Conway Capital Management Inc. Purchases New Position in CSX Corporation $CSX

Conway Capital Management Inc. bought a new position in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 39,000 shares of the transportation company’s stock, valued at approximately $1,854,000. CSX makes up approximately 0.8% of Conway Capital Management Inc.’s portfolio, making the stock its 19th largest holding.

Several other institutional investors also recently modified their holdings of CSX. Lee Johnson Capital Management LLC bought a new position in shares of CSX during the second quarter valued at approximately $921,000. MidFirst Bank purchased a new position in shares of CSX in the second quarter worth $147,000. BlackRock Inc. purchased a new position in CSX in the 2nd quarter worth about $7,655,277,000. Dunhill Financial LLC purchased a new position in shares of CSX during the second quarter valued at approximately $168,000. Finally, Pallas Capital Advisors LLC bought a new position in shares of CSX during the 2nd quarter valued at $633,000. 73.57% of the stock is currently owned by institutional investors.

Insider Activity at CSX

In related news, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $53.29, for a total value of $1,598,700.00. Following the completion of the transaction, the chief accounting officer owned 10,437 shares in the company, valued at $556,187.73. This trade represents a 74.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin S. Boone sold 136,708 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total value of $6,384,263.60. Following the completion of the transaction, the chief financial officer owned 208,622 shares of the company’s stock, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In 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.

CSX Stock Up 0.8%

Shares of CSX stock opened at $50.58 on Tuesday. CSX Corporation has a 1 year low of $31.80 and a 1 year high of $53.60. The firm’s 50-day moving average is $49.08 and its two-hundred day moving average is $44.83. The stock has a market cap of $93.70 billion, a price-to-earnings ratio of 29.24, a PEG ratio of 2.29 and a beta of 1.21. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72.

CSX (NASDAQ:CSX) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $3.89 billion. During the same period in the previous year, the company posted $0.44 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, research analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The firm 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. This represents a $0.56 annualized dividend 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%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Bank of America increased their price objective on shares of CSX from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Royal Bank Of Canada restated an “outperform” rating and issued a $54.00 price objective (up from $51.00) on shares of CSX in a research report on Thursday, July 23rd. Morgan Stanley set a $32.00 target price on shares of CSX and gave the stock an “underweight” rating in a report on Monday, July 6th. Raymond James Financial reissued an “outperform” rating and set a $56.00 price target on shares of CSX in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Eighteen research 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. According to data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and an average 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.