Lombard Odier Asset Management Europe Ltd bought a new stake in CSX Corporation (NASDAQ:CSX – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 405,718 shares of the transportation company’s stock, valued at approximately $19,284,000.
Several other large investors have also modified their holdings of CSX. Archer Investment Corp acquired a new stake in shares of CSX during the second quarter worth $26,000. Kingsview Wealth Management LLC purchased a new position in CSX in the 2nd quarter valued at $4,195,000. Beacon Pointe Advisors LLC acquired a new position in CSX in the 2nd quarter valued at $7,019,000. Kimelman & Baird LLC acquired a new position in CSX in the 2nd quarter valued at $143,000. Finally, Pin Oak Investment Advisors Inc. acquired a new position in CSX in the 2nd quarter valued at $29,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.
CSX Trading Down 0.5%
Shares of CSX opened at $51.28 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. The firm’s 50-day moving average is $49.91 and its two-hundred day moving average is $45.57. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60. The firm has a market capitalization of $94.99 billion, a P/E ratio of 29.64, a PEG ratio of 2.35 and a beta of 1.21.
CSX Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio (DPR) is presently 32.37%.
Insider Transactions at CSX
In other CSX news, SVP Michael S. Burns sold 13,000 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin S. Boone sold 136,708 shares of the company’s 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 sale, the chief financial officer directly owned 208,622 shares in the company, 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. In the last ninety days, insiders sold 189,708 shares of company stock valued at $9,132,304. Company insiders own 0.30% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on CSX. Bank of America raised their target price on shares of CSX from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded shares of CSX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Stephens initiated coverage on shares of CSX in a report on Wednesday, July 8th. They set an “overweight” rating and a $57.00 price target for the company. Susquehanna raised shares of CSX from a “neutral” rating to a “positive” rating and increased their price target for the stock from $50.00 to $58.00 in a report on Tuesday, July 14th. Finally, Barclays restated an “overweight” rating and issued a $60.00 price objective (up from $55.00) 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, CSX has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.
CSX Profile
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.
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