State of Michigan Retirement System Acquires 500 Shares of CSX Co. (NASDAQ:CSX)

State of Michigan Retirement System boosted its holdings in CSX Co. (NASDAQ:CSX) by 0.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 541,484 shares of the transportation company’s stock after acquiring an additional 500 shares during the quarter. State of Michigan Retirement System’s holdings in CSX were worth $20,073,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. raised its position in shares of CSX by 251.3% during the 3rd quarter. Federated Hermes Inc. now owns 46,806 shares of the transportation company’s stock valued at $1,439,000 after buying an additional 33,482 shares in the last quarter. Mutual Advisors LLC increased its position in shares of CSX by 28.7% during the 3rd quarter. Mutual Advisors LLC now owns 9,176 shares of the transportation company’s stock valued at $282,000 after purchasing an additional 2,044 shares during the last quarter. Teza Capital Management LLC purchased a new position in shares of CSX during the 3rd quarter valued at about $298,000. AQR Capital Management LLC lifted its position in CSX by 132.9% in the 3rd quarter. AQR Capital Management LLC now owns 757,749 shares of the transportation company’s stock worth $23,301,000 after buying an additional 432,387 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in CSX by 4.6% in the third quarter. Truist Financial Corp now owns 1,493,456 shares of the transportation company’s stock worth $45,924,000 after buying an additional 65,832 shares in the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Analyst Upgrades and Downgrades

CSX has been the topic of several research reports. Wells Fargo & Company initiated coverage on shares of CSX in a research note on Friday, June 7th. They set an “equal weight” rating and a $35.00 price target on the stock. Benchmark reissued a “buy” rating and issued a $40.00 price target on shares of CSX in a research note on Thursday, April 18th. Stifel Nicolaus raised their price objective on CSX from $37.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Susquehanna decreased their price objective on CSX from $44.00 to $40.00 and set a “positive” rating on the stock in a report on Tuesday, June 25th. Finally, Jefferies Financial Group dropped their target price on CSX from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.59.

CSX Trading Up 0.5 %

Shares of CSX opened at $33.76 on Wednesday. CSX Co. has a 1-year low of $29.03 and a 1-year high of $40.12. The company has a current ratio of 1.15, a quick ratio of 1.00 and a debt-to-equity ratio of 1.42. The firm’s 50-day moving average price is $33.44 and its 200-day moving average price is $35.14. The firm has a market capitalization of $66.00 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 1.73 and a beta of 1.20.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, April 17th. The transportation company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. CSX had a return on equity of 29.58% and a net margin of 24.75%. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.66 billion. During the same period in the previous year, the firm posted $0.48 EPS. The business’s revenue was down .8% on a year-over-year basis. Sell-side analysts anticipate that CSX Co. will post 1.96 EPS for the current year.

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.48 annualized dividend and a yield of 1.42%. CSX’s payout ratio is 26.37%.

CSX 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.