Freestone Grove Partners LP Invests $99.35 Million in CSX Corporation $CSX

Freestone Grove Partners LP acquired a new stake in CSX Corporation (NASDAQ:CSX) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,090,221 shares of the transportation company’s stock, valued at approximately $99,348,000. CSX comprises about 0.6% of Freestone Grove Partners LP’s investment portfolio, making the stock its 26th biggest position.

Several other large investors also recently modified their holdings of the company. Caisse de depot et placement du Quebec bought a new position in CSX during the second quarter worth $53,462,000. Pointe Capital Management LLC bought a new stake in CSX during the second quarter valued at $231,000. Odyssean LLC bought a new stake in CSX during the second quarter valued at $385,000. Man Group plc acquired a new stake in CSX during the 2nd quarter worth about $24,465,000. Finally, First Bancorp Inc ME acquired a new stake in CSX during the 2nd quarter worth about $33,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley set a $32.00 price objective on CSX and gave the company an “underweight” rating in a research note on Monday, July 6th. Truist Financial set a $46.00 target price on CSX in a research note on Friday, July 10th. JPMorgan Chase & Co. lifted their target price on CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Benchmark reissued a “buy” rating and issued a $54.00 price target (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. Finally, Robert W. Baird boosted their price target on CSX from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Eighteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, CSX has an average rating of “Moderate Buy” and a consensus target price of $51.31.

CSX Stock Performance

NASDAQ CSX opened at $51.76 on Thursday. The company has a market cap of $95.88 billion, a P/E ratio of 29.92, a PEG ratio of 2.35 and a beta of 1.21. The company has a fifty day simple moving average of $49.68 and a 200 day simple moving average of $45.45. 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 Corporation has a 12-month low of $31.80 and a 12-month high of $53.60.

CSX (NASDAQ:CSX) last released its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the company posted $0.44 earnings per share. The business’s revenue was up 10.1% on a year-over-year basis. Sell-side analysts predict that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. CSX’s payout ratio is presently 32.37%.

Insider Buying and Selling at CSX

In related news, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $684,840.00. Following the completion of the transaction, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 189,708 shares of company stock worth $9,132,304. 0.30% of the stock is currently owned by insiders.

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.