Sumitomo Life Insurance Co. Invests $1.84 Million in CSX Corporation $CSX

Sumitomo Life Insurance Co. acquired a new position in shares of CSX Corporation (NASDAQ:CSX) in the second quarter, Holdings Channel.com reports. The fund acquired 38,787 shares of the transportation company’s stock, valued at approximately $1,844,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in CSX in the second quarter valued at $7,655,277,000. Bank of New York Mellon Corp bought a new stake in CSX during the second quarter worth about $950,325,000. Deutsche Bank AG bought a new stake in CSX during the second quarter worth about $685,418,000. Cohen & Steers Inc. boosted its holdings in shares of CSX by 1.2% in the 4th quarter. Cohen & Steers Inc. now owns 8,282,107 shares of the transportation company’s stock worth $300,226,000 after purchasing an additional 98,977 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of CSX in the 2nd quarter worth about $224,809,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Trading Up 1.2%

NASDAQ CSX opened at $51.59 on Friday. CSX Corporation has a 1-year low of $31.80 and a 1-year high of $53.60. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. The stock has a 50-day moving average of $49.38 and a 200-day moving average of $45.15. The firm has a market cap of $95.57 billion, a PE ratio of 29.82, a price-to-earnings-growth ratio of 2.33 and a beta of 1.21.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.CSX’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. As a group, sell-side analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a $0.14 dividend. The ex-dividend date 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%.

Analyst Upgrades and Downgrades

CSX has been the topic of a number of research reports. Rothschild & Co Redburn raised their price objective on CSX from $45.50 to $47.50 and gave the company a “buy” rating in a report on Tuesday, April 28th. TD Cowen upped their target price on CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Argus set a $56.00 price target on shares of CSX in a research report on Friday, July 31st. Robert W. Baird lifted their price target on shares of CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Eighteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.31.

Insider Activity

In other CSX news, Director John J. Zillmer sold 10,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total transaction of $464,500.00. Following the completion of the sale, the director owned 353,714 shares of the company’s stock, valued at $16,430,015.30. This represents a 2.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction of $1,598,700.00. Following the completion of the sale, the chief accounting officer directly owned 10,437 shares in the company, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 189,708 shares of company stock worth $9,132,304 over the last ninety days. Company insiders own 0.30% of the company’s stock.

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.