Ieq Capital LLC Makes New $1.44 Million Investment in CSX Corporation $CSX

Ieq Capital LLC acquired a new position in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 30,225 shares of the transportation company’s stock, valued at approximately $1,437,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. N.E.W. Advisory Services LLC bought a new stake in shares of CSX during the 2nd quarter valued at about $27,000. WFA of San Diego LLC bought a new stake in CSX in the second quarter worth approximately $28,000. Arlington Trust Co LLC lifted 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 buying an additional 250 shares during the period. Wilkerson Advisory Group LLC lifted its stake in CSX by 97.4% in the first quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company’s stock valued at $34,000 after buying an additional 409 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in shares of CSX during the 2nd quarter worth approximately $34,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CSX shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $59.00 price objective on shares of CSX in a research note on Friday, July 24th. Citizens Jmp initiated coverage on shares of CSX in a report on Wednesday, July 15th. They issued a “market perform” rating for the company. Robert W. Baird lifted 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. Barclays reiterated an “overweight” rating and set a $60.00 price objective (up from $55.00) on shares of CSX in a report on Thursday, July 23rd. Finally, BMO Capital Markets restated 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. Eighteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period last year, the firm earned $0.44 earnings per share. Sell-side analysts predict that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The business also recently declared 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. The ex-dividend date is Monday, August 31st. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. CSX’s payout ratio is 32.37%.

Insider Buying and Selling

In other CSX news, CAO Angela C. Williams sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the sale, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. The trade was a 74.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 208,622 shares of the company’s stock, valued at approximately $9,742,647.40. This trade represents a 39.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 189,708 shares of company stock valued at $9,132,304. Company insiders own 0.30% of the company’s stock.

About CSX

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.