NewEdge Advisors LLC Raises Stock Holdings in CSX Corporation $CSX

NewEdge Advisors LLC increased its holdings in shares of CSX Corporation (NASDAQ:CSX) by 13.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 463,212 shares of the transportation company’s stock after acquiring an additional 53,891 shares during the period. NewEdge Advisors LLC’s holdings in CSX were worth $22,336,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Archer Investment Corp bought a new position in CSX in the 2nd quarter valued at $26,000. N.E.W. Advisory Services LLC bought a new stake in shares of CSX during the second quarter worth $27,000. WFA of San Diego LLC bought a new stake in shares of CSX during the second quarter worth $28,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of CSX during the second quarter valued at $29,000. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of CSX during the second quarter valued at $30,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Insider Activity at CSX

In other 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 transaction of $1,598,700.00. Following the transaction, the chief accounting officer directly 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 sale was disclosed in a document filed with the SEC, 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 approximately $3,141,993.24. This represents a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.30% of the stock is owned by company insiders.

CSX Stock Performance

Shares of CSX stock opened at $49.04 on Friday. The company has a market capitalization of $90.85 billion, a PE ratio of 28.35, a P/E/G ratio of 2.27 and a beta of 1.21. The company has a 50-day simple moving average of $50.23 and a two-hundred day simple moving average of $46.10. CSX Corporation has a one year low of $31.96 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.

CSX (NASDAQ:CSX) last released its quarterly earnings results 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. CSX had a net margin of 22.21% and a return on equity of 24.98%. The business had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same period last year, the business earned $0.44 EPS. The company’s revenue was up 10.1% compared to the same quarter last year. Research analysts expect that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. CSX’s dividend payout ratio is presently 32.37%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CSX shares. Argus set a $56.00 price target on shares of CSX in a report on Friday, July 31st. Stifel Nicolaus set a $54.00 price objective on shares of CSX in a report on Thursday, July 23rd. BMO Capital Markets reissued a “market perform” rating and issued a $52.00 price objective (up from $49.00) on shares of CSX in a research report 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. Finally, TD Cowen raised their target price 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. 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

CSX Company Profile

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.