22,500 Shares of CSX Corporation $CSX Acquired by Sanders Morris Harris LLC

Sanders Morris Harris LLC acquired a new position in CSX Corporation (NASDAQ:CSX) in the 3rd quarter, HoldingsChannel reports. The fund acquired 22,500 shares of the transportation company’s stock, valued at approximately $1,046,000.

Several other large investors have also modified their holdings of CSX. Firethorn Wealth Partners LLC lifted its stake in shares of CSX by 1.4% during the 3rd quarter. Firethorn Wealth Partners LLC now owns 39,305 shares of the transportation company’s stock worth $1,828,000 after acquiring an additional 551 shares during the last quarter. First Citizens Bank & Trust Co. boosted its holdings in CSX by 65.5% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 81,029 shares of the transportation company’s stock valued at $3,769,000 after acquiring an additional 32,074 shares during the period. Signal Advisors Wealth LLC purchased a new position in CSX during the 3rd quarter valued at $396,000. 4WEALTH Advisors Inc. bought a new position in CSX in the 3rd quarter valued at $318,000. Finally, B. Riley Wealth Advisors Inc. grew its position in CSX by 15.7% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 30,881 shares of the transportation company’s stock valued at $1,436,000 after acquiring an additional 4,188 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX News Roundup

Here are the key news stories impacting CSX this week:

• Positive Sentiment: Analysts expect third-quarter results to benefit from strength in merchandise, intermodal and coal revenue. However, labor costs and rail-network disruptions could limit margin expansion. CSX Gears Up to Report Q3 Earnings: What’s in the Cards?
• Positive Sentiment: Analyst sentiment remains generally constructive, with 26 analysts cited at an average target of $51.09 and TD Cowen setting a $54 target, both above the current trading level. Analyst targets for CSX TD Cowen target for CSX
• Neutral Sentiment: CSX is preparing to report quarterly results, with Wall Street expecting year-over-year earnings growth. Early previews nevertheless suggest the company may not have the typical combination of positive earnings revisions and surprise factors needed for a clear earnings beat. CSX earnings expectations
• Neutral Sentiment: Options-market activity is drawing investor attention, indicating the potential for a larger move around earnings but not establishing a clear direction. CSX options-market activity
• Negative Sentiment: Chief Operating Officer Mike Cory is retiring as CSX begins an operations leadership transition. The change could raise near-term concerns about execution, service reliability and the company’s ability to address network bottlenecks. CSX COO Michael Cory retires
• Negative Sentiment: A CSX train-car derailment near Montgomery College in Rockville, Maryland, disrupted rail traffic and caused expected MARC delays. Although the financial impact is not yet clear, the incident adds regulatory, service and reputational risk. CSX train derailment near Rockville

CSX Stock Up 1.1%

NASDAQ:CSX traded up $0.52 during mid-day trading on Wednesday, reaching $48.28. The company’s stock had a trading volume of 8,813,269 shares, compared to its average volume of 12,420,828. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. CSX Corporation has a 1 year low of $33.63 and a 1 year high of $53.60. The stock has a fifty day moving average of $48.85 and a 200-day moving average of $47.24. The firm has a market capitalization of $89.44 billion, a PE ratio of 27.91, a price-to-earnings-growth ratio of 2.25 and a beta of 1.21.

CSX (NASDAQ:CSX) last posted its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating 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 business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter last year, the firm posted $0.44 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities research analysts forecast that CSX Corporation will post 1.99 earnings per share for the current year.

CSX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be issued a dividend of $0.14 per share. The ex-dividend date is Monday, November 30th. This represents a $0.56 dividend on an annualized basis and a yield of 1.2%. CSX’s dividend payout ratio is currently 32.37%.

Insider Buying and Selling at CSX

In related news, SVP Michael S. Burns sold 13,000 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president owned 59,643 shares of the company’s stock, valued at $3,141,993.24. This trade represents a 17.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Angela C. Williams sold 30,000 shares of CSX 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 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 disclosure for this sale is available in the SEC filing. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CSX. Truist Financial set a $46.00 target price on shares of CSX in a research note on Friday, July 10th. Citigroup restated a “cautious” rating on shares of CSX in a report on Wednesday, October 7th. Raymond James Financial reaffirmed an “outperform” rating and issued a $56.00 price target on shares of CSX in a research note on Monday, July 13th. Morgan Stanley set a $32.00 price target on shares of CSX and gave the stock an “underweight” rating in a research note on Monday, July 6th. Finally, Stephens initiated coverage on shares of CSX in a report on Wednesday, July 8th. They set an “overweight” rating and a $57.00 price objective for the company. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, CSX presently has a consensus rating of “Moderate Buy” and an average target price of $51.06.

About CSX

CSX Corporation (NASDAQ:CSX) is a transportation company that provides rail-based freight services through its principal subsidiary, CSX Transportation. The company moves a broad range of products, including agricultural and food products, chemicals, minerals, forest products, metals, automotive shipments, and consumer goods.

CSX also provides intermodal transportation, connecting rail shipments with trucks, ports, and distribution facilities. Its network serves the eastern United States and reaches parts of Canada, linking major industrial regions, population centers, manufacturing locations, and Atlantic and Gulf Coast ports.

CSX traces its history to the 1980 merger of Chessie System and Seaboard Coast Line Industries.