Envestnet Asset Management Inc. Buys 59,033 Shares of CSX Co. (NASDAQ:CSX)

Envestnet Asset Management Inc. increased its position in CSX Co. (NASDAQ:CSX) by 2.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,603,301 shares of the transportation company’s stock after acquiring an additional 59,033 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CSX were worth $87,080,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CSX. Price T Rowe Associates Inc. MD boosted its position in shares of CSX by 18.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 64,807,961 shares of the transportation company’s stock worth $2,246,893,000 after purchasing an additional 9,914,656 shares during the period. Capital International Investors lifted its stake 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 valued at $1,399,104,000 after buying an additional 5,041,679 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in CSX in the 2nd quarter worth $116,430,000. M&G Plc purchased a new stake in CSX in the 1st quarter worth $126,089,000. Finally, Bank of New York Mellon Corp raised its holdings 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 valued at $573,128,000 after acquiring an additional 1,060,204 shares during the period. Institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CSX shares. Bank of America cut CSX from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research report on Monday, July 8th. Susquehanna lifted their price objective on shares of CSX from $40.00 to $41.00 and gave the company a “positive” rating in a research report on Wednesday, August 7th. Royal Bank of Canada restated a “sector perform” rating and set a $36.00 target price on shares of CSX in a research report on Tuesday, August 6th. JPMorgan Chase & Co. lifted their price target on shares of CSX from $39.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, August 6th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $40.00 price objective on shares of CSX in a report on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.80.

CSX Trading Up 0.8 %

Shares of NASDAQ CSX opened at $34.07 on Wednesday. The stock has a market capitalization of $66.60 billion, a P/E ratio of 18.72, a PEG ratio of 1.77 and a beta of 1.19. CSX Co. has a 1-year low of $29.03 and a 1-year high of $40.12. The business’s 50 day moving average is $33.95 and its two-hundred day moving average is $34.42. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.16 and a quick ratio of 1.01.

CSX (NASDAQ:CSX) last released its earnings results on Monday, August 5th. The transportation company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.01. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.70 billion. CSX had a return on equity of 29.11% and a net margin of 24.52%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. As a group, research analysts expect that CSX Co. will post 1.93 EPS for the current year.

CSX Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend was Friday, August 30th. CSX’s dividend payout ratio is currently 26.37%.

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.