State of Michigan Retirement System grew its holdings in shares of CSX Co. (NASDAQ:CSX) by 9.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 195,523 shares of the transportation company’s stock after buying an additional 17,292 shares during the period. State of Michigan Retirement System’s holdings in CSX were worth $13,636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CSX. Capital International Investors grew its holdings in shares of CSX by 26.7% in the 1st quarter. Capital International Investors now owns 20,891,017 shares of the transportation company’s stock worth $1,197,057,000 after acquiring an additional 4,400,639 shares during the period. Capital World Investors grew its holdings in shares of CSX by 6.8% in the 1st quarter. Capital World Investors now owns 60,681,919 shares of the transportation company’s stock worth $3,477,077,000 after acquiring an additional 3,886,502 shares during the period. First Trust Advisors LP grew its holdings in shares of CSX by 551.4% in the 1st quarter. First Trust Advisors LP now owns 1,210,917 shares of the transportation company’s stock worth $69,386,000 after acquiring an additional 1,025,009 shares during the period. Invesco Ltd. grew its holdings in shares of CSX by 13.9% in the 1st quarter. Invesco Ltd. now owns 7,252,680 shares of the transportation company’s stock worth $415,580,000 after acquiring an additional 885,854 shares during the period. Finally, Viking Global Investors LP acquired a new stake in shares of CSX in the 1st quarter worth approximately $48,372,000. Institutional investors and hedge funds own 72.78% of the company’s stock.

In related news, Director John J. Zillmer sold 20,500 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $72.13, for a total value of $1,478,665.00. Following the transaction, the director now directly owns 152,539 shares of the company’s stock, valued at approximately $11,002,638.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kenneth Wallace sold 20,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $72.79, for a total value of $1,455,800.00. Following the completion of the transaction, the executive vice president now directly owns 58,252 shares in the company, valued at $4,240,163.08. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.

A number of research firms recently weighed in on CSX. Goldman Sachs Group upgraded CSX from a “neutral” rating to a “buy” rating in a report on Sunday, April 19th. Morgan Stanley upped their price target on CSX from $50.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 23rd. BMO Capital Markets upped their price target on CSX from $71.00 to $75.00 and gave the stock a “market perform” rating in a report on Wednesday, June 3rd. Cfra upped their target price on CSX from $68.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Finally, Wells Fargo & Co upped their target price on CSX from $66.00 to $74.00 and gave the company an “equal weight” rating in a research note on Friday, May 22nd. Eleven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $73.45.

Shares of CSX stock traded up $1.10 during trading hours on Friday, reaching $71.34. 5,576,369 shares of the company’s stock were exchanged, compared to its average volume of 3,294,716. CSX Co. has a 52-week low of $46.81 and a 52-week high of $80.62. The firm has a market capitalization of $54.61 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 2.63 and a beta of 1.23. The company has a fifty day moving average of $69.53 and a 200-day moving average of $68.45. The company has a current ratio of 1.62, a quick ratio of 1.51 and a debt-to-equity ratio of 1.33.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.31 billion. CSX had a return on equity of 24.24% and a net margin of 26.39%. During the same quarter in the prior year, the company posted $1.08 EPS. On average, equities research analysts anticipate that CSX Co. will post 3.51 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Friday, August 28th. CSX’s dividend payout ratio (DPR) is currently 24.94%.

About CSX

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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Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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