Great Lakes Advisors LLC bought a new stake in CSX Corporation (NASDAQ:CSX – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,616,830 shares of the transportation company’s stock, valued at approximately $171,908,000. CSX makes up about 1.3% of Great Lakes Advisors LLC’s holdings, making the stock its 14th largest holding. Great Lakes Advisors LLC owned 0.20% of CSX at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of CSX during the 2nd quarter worth about $7,655,277,000. Bank of New York Mellon Corp bought a new position in shares of CSX in the second quarter valued at approximately $950,325,000. Deutsche Bank AG acquired a new position in shares of CSX during the second quarter valued at approximately $685,418,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of CSX during the second quarter valued at approximately $224,809,000. Finally, Danske Bank A S bought a new stake in CSX during the second quarter worth approximately $44,892,000. Institutional investors and hedge funds own 73.57% of the company’s stock.
Insider Buying and Selling
In other news, Director John J. Zillmer sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $46.45, for a total transaction of $464,500.00. Following the completion of the sale, the director directly owned 353,714 shares of the company’s stock, valued at $16,430,015.30. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total value of $6,384,263.60. Following the completion of the transaction, the chief financial officer owned 208,622 shares of the company’s stock, valued at $9,742,647.40. This trade represents a 39.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 189,708 shares of company stock valued at $9,132,304 over the last ninety days. 0.30% of the stock is currently owned by company insiders.
CSX Trading Down 0.7%
CSX (NASDAQ:CSX – Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The firm’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 earnings per share. On average, research analysts predict that CSX Corporation will post 2 EPS for the current fiscal year.
CSX Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. CSX’s payout ratio is 32.37%.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $59.00 target price on shares of CSX in a research report on Friday, July 24th. Rothschild & Co Redburn boosted their price objective on CSX from $45.50 to $47.50 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Barclays restated an “overweight” rating and issued a $60.00 price objective (up from $55.00) on shares of CSX in a report on Thursday, July 23rd. Vertical Research lowered CSX from a “buy” rating to a “hold” rating and set a $44.00 target price on the stock. in a report on Thursday, April 23rd. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $52.00 price target (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and an average price target of $51.31.
Get Our Latest Stock Analysis on CSX
About CSX
CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.
CSX’s freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.
Featured Stories
- Five stocks we like better than CSX
- The AI Boom Is Turning This Cable Maker Into a Stock to Watch
- A Star Investor Just Trimmed Amazon—Here’s What It means
- Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look
- Home Depot Analysts See a Path to $375 and Beyond
Receive News & Ratings for CSX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CSX and related companies with MarketBeat.com's FREE daily email newsletter.
