Prudential Financial Inc. Lowers Position in CSX Co. (NASDAQ:CSX)

Prudential Financial Inc. reduced its holdings in CSX Co. (NASDAQ:CSX) by 40.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 2,530,823 shares of the transportation company’s stock after selling 1,692,669 shares during the quarter. Prudential Financial Inc.’s holdings in CSX were worth $81,670,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of CSX by 40.5% in the fourth quarter. Bank of New York Mellon Corp now owns 23,350,087 shares of the transportation company’s stock worth $753,507,000 after purchasing an additional 6,730,316 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of CSX in the 4th quarter worth $85,959,000. Perpetual Ltd purchased a new stake in shares of CSX during the 4th quarter valued at $83,301,000. Sound Shore Management Inc. CT bought a new stake in shares of CSX during the 4th quarter worth $67,825,000. Finally, River Road Asset Management LLC purchased a new position in CSX in the fourth quarter worth $46,861,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Price Performance

Shares of NASDAQ:CSX opened at $29.85 on Tuesday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 0.86. The firm has a market cap of $56.55 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 1.92 and a beta of 1.25. The business has a 50-day simple moving average of $31.99 and a two-hundred day simple moving average of $33.31. CSX Co. has a fifty-two week low of $28.98 and a fifty-two week high of $37.40.

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

CSX Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.74%. The ex-dividend date was Friday, February 28th. This is a boost from CSX’s previous quarterly dividend of $0.12. CSX’s dividend payout ratio is 29.05%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Raymond James reiterated an “outperform” rating and set a $37.00 price objective (down from $38.00) on shares of CSX in a research report on Friday, January 24th. Benchmark restated a “buy” rating and issued a $38.00 price objective on shares of CSX in a report on Monday, January 27th. BMO Capital Markets cut their price objective on shares of CSX from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Barclays lowered their price target on shares of CSX from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Friday, January 24th. Finally, Robert W. Baird reduced their price objective on CSX from $39.00 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

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.