Cullen Capital Management LLC Takes $2.38 Million Position in CSX Corporation $CSX

Cullen Capital Management LLC acquired a new position in shares of CSX Corporation (NASDAQ:CSX) in the 2nd quarter, Holdings Channel reports. The fund acquired 49,968 shares of the transportation company’s stock, valued at approximately $2,375,000.

Several other institutional investors also recently modified their holdings of CSX. Arlington Trust Co LLC raised its stake in CSX by 58.0% in the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 250 shares in the last quarter. Syon Capital LLC grew its stake in CSX by 1.0% in the 4th quarter. Syon Capital LLC now owns 28,316 shares of the transportation company’s stock worth $1,026,000 after buying an additional 287 shares in the last quarter. Root Financial Partners LLC grew its stake in CSX by 7.3% in the 4th quarter. Root Financial Partners LLC now owns 4,757 shares of the transportation company’s stock worth $172,000 after buying an additional 323 shares in the last quarter. Walled Lake Planning & Wealth Management LLC increased its holdings in shares of CSX by 2.7% in the 4th quarter. Walled Lake Planning & Wealth Management LLC now owns 13,235 shares of the transportation company’s stock worth $480,000 after buying an additional 346 shares during the last quarter. Finally, Sumitomo Life Insurance Co. increased its holdings in shares of CSX by 0.9% in the 4th quarter. Sumitomo Life Insurance Co. now owns 39,996 shares of the transportation company’s stock worth $1,450,000 after buying an additional 347 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Michael S. Burns sold 13,000 shares of CSX 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 transaction, the senior vice president directly owned 59,643 shares of the company’s stock, valued at $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Angela C. Williams sold 30,000 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the sale, the chief accounting officer owned 10,437 shares of the company’s stock, valued at $556,187.73. This represents a 74.19% 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 over the last quarter. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

CSX has been the subject of a number of research analyst reports. Evercore set a $51.00 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 target price (up from $49.00) on shares of CSX in a research note on Thursday, July 23rd. Stifel Nicolaus set a $54.00 price target on CSX in a research report on Thursday, July 23rd. Stephens began coverage on CSX in a research note on Wednesday, July 8th. They set an “overweight” rating and a $57.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Eighteen 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.31.

CSX Stock Performance

NASDAQ CSX opened at $51.44 on Tuesday. The company has a 50-day simple moving average of $49.46 and a two-hundred day simple moving average of $45.28. CSX Corporation has a 12-month low of $31.80 and a 12-month high of $53.60. The firm has a market cap of $95.29 billion, a price-to-earnings ratio of 29.73, a PEG ratio of 2.36 and a beta of 1.21. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22.

CSX (NASDAQ:CSX) last released its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. CSX had a return on equity of 24.98% and a net margin of 22.21%.The firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the previous year, the business earned $0.44 earnings per share. The company’s quarterly revenue was up 10.1% on a year-over-year basis. On average, equities analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The business also recently declared 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. This represents a $0.56 annualized dividend and a yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s dividend payout ratio (DPR) 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.