Commerce Bank bought a new stake in shares of CSX Corporation (NASDAQ:CSX – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 257,006 shares of the transportation company’s stock, valued at approximately $12,215,000.
A number of other hedge funds have also added to or reduced their stakes in the stock. Arlington Trust Co LLC boosted its stake in shares of CSX by 58.0% during the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 250 shares in the last quarter. Syon Capital LLC raised its stake in CSX by 1.0% in the fourth quarter. Syon Capital LLC now owns 28,316 shares of the transportation company’s stock worth $1,026,000 after buying an additional 287 shares in the last quarter. Root Financial Partners LLC lifted its holdings in CSX by 7.3% in the fourth quarter. Root Financial Partners LLC now owns 4,757 shares of the transportation company’s stock worth $172,000 after buying an additional 323 shares during the period. Walled Lake Planning & Wealth Management LLC lifted its holdings in CSX by 2.7% in the fourth quarter. Walled Lake Planning & Wealth Management LLC now owns 13,235 shares of the transportation company’s stock worth $480,000 after buying an additional 346 shares during the period. Finally, Sumitomo Life Insurance Co. boosted its position in CSX by 0.9% during the 4th quarter. Sumitomo Life Insurance Co. now owns 39,996 shares of the transportation company’s stock valued at $1,450,000 after acquiring an additional 347 shares in the last quarter. 73.57% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on the company. Barclays reiterated an “overweight” rating and set a $60.00 target price (up from $55.00) on shares of CSX in a report on Thursday, July 23rd. Morgan Stanley set a $32.00 price objective on CSX and gave the stock an “underweight” rating in a report on Monday, July 6th. BMO Capital Markets reissued a “market perform” rating and set a $52.00 price objective (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Stephens initiated coverage on shares of CSX in a report on Wednesday, July 8th. They set an “overweight” rating and a $57.00 target price on the stock. Finally, Rothschild & Co Redburn upped their target price on shares of CSX from $45.50 to $47.50 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.31.
Insider Buying and Selling
In other news, CFO Kevin S. Boone sold 136,708 shares of CSX stock in a transaction dated Wednesday, June 3rd. The stock was 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. The trade was a 39.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John J. Zillmer sold 10,000 shares of CSX stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $46.45, for a total value of $464,500.00. Following the completion of the transaction, the director directly owned 353,714 shares of the company’s stock, valued at approximately $16,430,015.30. This represents a 2.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 189,708 shares of company stock valued at $9,132,304 over the last ninety days. Insiders own 0.30% of the company’s stock.
CSX Stock Performance
Shares of CSX opened at $51.59 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. The stock has a market cap of $95.57 billion, a P/E ratio of 29.82, a P/E/G ratio of 2.36 and a beta of 1.21. The business’s 50 day moving average price is $49.38 and its 200-day moving average price is $45.20. CSX Corporation has a 52 week low of $31.80 and a 52 week high of $53.60.
CSX (NASDAQ:CSX – Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $0.44 EPS. Equities research analysts anticipate that CSX Corporation will post 2 earnings per share 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 paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio is currently 32.37%.
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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