Man Group plc acquired a new position in shares of CSX Corporation (NASDAQ:CSX – Free Report) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 514,718 shares of the transportation company’s stock, valued at approximately $24,465,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in CSX in the 2nd quarter valued at approximately $7,655,277,000. XXEC Inc. acquired a new position in CSX during the 2nd quarter worth $765,595,000. Bank of New York Mellon Corp acquired a new position in CSX during the 2nd quarter worth $950,325,000. Legal & General Group Plc bought a new position in shares of CSX in the second quarter worth $747,001,000. Finally, Deutsche Bank AG bought a new position in shares of CSX in the second quarter worth $685,418,000. 73.57% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on CSX. Argus set a $56.00 price objective on shares of CSX in a research note on Friday, July 31st. Benchmark reiterated a “buy” rating and issued a $54.00 target price (up from $48.00) on shares of CSX in a research report on Wednesday, July 15th. Bank of America raised their target price on shares of CSX from $53.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. TD Cowen boosted their price target on shares of CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Finally, Raymond James Financial restated an “outperform” rating and set a $56.00 price target on shares of CSX in a research report on Monday, July 13th. Eighteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.31.
CSX Stock Up 0.5%
CSX opened at $51.76 on Thursday. CSX Corporation has a one year low of $31.80 and a one year high of $53.60. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The stock’s fifty day moving average is $49.68 and its 200-day moving average is $45.45. The company has a market capitalization of $95.88 billion, a PE ratio of 29.92, a P/E/G ratio of 2.35 and a beta of 1.21.
CSX (NASDAQ:CSX – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $3.94 billion during 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 company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted $0.44 earnings per share. On average, equities analysts predict that CSX Corporation will post 2 EPS for the current fiscal year.
CSX Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio is presently 32.37%.
Insider Buying and Selling at CSX
In other CSX news, CAO Angela C. Williams sold 30,000 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $53.29, for a total value of $1,598,700.00. Following the transaction, the chief accounting officer owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. This represents a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the sale, the senior vice president owned 59,643 shares of the company’s stock, valued at $3,141,993.24. This trade represents a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 189,708 shares of company stock valued at $9,132,304 over the last 90 days. Insiders own 0.30% of the company’s stock.
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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