Orrstown Financial Services Inc. boosted its stake in shares of CSX Co. (NASDAQ:CSX) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,939 shares of the transportation company’s stock after buying an additional 264 shares during the quarter. CSX makes up approximately 1.6% of Orrstown Financial Services Inc.’s portfolio, making the stock its 20th largest holding. Orrstown Financial Services Inc.’s holdings in CSX were worth $1,117,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Cigna Investments Inc. New raised its stake in CSX by 1.1% in the fourth quarter. Cigna Investments Inc. New now owns 26,360 shares of the transportation company’s stock valued at $1,637,000 after purchasing an additional 276 shares in the last quarter. Suntrust Banks Inc. raised its stake in shares of CSX by 15.2% during the fourth quarter. Suntrust Banks Inc. now owns 342,170 shares of the transportation company’s stock worth $21,259,000 after acquiring an additional 45,146 shares in the last quarter. Shelton Capital Management raised its stake in shares of CSX by 33.2% during the fourth quarter. Shelton Capital Management now owns 111,623 shares of the transportation company’s stock worth $6,935,000 after acquiring an additional 27,800 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of CSX by 5.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 359,815 shares of the transportation company’s stock worth $22,355,000 after acquiring an additional 18,062 shares in the last quarter. Finally, Thoroughbred Financial Services LLC purchased a new position in shares of CSX during the fourth quarter worth approximately $221,000. Institutional investors own 77.36% of the company’s stock.
In related news, VP Angela C. Williams sold 9,560 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $79.14, for a total transaction of $756,578.40. Following the completion of the transaction, the vice president now directly owns 14,607 shares in the company, valued at approximately $1,155,997.98. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 4.83% of the company’s stock.
CSX (NASDAQ:CSX) last released its quarterly earnings results on Tuesday, April 16th. The transportation company reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.11. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $3 billion. CSX had a net margin of 27.84% and a return on equity of 26.13%. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.78 EPS. Sell-side analysts forecast that CSX Co. will post 4.34 EPS for the current fiscal year.
CSX declared that its board has authorized a stock buyback program on Wednesday, January 16th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the transportation company to repurchase up to 9.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
Several research analysts recently commented on the stock. Zacks Investment Research raised shares of CSX from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a research note on Monday, February 4th. BidaskClub upgraded shares of CSX from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 14th. TD Securities lifted their price target on shares of CSX from $79.00 to $81.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Loop Capital boosted their target price on shares of CSX to $87.00 and gave the company a “buy” rating in a report on Thursday, January 17th. Finally, Argus dropped their target price on shares of CSX from $84.00 to $71.00 and set a “buy” rating on the stock in a report on Monday, December 31st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company. CSX presently has a consensus rating of “Hold” and a consensus target price of $78.55.
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CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.
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