Edgestream Partners L.P. Makes New Investment in CSX Corporation (NASDAQ:CSX)

Edgestream Partners L.P. acquired a new position in CSX Corporation (NASDAQ:CSX) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 268,669 shares of the transportation company’s stock, valued at approximately $7,907,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new stake in CSX during the 4th quarter valued at $780,194,000. Ameriprise Financial Inc. increased its holdings in CSX by 89.7% in the 4th quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company’s stock valued at $673,025,000 after acquiring an additional 9,863,587 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in CSX by 471.9% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,748,661 shares of the transportation company’s stock worth $217,808,000 after purchasing an additional 5,568,624 shares in the last quarter. Fiduciary Management Inc. WI purchased a new stake in CSX in the 4th quarter worth $178,259,000. Finally, Bank of New York Mellon Corp lifted its stake in CSX by 21.6% in the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company’s stock worth $835,336,000 after purchasing an additional 5,033,743 shares in the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on CSX shares. Citigroup boosted their price target on shares of CSX from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Evercore ISI decreased their price target on shares of CSX from $35.00 to $33.00 and set an “outperform” rating on the stock in a research note on Thursday, April 17th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $35.00 price target on shares of CSX in a research note on Monday, June 2nd. Raymond James Financial reiterated an “outperform” rating and issued a $33.00 price target (down previously from $34.00) on shares of CSX in a research note on Thursday, April 17th. Finally, BMO Capital Markets reduced their target price on shares of CSX from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, April 17th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.64.

CSX Trading Up 1.7%

Shares of CSX stock opened at $34.10 on Monday. The firm has a market capitalization of $64.06 billion, a PE ratio of 20.42, a P/E/G ratio of 3.05 and a beta of 1.23. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.10. The firm’s 50-day moving average price is $31.73 and its 200 day moving average price is $31.09. The company has a current ratio of 0.88, a quick ratio of 0.75 and a debt-to-equity ratio of 1.52.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Wednesday, April 16th. The transportation company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.53 billion. CSX had a net margin of 22.66% and a return on equity of 26.42%. On average, sell-side analysts predict that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, May 30th. CSX’s dividend payout ratio (DPR) is 31.14%.

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.