Invesco Ltd. Acquires 2,977,212 Shares of CSX Co. (NASDAQ:CSX)

Invesco Ltd. boosted its holdings in CSX Co. (NASDAQ:CSX) by 13.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,103,077 shares of the transportation company’s stock after acquiring an additional 2,977,212 shares during the period. Invesco Ltd. owned 1.30% of CSX worth $810,076,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Bank of Montreal Can boosted its holdings in shares of CSX by 3.0% during the fourth quarter. Bank of Montreal Can now owns 3,596,189 shares of the transportation company’s stock worth $116,049,000 after acquiring an additional 106,319 shares during the period. Sepio Capital LP increased its stake in shares of CSX by 3.8% during the fourth quarter. Sepio Capital LP now owns 11,532 shares of the transportation company’s stock worth $372,000 after purchasing an additional 427 shares during the period. Ilmarinen Mutual Pension Insurance Co lifted its holdings in CSX by 49.0% during the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 304,000 shares of the transportation company’s stock worth $9,810,000 after purchasing an additional 100,000 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in CSX by 11.7% in the 4th quarter. Russell Investments Group Ltd. now owns 2,529,936 shares of the transportation company’s stock valued at $81,619,000 after purchasing an additional 264,670 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in CSX by 16.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 3,104,626 shares of the transportation company’s stock valued at $100,186,000 after buying an additional 435,769 shares in the last quarter. Institutional investors and hedge funds own 73.57% of the company’s stock.

Wall Street Analyst Weigh In

CSX has been the subject of a number of recent research reports. Jefferies Financial Group raised shares of CSX from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research report on Friday, January 10th. Wells Fargo & Company cut their price objective on shares of CSX from $34.00 to $31.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Raymond James reaffirmed an “outperform” rating and set a $37.00 target price (down from $38.00) on shares of CSX in a report on Friday, January 24th. Benchmark reiterated a “buy” rating and issued a $38.00 price target on shares of CSX in a research note on Monday, January 27th. Finally, BMO Capital Markets lowered their price objective on CSX from $40.00 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and an average price target of $36.20.

CSX Trading Down 0.4 %

CSX opened at $27.09 on Tuesday. The company has a market cap of $51.06 billion, a P/E ratio of 15.13, a PEG ratio of 1.92 and a beta of 1.23. The company has a current ratio of 0.86, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. The company’s 50 day moving average is $31.19 and its 200-day moving average is $32.97. CSX Co. has a 1-year low of $26.22 and a 1-year high of $37.10.

CSX (NASDAQ:CSX) last issued its earnings results on Thursday, January 23rd. The transportation company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). CSX had a net margin of 23.95% and a return on equity of 28.15%. Equities research analysts predict that CSX Co. will post 1.83 earnings per share for the current fiscal year.

CSX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Friday, February 28th. This is a boost from CSX’s previous quarterly dividend of $0.12. CSX’s dividend payout ratio is presently 29.05%.

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.