Massachusetts Financial Services Co. MA Purchases 538,484 Shares of CSX Co. (NASDAQ:CSX)

Massachusetts Financial Services Co. MA increased its stake in shares of CSX Co. (NASDAQ:CSX) by 23.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,811,600 shares of the transportation company’s stock after acquiring an additional 538,484 shares during the period. Massachusetts Financial Services Co. MA owned about 0.14% of CSX worth $94,048,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CSX. MFA Wealth Advisors LLC bought a new stake in shares of CSX in the second quarter valued at about $27,000. Financial Synergies Wealth Advisors Inc. bought a new stake in shares of CSX in the first quarter valued at about $29,000. Strategic Financial Concepts LLC bought a new stake in shares of CSX in the second quarter valued at about $33,000. Burkett Financial Services LLC bought a new stake in shares of CSX in the fourth quarter valued at about $34,000. Finally, Tortoise Investment Management LLC bought a new stake in shares of CSX in the fourth quarter valued at about $35,000. 73.57% of the stock is owned by institutional investors.

CSX Price Performance

CSX stock opened at $34.05 on Thursday. CSX Co. has a 12 month low of $29.03 and a 12 month high of $40.12. The stock’s 50 day moving average is $33.98 and its 200-day moving average is $34.41. The company has a current ratio of 1.16, a quick ratio of 1.01 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $66.57 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 1.77 and a beta of 1.19.

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

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Friday, August 30th. CSX’s payout ratio is 26.37%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CSX shares. Susquehanna lifted their target price on 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 reaffirmed a “sector perform” rating and issued a $36.00 target price on shares of CSX in a research report on Tuesday, August 6th. Benchmark reaffirmed a “buy” rating and issued a $40.00 target price on shares of CSX in a research report on Wednesday, August 7th. Wells Fargo & Company started coverage on CSX in a research report on Friday, June 7th. They issued an “equal weight” rating and a $35.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their target price on CSX from $39.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, August 6th. Seven 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’s stock. According to MarketBeat, CSX currently has an average rating of “Moderate Buy” and a consensus target price of $38.80.

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.