iA Global Asset Management Inc. Sells 34,997 Shares of CSX Co. (NASDAQ:CSX)

iA Global Asset Management Inc. cut its position in CSX Co. (NASDAQ:CSX) by 11.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 259,645 shares of the transportation company’s stock after selling 34,997 shares during the period. iA Global Asset Management Inc.’s holdings in CSX were worth $8,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in CSX by 0.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,251,716 shares of the transportation company’s stock worth $2,418,883,000 after purchasing an additional 443,755 shares during the period. Capital International Investors boosted its position in shares of CSX by 14.3% during the 4th quarter. Capital International Investors now owns 40,353,078 shares of the transportation company’s stock worth $1,399,104,000 after acquiring an additional 5,041,679 shares in the last quarter. Fisher Asset Management LLC increased its stake in CSX by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 22,378,276 shares of the transportation company’s stock valued at $775,855,000 after acquiring an additional 470,640 shares during the last quarter. Norges Bank bought a new stake in CSX during the fourth quarter worth $757,276,000. Finally, Bank of New York Mellon Corp lifted its stake in CSX by 6.6% during the second quarter. Bank of New York Mellon Corp now owns 17,133,857 shares of the transportation company’s stock worth $573,128,000 after purchasing an additional 1,060,204 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors.

CSX Trading Up 1.3 %

CSX opened at $34.27 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.15 and a debt-to-equity ratio of 1.42. The stock has a market cap of $67.00 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.89 and a beta of 1.20. The company has a fifty day moving average of $33.79 and a 200-day moving average of $34.77. CSX Co. has a twelve month low of $29.03 and a twelve month high of $40.12.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Monday, August 5th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.01. CSX had a return on equity of 29.58% and a net margin of 24.75%. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same period in the previous year, the business earned $0.49 EPS. The firm’s revenue was up .0% compared to the same quarter last year. On average, sell-side analysts predict that CSX Co. will post 1.94 EPS for the current year.

CSX Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.40%. CSX’s payout ratio is currently 26.37%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CSX shares. Wells Fargo & Company began coverage on CSX in a research note on Friday, June 7th. They issued an “equal weight” rating and a $35.00 price target on the stock. Stephens reiterated an “overweight” rating and issued a $42.00 target price on shares of CSX in a research report on Tuesday, August 6th. Benchmark reissued a “buy” rating and set a $40.00 target price on shares of CSX in a research note on Wednesday, August 7th. Sanford C. Bernstein raised their price target on shares of CSX from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Monday, July 8th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $36.00 price objective on shares of CSX in a research note on Tuesday, August 6th. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $38.80.

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.