Sequoia Financial Advisors LLC grew its holdings in shares of CSX Corporation (NASDAQ:CSX – Free Report) by 49.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 143,424 shares of the transportation company’s stock after buying an additional 47,565 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in CSX were worth $6,817,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. bought a new position in CSX during the 2nd quarter worth approximately $7,655,277,000. California State Teachers Retirement System increased its holdings in shares of CSX by 5,136.1% in the 2nd quarter. California State Teachers Retirement System now owns 135,990,650 shares of the transportation company’s stock valued at $6,463,636,000 after acquiring an additional 133,393,481 shares during the last quarter. XXEC Inc. acquired a new stake in shares of CSX during the 2nd quarter valued at approximately $765,595,000. Bank of America Corp DE acquired a new stake in shares of CSX during the 2nd quarter valued at approximately $1,598,962,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of CSX during the 2nd quarter valued at approximately $950,325,000. Institutional investors and hedge funds own 73.57% of the company’s stock.
Insider Buying and Selling
In related news, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the completion of the transaction, the senior vice president directly owned 59,643 shares of the company’s stock, valued at $3,141,993.24. This represents a 17.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $53.29, for a total value of $1,598,700.00. Following the completion of the sale, the chief accounting officer owned 10,437 shares in the company, valued at approximately $556,187.73. This represents a 74.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.30% of the company’s stock.
CSX Stock Performance
CSX (NASDAQ:CSX – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.44 EPS. As a group, equities analysts anticipate that CSX Corporation will post 2 earnings per share for the current year.
CSX Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $0.14 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. CSX’s dividend payout ratio (DPR) is presently 32.37%.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on the stock. Barclays reiterated an “overweight” rating and set a $60.00 target price (up from $55.00) on shares of CSX in a research note on Thursday, July 23rd. Bank of America raised their price target on shares of CSX from $53.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Truist Financial set a $46.00 price target on shares of CSX in a report on Friday, July 10th. Citigroup boosted their price objective on shares of CSX from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $52.00 price objective (up from $49.00) on shares of CSX in a research note 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.31.
Check Out Our Latest Research Report on CSX
About CSX
CSX Corporation (NASDAQ: CSX) is a transportation company that operates one of the largest rail networks in the eastern United States. Through its CSX Transportation subsidiary, the company provides rail freight transportation and logistics services for manufacturers, distributors, utilities, agricultural businesses and other commercial customers.
CSX transports a broad range of products, including chemicals, agricultural and food products, minerals, forest products, metals, automobiles and consumer goods.
Featured Stories
- Five stocks we like better than CSX
- Block Makes a Federal Trust Bank Move That Could Reshape Its Fintech Model
- Kroger’s Textbook Entry for Buy-and-Hold Investors
- AST SpaceMobile Looks to Extend Its 30-Day FCC Satellite Testing Window
- Amgen Drops 10% on a Trial It Didn’t Even Run
Want to see what other hedge funds are holding CSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CSX Corporation (NASDAQ:CSX – Free Report).
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.
