Welch & Forbes LLC Purchases 2,760 Shares of CSX Co. (NASDAQ:CSX)

Welch & Forbes LLC grew its position in shares of CSX Co. (NASDAQ:CSX) by 12.3% in the 3rd quarter, Holdings Channel reports. The firm owned 25,260 shares of the transportation company’s stock after acquiring an additional 2,760 shares during the quarter. Welch & Forbes LLC’s holdings in CSX were worth $751,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. AlphaCrest Capital Management LLC increased its stake in shares of CSX by 359.8% in the 2nd quarter. AlphaCrest Capital Management LLC now owns 267,237 shares of the transportation company’s stock valued at $8,573,000 after acquiring an additional 209,123 shares in the last quarter. Public Sector Pension Investment Board increased its stake in shares of CSX by 1,629.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 1,247,187 shares of the transportation company’s stock valued at $40,010,000 after acquiring an additional 1,175,078 shares in the last quarter. Duff & Phelps Investment Management Co. bought a new stake in shares of CSX in the 2nd quarter valued at $32,319,000. Marshall Wace North America L.P. increased its stake in shares of CSX by 57.4% in the 2nd quarter. Marshall Wace North America L.P. now owns 118,373 shares of the transportation company’s stock valued at $3,796,000 after acquiring an additional 43,181 shares in the last quarter. Finally, Connors Investor Services Inc. bought a new stake in shares of CSX in the 2nd quarter valued at $1,590,000. Hedge funds and other institutional investors own 73.01% of the company’s stock.

Several analysts have recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of CSX from $32.00 to $33.00 and gave the company a “sector perform” rating in a research note on Thursday, October 21st. Barclays boosted their price target on shares of CSX from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday, October 21st. Raymond James boosted their price target on shares of CSX from $36.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, October 21st. Zacks Investment Research lowered shares of CSX from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a research note on Wednesday, September 29th. Finally, TD Securities boosted their price target on shares of CSX from $39.00 to $41.00 and gave the company a “buy” rating in a research note on Thursday, October 21st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, CSX presently has a consensus rating of “Buy” and an average price target of $36.35.

In related news, CAO Angela C. Williams sold 38,535 shares of the company’s stock in a transaction that occurred on Thursday, October 21st. The shares were sold at an average price of $35.44, for a total value of $1,365,680.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Nathan D. Goldman sold 57,793 shares of the company’s stock in a transaction that occurred on Friday, October 22nd. The stock was sold at an average price of $34.94, for a total value of $2,019,287.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 257,815 shares of company stock worth $8,487,957. Company insiders own 0.60% of the company’s stock.

Shares of CSX stock opened at $36.25 on Thursday. CSX Co. has a 52-week low of $27.70 and a 52-week high of $36.57. The stock’s 50-day simple moving average is $33.63 and its 200 day simple moving average is $33.36. The stock has a market capitalization of $80.40 billion, a P/E ratio of 22.80, a P/E/G ratio of 1.94 and a beta of 1.24. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.58 and a current ratio of 1.72.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Tuesday, October 19th. The transportation company reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.05. CSX had a return on equity of 25.51% and a net margin of 30.26%. The firm had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same period in the prior year, the business posted $0.32 earnings per share. The company’s revenue was up 24.3% on a year-over-year basis. Equities research analysts forecast that CSX Co. will post 1.56 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 15th. Stockholders of record on Tuesday, November 30th will be given a dividend of $0.093 per share. This represents a $0.37 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Monday, November 29th. CSX’s dividend payout ratio is presently 23.27%.

CSX Company Profile

CSX Corp. engages in the provision of rail-based freight transportation services. Its services include rail service, the transport of intermodal containers and trailers, rail-to-truck transfers and bulk commodity operations. The company was founded in 1827 and is headquartered in Jacksonville, FL.

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Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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