Conning Inc. Reduces Position in CSX Co. (CSX)

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Conning Inc. cut its position in shares of CSX Co. (NASDAQ:CSX) by 18.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,565 shares of the transportation company’s stock after selling 3,516 shares during the quarter. Conning Inc.’s holdings in CSX were worth $967,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Highwater Wealth Management LLC purchased a new position in CSX during the fourth quarter valued at $31,000. Moody National Bank Trust Division purchased a new position in CSX during the fourth quarter valued at $34,000. Ipswich Investment Management Co. Inc. purchased a new position in CSX during the fourth quarter valued at $34,000. Contravisory Investment Management Inc. raised its stake in CSX by 227.3% during the fourth quarter. Contravisory Investment Management Inc. now owns 648 shares of the transportation company’s stock valued at $40,000 after buying an additional 450 shares during the last quarter. Finally, Baystate Wealth Management LLC raised its stake in CSX by 219.9% during the fourth quarter. Baystate Wealth Management LLC now owns 611 shares of the transportation company’s stock valued at $41,000 after buying an additional 420 shares during the last quarter. Institutional investors own 75.14% of the company’s stock.

In related news, Director Ridge Lp Mantle sold 1,930,318 shares of CSX stock in a transaction on Thursday, January 24th. The stock was sold at an average price of $65.01, for a total value of $125,489,973.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.03% of the company’s stock.

Shares of CSX opened at $66.11 on Thursday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.34 and a quick ratio of 1.29. CSX Co. has a one year low of $48.43 and a one year high of $76.24. The firm has a market capitalization of $55.24 billion, a P/E ratio of 17.22, a PEG ratio of 1.16 and a beta of 1.33.

CSX (NASDAQ:CSX) last issued its quarterly earnings data on Wednesday, January 16th. The transportation company reported $1.01 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. CSX had a return on equity of 24.18% and a net margin of 27.01%. The company had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. CSX’s revenue was up 9.8% compared to the same quarter last year. Equities research analysts predict that CSX Co. will post 4.22 EPS for the current fiscal year.

CSX announced that its board has initiated a stock buyback plan on Wednesday, January 16th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the transportation company to buy up to 9.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Several research analysts have recently weighed in on CSX shares. Cowen boosted their price target on CSX from $74.00 to $77.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 17th. Credit Suisse Group decreased their price target on CSX from $86.00 to $79.00 and set an “outperform” rating for the company in a research note on Monday, January 7th. TD Securities boosted their price target on CSX from $76.00 to $80.00 and gave the stock a “hold” rating in a research note on Wednesday, October 17th. BidaskClub upgraded CSX from a “hold” rating to a “buy” rating in a research note on Friday, November 2nd. Finally, Royal Bank of Canada restated a “buy” rating and issued a $82.00 price target on shares of CSX in a research note on Monday, December 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the company. CSX presently has an average rating of “Buy” and a consensus price target of $75.93.

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CSX Profile

CSX Corporation, together with its subsidiaries, provides rail-based transportation services in the United States and Canada. The company offers rail services, as well as transports intermodal containers and trailers. It transports agricultural and food products, fertilizers, chemicals, automotive, metals and equipment, minerals, and forest products; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.

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Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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