RWC Asset Management LLP reduced its position in CSX Co. (NASDAQ:CSX) by 15.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,149,078 shares of the transportation company’s stock after selling 217,001 shares during the period. CSX comprises approximately 4.1% of RWC Asset Management LLP’s holdings, making the stock its 4th biggest holding. RWC Asset Management LLP owned 0.14% of CSX worth $71,392,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Highwater Wealth Management LLC purchased a new stake in shares of CSX during the 4th quarter valued at $31,000. Moody National Bank Trust Division purchased a new stake in shares of CSX during the 4th quarter valued at $34,000. Ipswich Investment Management Co. Inc. purchased a new stake in shares of CSX during the 4th quarter valued at $34,000. Baystate Wealth Management LLC grew its stake in shares of CSX by 219.9% during the 4th 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 period. Finally, Contravisory Investment Management Inc. grew its stake in shares of CSX by 227.3% during the 4th 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 period. 75.14% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Ridge Lp Mantle sold 1,930,318 shares of CSX stock in a transaction on Thursday, January 24th. The shares were sold at an average price of $65.01, for a total transaction of $125,489,973.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.03% of the company’s stock.
CSX (NASDAQ:CSX) last posted its earnings results on Wednesday, January 16th. The transportation company reported $1.01 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.01. The business had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.12 billion. CSX had a net margin of 27.01% and a return on equity of 24.18%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 EPS. Sell-side analysts forecast that CSX Co. will post 4.22 EPS for the current year.
CSX declared that its Board of Directors has approved a share repurchase program on Wednesday, January 16th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the transportation company to buy up to 9.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Several analysts have recently issued reports on the stock. Stifel Nicolaus set a $85.00 price objective on shares of CSX and gave the company a “buy” rating in a research note on Wednesday, October 17th. Loop Capital boosted their price objective on shares of CSX to $87.00 and gave the company a “buy” rating in a research note on Thursday, January 17th. BidaskClub raised shares of CSX from a “hold” rating to a “buy” rating in a research note on Saturday, October 6th. Argus lowered their price objective on shares of CSX from $84.00 to $71.00 and set a “buy” rating for the company in a research note on Monday, December 31st. Finally, Credit Suisse Group boosted their price objective on shares of CSX from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, October 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the stock. CSX presently has a consensus rating of “Buy” and an average target price of $75.93.
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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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