CIBC Asset Management Inc Buys 28,979 Shares of CSX Co. (NASDAQ:CSX)

CIBC Asset Management Inc grew its stake in CSX Co. (NASDAQ:CSX) by 5.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 603,509 shares of the transportation company’s stock after buying an additional 28,979 shares during the period. CIBC Asset Management Inc’s holdings in CSX were worth $20,839,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new stake in CSX in the 2nd quarter worth approximately $26,000. MFA Wealth Advisors LLC purchased a new stake in shares of CSX in the second quarter worth $27,000. Morton Brown Family Wealth LLC bought a new stake in shares of CSX during the 3rd quarter valued at $31,000. Fairscale Capital LLC purchased a new position in shares of CSX during the 2nd quarter valued at $32,000. Finally, Strategic Financial Concepts LLC bought a new position in CSX in the 2nd quarter worth $33,000. Institutional investors own 73.57% of the company’s stock.

CSX Price Performance

Shares of CSX stock opened at $35.13 on Friday. The stock has a 50 day moving average price of $34.29 and a 200-day moving average price of $33.88. CSX Co. has a one year low of $30.86 and a one year high of $40.12. The stock has a market cap of $67.75 billion, a price-to-earnings ratio of 18.89, a price-to-earnings-growth ratio of 2.32 and a beta of 1.19. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 1.39.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, October 16th. The transportation company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). CSX had a net margin of 24.77% and a return on equity of 28.92%. The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter last year, the firm earned $0.42 EPS. The company’s revenue was up 1.3% on a year-over-year basis. Equities analysts expect that CSX Co. will post 1.84 EPS for the current year.

CSX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Friday, November 29th. CSX’s dividend payout ratio (DPR) is currently 25.81%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CSX shares. TD Cowen lowered their price objective on CSX from $36.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, October 17th. Benchmark restated a “buy” rating and issued a $40.00 price target on shares of CSX in a research note on Wednesday, August 7th. Stephens reduced their price objective on shares of CSX from $41.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Evercore ISI dropped their target price on shares of CSX from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Finally, Stifel Nicolaus reduced their price target on shares of CSX from $39.00 to $37.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.78.

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.