Lazard Asset Management buys $717.7 Million stake in CSX Corporation (CSX)

CSX Corporation (CSX) : Lazard Asset Management scooped up 3,977,973 additional shares in CSX Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 28,572,157 shares of CSX Corporation which is valued at $717.7 Million.CSX Corporation makes up approximately 1.77% of Lazard Asset Management’s portfolio.

Other Hedge Funds, Including , Baird Financial Group boosted its stake in CSX in the latest quarter, The investment management firm added 4,231 additional shares and now holds a total of 71,310 shares of CSX Corporation which is valued at $1.8 Million. CSX Corporation makes up approx 0.02% of Baird Financial Group’s portfolio.Shell Asset Management Co reduced its stake in CSX by selling 3,268 shares or 3.26% in the most recent quarter. The Hedge Fund company now holds 97,029 shares of CSX which is valued at $2.4 Million. CSX Corporation makes up approx 0.06% of Shell Asset Management Co’s portfolio.Shinko Asset Management Ltd. reduced its stake in CSX by selling 329 shares or 11.42% in the most recent quarter. The Hedge Fund company now holds 2,551 shares of CSX which is valued at $64,081.Finemark National Bank Trust reduced its stake in CSX by selling 647 shares or 2.85% in the most recent quarter. The Hedge Fund company now holds 22,056 shares of CSX which is valued at $554,047. CSX Corporation makes up approx 0.07% of Finemark National Bank Trust’s portfolio.

CSX Corporation opened for trading at $25.57 and hit $26.015 on the upside on Friday, eventually ending the session at $25.82, with a gain of 1.06% or 0.27 points. The heightened volatility saw the trading volume jump to 55,30,686 shares. Company has a market cap of $24,680,486 M.

On the company’s financial health, CSX Corporation reported $0.37 EPS for the quarter, based on the information available during the earnings call on Apr 12, 2016. Analyst had a consensus estimate of $0.37. The company had revenue of $2618.00 million for the quarter, compared to analysts expectations of $2680.81 million. The company’s revenue was down -13.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.45 EPS.

Investors should note that on May 13, 2016, CSX Corporation announced a cash dividend of $0.1800. The company’s management has announced May 26, 2016 as the ex-dividend date and fixed the record date on May 31, 2016. The payable date has been fixed on Jun 15, 2016.

Many Wall Street Analysts have commented on CSX Corporation. CSX Corporation was Initiated by Credit Agricole to “Underperform” on May 19, 2016. Company shares were Reiterated by Cowen on Apr 14, 2016 to “Market Perform”, Firm has raised the Price Target to $ 28 from a previous price target of $25 .CSX Corporation was Downgraded by Morgan Stanley to ” Underweight” on Feb 23, 2016.

CSX Corporation (CSX) together with its subsidiaries is a transportation company. The Company provides rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. The Company has three lines of business: merchandise business coal business and the intermodal business. The Company’s merchandise business transports aggregates (which include crushed stone sand and gravel) metal phosphate fertilizer food consumer (manufactured goods and appliances) agricultural automotive paper and chemical products. Its coal business transports domestic coal coke and iron ore to electricity-generating power plants steel manufacturers and industrial plants as well as export coal to deep-water port facilities. Through a network of around 50 terminals the intermodal business serves markets east of the Mississippi and transports manufactured consumer goods in containers providing truck-like services for longer shipments.

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