Jennison Associates LLC Raises Position in CSX Co. (NASDAQ:CSX)

Jennison Associates LLC lifted its stake in CSX Co. (NASDAQ:CSX) by 13.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,675 shares of the transportation company’s stock after purchasing an additional 13,159 shares during the period. Jennison Associates LLC’s holdings in CSX were worth $3,976,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CSX. Fortitude Family Office LLC purchased a new position in shares of CSX during the 4th quarter valued at $27,000. Life Planning Partners Inc bought a new position in shares of CSX in the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of CSX during the fourth quarter worth about $34,000. Venturi Wealth Management LLC raised its stake in CSX by 228.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 995 shares of the transportation company’s stock valued at $31,000 after purchasing an additional 692 shares during the period. Finally, Avion Wealth lifted its holdings in CSX by 450.5% in the 4th quarter. Avion Wealth now owns 1,002 shares of the transportation company’s stock worth $35,000 after purchasing an additional 820 shares in the last quarter. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CSX shares. Stifel Nicolaus lifted their price objective on shares of CSX from $37.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Jefferies Financial Group reduced their price target on shares of CSX from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Raymond James increased their price objective on shares of CSX from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Tuesday, January 16th. Bank of America reduced their target price on CSX from $40.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Finally, Susquehanna increased their price target on CSX from $42.00 to $44.00 and gave the company a “positive” rating in a research note on Thursday, March 28th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, CSX currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.00.

CSX Price Performance

CSX stock opened at $33.99 on Friday. The firm has a market capitalization of $66.45 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 2.02 and a beta of 1.18. CSX Co. has a 12-month low of $29.03 and a 12-month high of $40.12. The firm has a 50-day moving average price of $36.61 and a 200-day moving average price of $34.47. The company has a current ratio of 1.15, a quick ratio of 1.00 and a debt-to-equity ratio of 1.42.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Wednesday, April 17th. The transportation company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.66 billion. CSX had a net margin of 24.75% and a return on equity of 29.58%. The firm’s quarterly revenue was down .8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 earnings per share. As a group, equities research analysts forecast that CSX Co. will post 1.95 EPS for the current year.

CSX Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend was Wednesday, February 28th. This is an increase from CSX’s previous quarterly dividend of $0.11. CSX’s dividend payout ratio is 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.