DAVENPORT & Co LLC, a prominent investment firm, has recently increased its holdings in CSX Co. (NASDAQ:CSX) by 6.5% during the second quarter of this year. According to the company’s filing with the Securities and Exchange Commission, it now owns 176,463 shares of CSX, acquiring an additional 10,744 shares during the period. This demonstrates DAVENPORT & Co LLC’s confidence in the transportation company’s potential for growth and profitability.
As of its most recent SEC filing, DAVENPORT & Co LLC’s holdings in CSX are valued at $6,017,000. This substantial investment further solidifies the belief that CSX is an attractive option for investors looking to diversify their portfolios and potentially generate significant returns.
This increase in ownership by DAVENPORT & Co LLC comes shortly after CSX released its quarterly earnings data on July 20th. In this report, it was revealed that the transportation company achieved earnings per share of $0.49 for the quarter, meeting analysts’ consensus estimates precisely. The business generated $3.70 billion in revenue during this period, slightly lower than analysts’ projections of $3.73 billion.
Despite a slight decline in revenue compared to the same quarter last year, with a decrease of 3.1%, CSX still maintains a healthy net margin of 27.36% and an impressive return on equity of 32.82%. These figures demonstrate the company’s ability to effectively manage costs while maintaining profitability.
Looking ahead, analysts predict that CSX Co., under strong leadership and prudent financial management, will continue to deliver positive results throughout the current year. It is estimated that earnings per share for this period will reach approximately 1.87.
Investors who are considering adding stocks to their portfolios should take note of these developments surrounding CSX Co., as they indicate promising prospects for the company’s future performance. With the endorsement of major investment firm DAVENPORT & Co LLC and sound financial results, CSX presents an appealing opportunity in the transportation sector.
For those interested in learning more about CSX Co. and its potential as an investment option, we recommend accessing our latest stock analysis on the company. This analysis will provide a comprehensive overview of CSX’s financial health, market position, and growth prospects, assisting investors in making informed decisions about their investments.
CSX Co.’s recent achievements and growing investor interest demonstrate its competence in navigating the transportation industry’s challenges. As we continue to monitor this stock, we look forward to observing its future developments and assessing its potential for long-term success.
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Large Institutional Investors Actively Trading CSX Stock: Analysis and Outlook
Large investors have been actively buying and selling shares of CSX, a transportation company. Smith Anglin Financial LLC increased its position in CSX by 4.7% during the second quarter, now owning a total of 7,182 shares worth $245,000 after purchasing an additional 321 shares. Ronald Blue Trust Inc. also boosted its position by 1.2% during the same period, acquiring an extra 323 shares valued at $834,000. Firethorn Wealth Partners LLC saw a 0.7% increase in its position during the first quarter, purchasing an additional 325 shares worth $1,549,000. Brown Brothers Harriman & Co. further increased their holdings by 1.5% during the same quarter, with an additional 327 shares valued at $683,000. Relyea Zuckerberg Hanson LLC also participated in this trend in the second quarter, increasing their position in CSX by 2.4% and adding an extra 328 shares worth $487,000.
Institutional investors and hedge funds currently own approximately 72.76% of CSX’s stock.
CSX stock opened at $30.75 on Monday with a market capitalization of $61.69 billion. Over the past year, its lowest price was recorded at $25.80 while the highest reached $34.38. The company has a price-to-earnings ratio of 15.53 and a P/E/G ratio of 2.69 along with a beta of 1.20.
Furthermore, CSX recently declared a quarterly dividend that was paid on September 15th to stockholders who were recorded as such on August 31st With an ex-dividend date set for August 30th , the dividend amounted to $0.11 per share on an annualized basis resulting in a dividend yield of approximately 1%. Currently, CSX’s dividend payout ratio stands at 22.22%.
Various brokerages have weighed in on CSX recently. Royal Bank of Canada downgraded the company’s shares from an “outperform” rating to a “sector perform” rating, setting a $35.00 price target on the stock. Stephens reaffirmed their “overweight” rating and issued a $39.00 price target. Susquehanna, on the other hand, decreased their price target from $38.00 to $36.00 and assigned a “neutral” rating for the stock. BMO Capital Markets has reiterated an “outperform” rating with a price target of $37.00, while JPMorgan Chase & Co raised their target price from $35.00 to $37.00 with a “neutral” rating.
Overall, eight equities research analysts have given CSX a hold rating and fifteen have assigned it a buy rating, according to Bloomberg data. The stock currently holds a consensus rating of “Moderate Buy” with an average target price of $35.91.
In summary, CSX has seen significant activity from large investors who have been buying and selling shares of the company over recent months. With its current market performance and dividend payout ratio, as well as various ratings by different brokerages, it will be interesting to observe how CSX navigates the transportation industry in the coming months ahead.
