Diversify Advisory Services LLC Purchases Shares of 48,181 CSX Corporation $CSX

Diversify Advisory Services LLC bought a new stake in CSX Corporation (NASDAQ:CSX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 48,181 shares of the transportation company’s stock, valued at approximately $2,496,000.

Several other hedge funds have also recently added to or reduced their stakes in CSX. BlackRock Inc. bought a new stake in shares of CSX in the 2nd quarter worth about $7,655,277,000. Bank of New York Mellon Corp bought a new position in shares of CSX in the second quarter valued at approximately $950,325,000. Deutsche Bank AG acquired a new position in shares of CSX in the 2nd quarter worth approximately $685,418,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of CSX in the 2nd quarter worth approximately $224,809,000. Finally, M. Kulyk & Associates LLC bought a new stake in CSX during the 2nd quarter worth approximately $8,145,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

Insider Activity

In other news, CFO Kevin S. Boone sold 136,708 shares of the business’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 $9,742,647.40. The trade was a 39.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael S. Burns sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the transaction, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. This trade represents a 17.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 189,708 shares of company stock valued at $9,132,304 in the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Wall Street Zen cut shares of CSX from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. BMO Capital Markets restated a “market perform” rating and issued a $52.00 price objective (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Rothschild & Co Redburn upped their price objective on CSX from $45.50 to $47.50 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Evercore set a $51.00 price objective on CSX in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company lifted their target price on CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, July 8th. Eighteen investment 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.31.

CSX Trading Down 0.7%

NASDAQ:CSX opened at $50.24 on Wednesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72. The business’s 50-day simple moving average is $49.14 and its 200-day simple moving average is $44.92. CSX Corporation has a fifty-two week low of $31.80 and a fifty-two week high of $53.60. The stock has a market capitalization of $93.07 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $3.94 billion during 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 company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 EPS. Sell-side analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a $0.14 dividend. 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 dividend payout ratio (DPR) is currently 32.37%.

CSX 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.