Canada Pension Plan Investment Board Makes New Investment in CSX Corporation $CSX

Canada Pension Plan Investment Board bought a new position in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,444,204 shares of the transportation company’s stock, valued at approximately $116,173,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CSX. N.E.W. Advisory Services LLC purchased a new position in CSX in the 2nd quarter worth approximately $27,000. Manning & Napier Advisors LLC purchased a new stake in shares of CSX in the second quarter worth about $30,000. Arlington Trust Co LLC boosted its stake in CSX by 58.0% during the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock valued at $32,000 after buying an additional 250 shares during the last quarter. Meeder Asset Management Inc. bought a new position in CSX during the second quarter valued at approximately $34,000. Finally, Allied Private Wealth LLC purchased a new position in CSX during the 2nd quarter valued at approximately $37,000. 73.57% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays reaffirmed an “overweight” rating and issued a $60.00 price objective (up from $55.00) on shares of CSX in a research note on Thursday, July 23rd. TD Cowen raised their target price on shares of CSX from $46.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Raymond James Financial restated an “outperform” rating and issued a $56.00 price target on shares of CSX in a research report on Monday, July 13th. Robert W. Baird upped their price target on shares of CSX from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $54.00 price objective (up from $51.00) on shares of CSX in a research note on Thursday, July 23rd. Eighteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

CSX Price Performance

NASDAQ:CSX opened at $51.76 on Thursday. The firm has a market capitalization of $95.88 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 2.35 and a beta of 1.21. CSX Corporation has a 1 year low of $31.80 and a 1 year high of $53.60. The business has a 50 day simple moving average of $49.68 and a 200-day simple moving average of $45.45. 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 earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, beating 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 company posted $0.44 EPS. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. Equities analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid 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 payout ratio is presently 32.37%.

Insider Activity

In related news, CFO Kevin S. Boone sold 136,708 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the transaction, the chief financial officer directly owned 208,622 shares in the company, valued at approximately $9,742,647.40. This represents a 39.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer owned 10,437 shares of the company’s stock, valued at $556,187.73. This trade represents a 74.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, 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.