Mitsubishi UFJ Asset Management Co. Ltd. Buys New Shares in CSX Corporation $CSX

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in CSX Corporation (NASDAQ:CSX) during the second quarter, Holdings Channel reports. The institutional investor purchased 4,729,835 shares of the transportation company’s stock, valued at approximately $224,809,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. OneDigital Investment Advisors LLC acquired a new position in shares of CSX during the second quarter worth about $2,093,000. AMG National Trust Bank acquired a new stake in CSX in the second quarter valued at approximately $2,044,000. Simplicity Wealth LLC purchased a new position in CSX in the second quarter worth approximately $498,000. Baxter Bros Inc. acquired a new position in CSX during the 2nd quarter worth approximately $4,672,000. Finally, Wealth Effects LLC acquired a new position in CSX during the 2nd quarter worth approximately $350,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Citizens Jmp started coverage on shares of CSX in a research report on Wednesday, July 15th. They issued a “market perform” rating on the stock. Stephens started coverage on shares of CSX in a research note on Wednesday, July 8th. They set an “overweight” rating and a $57.00 target price for the company. Susquehanna raised CSX from a “neutral” rating to a “positive” rating and increased their target price for the company from $50.00 to $58.00 in a report on Tuesday, July 14th. New Street Research set a $49.00 price objective on CSX in a research report on Thursday, April 23rd. Finally, Morgan Stanley set a $32.00 target price on CSX and gave the stock an “underweight” rating in a research report on Monday, July 6th. 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, CSX presently has an average rating of “Moderate Buy” and a consensus target price of $51.31.

CSX Price Performance

Shares of CSX opened at $50.58 on Tuesday. The firm has a 50-day simple moving average of $49.08 and a 200-day simple moving average of $44.83. CSX Corporation has a fifty-two week low of $31.80 and a fifty-two week high of $53.60. The company has a market capitalization of $93.70 billion, a price-to-earnings ratio of 29.24, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21. 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 issued its quarterly 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 for the quarter, compared to analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The business’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.44 earnings per share. On average, equities research analysts anticipate that CSX Corporation will post 2 earnings per share for the current year.

CSX Dividend Announcement

The firm 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 dividend of $0.14 per share. 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 currently 32.37%.

Insiders Place Their Bets

In related news, SVP Michael S. Burns sold 13,000 shares of the firm’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the completion of the sale, the senior vice president owned 59,643 shares in the company, valued at $3,141,993.24. This trade represents a 17.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John J. Zillmer sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $46.45, for a total transaction of $464,500.00. Following the sale, the director directly owned 353,714 shares in the company, valued at approximately $16,430,015.30. This represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 189,708 shares of company stock worth $9,132,304. 0.30% of the stock is owned by insiders.

About CSX

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.