Freestone Grove Partners LP Takes Position in CSX Corporation $CSX

Freestone Grove Partners LP bought a new position in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,090,221 shares of the transportation company’s stock, valued at approximately $99,348,000. CSX accounts for approximately 0.6% of Freestone Grove Partners LP’s investment portfolio, making the stock its 26th largest holding. Freestone Grove Partners LP owned 0.11% of CSX as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Evolve Private Wealth LLC acquired a new stake in shares of CSX during the second quarter worth $693,000. Canada Post Corp Registered Pension Plan grew its stake in shares of CSX by 34.2% in the fourth quarter. Canada Post Corp Registered Pension Plan now owns 96,484 shares of the transportation company’s stock valued at $3,498,000 after acquiring an additional 24,566 shares in the last quarter. M. Kulyk & Associates LLC acquired a new position in shares of CSX in the second quarter valued at about $8,145,000. Wealthfront Advisers LLC bought a new position in CSX during the second quarter worth about $7,609,000. Finally, First National Bank of Omaha bought a new position in CSX during the second quarter worth about $6,248,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the transaction, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at $556,187.73. This trade represents a 74.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the chief financial officer directly owned 208,622 shares in the company, valued at $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 189,708 shares of company stock valued at $9,132,304 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on CSX shares. Robert W. Baird lifted their price objective on shares of CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Stephens started coverage on shares of CSX in a research report on Wednesday, July 8th. They set an “overweight” rating and a $57.00 target price on the stock. Morgan Stanley set a $32.00 target price on shares of CSX and gave the stock an “underweight” rating in a report on Monday, July 6th. Wall Street Zen downgraded shares of CSX from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $56.00 price target on shares of CSX in a research note on Monday, July 13th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, CSX currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

CSX Trading Up 0.5%

Shares of CSX stock opened at $51.76 on Thursday. The firm’s 50 day moving average is $49.68 and its 200 day moving average is $45.45. The firm has a market capitalization of $95.88 billion, a PE ratio of 29.92, a price-to-earnings-growth ratio of 2.35 and a beta of 1.21. CSX Corporation has a 1 year low of $31.80 and a 1 year high of $53.60. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22.

CSX (NASDAQ:CSX) last issued its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 EPS. Equities research analysts forecast that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 is Monday, August 31st. CSX’s dividend payout ratio is presently 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.