock worth $1,399,104,000 after purchasing an additional 5,041,679 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of CSX during the second quarter valued at $116,430,000. Finally, M&G Plc bought a new position in shares of CSX in the first quarter worth about $126,089,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CSX. Bank of America lowered shares of CSX from a “buy” rating to a “neutral” rating and set a $37.00 price objective for the company. in a report on Monday, July 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $36.00 price target on shares of CSX in a report on Tuesday, August 6th. BMO Capital Markets restated an “outperform” rating and set a $40.00 price objective on shares of CSX in a report on Tuesday, August 6th. Evercore ISI upgraded CSX to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Wells Fargo & Company assumed coverage on CSX in a research report on Friday, June 7th. They set an “equal weight” rating and a $35.00 price target on the stock. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $38.80.

CSX Stock Up 1.2 %

NASDAQ:CSX opened at $33.76 on Tuesday. The company’s 50-day simple moving average is $33.92 and its 200-day simple moving average is $34.60. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.01 and a current ratio of 1.16. CSX Co. has a fifty-two week low of $29.03 and a fifty-two week high of $40.12. The stock has a market capitalization of $66.00 billion, a P/E ratio of 18.55, a P/E/G ratio of 1.78 and a beta of 1.19.

CSX (NASDAQ:CSX) last announced its earnings results on Monday, August 5th. The transportation company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.01. The company had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.70 billion. CSX had a net margin of 24.52% and a return on equity of 29.11%. CSX’s revenue was up .0% compared to the same quarter last year. During the same period last year, the firm earned $0.49 earnings per share. On average, equities analysts anticipate that CSX Co. will post 1.94 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend is Friday, August 30th. CSX’s dividend payout ratio is presently 26.37%.

About CSX

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.