Connor Clark & Lunn Investment Management Ltd. Purchases New Stake in CSX Corporation $CSX

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, HoldingsChannel.com reports. The firm acquired 3,250,355 shares of the transportation company’s stock, valued at approximately $154,489,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in CSX in the 2nd quarter valued at $7,655,277,000. XXEC Inc. purchased a new position in shares of CSX during the 2nd quarter worth $765,595,000. Bank of New York Mellon Corp purchased a new position in shares of CSX during the 2nd quarter worth $950,325,000. Deutsche Bank AG acquired a new position in shares of CSX during the 2nd quarter valued at about $685,418,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of CSX in the second quarter valued at about $224,809,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

CSX Price Performance

CSX stock opened at $51.59 on Monday. The company’s 50 day simple moving average is $49.38 and its 200-day simple moving average is $45.20. 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 Corporation has a 1 year low of $31.80 and a 1 year high of $53.60. The company has a market capitalization of $95.57 billion, a price-to-earnings ratio of 29.82, a price-to-earnings-growth ratio of 2.36 and a beta of 1.21.

CSX (NASDAQ:CSX) last posted 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. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.89 billion. During the same quarter last year, the company posted $0.44 EPS. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, equities research analysts expect 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. Stockholders 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 dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s dividend payout ratio (DPR) is currently 32.37%.

Insider Transactions at CSX

In other news, SVP Michael S. Burns sold 13,000 shares of CSX stock in a transaction 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 sale, the senior vice president directly owned 59,643 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of the business’s stock in a transaction 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 $556,187.73. This represents a 74.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 189,708 shares of company stock valued at $9,132,304. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Stephens started coverage on shares of CSX in a research report on Wednesday, July 8th. They set an “overweight” rating and a $57.00 price objective for the company. TD Cowen increased their price target on shares of CSX from $46.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Robert W. Baird raised their price target on shares of CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Truist Financial set a $46.00 price target on shares of CSX in a research report on Friday, July 10th. Finally, Argus set a $56.00 price objective on CSX in a research report on Friday, July 31st. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

CSX Company 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.