XXEC Inc. Takes $765.60 Million Position in CSX Corporation $CSX

XXEC Inc. acquired a new stake in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, according to its most recent filing with the SEC. The fund acquired 98,953,007 shares of the transportation company’s stock, valued at approximately $765,595,000. CSX accounts for approximately 0.4% of XXEC Inc.’s investment portfolio, making the stock its 13th biggest holding. XXEC Inc. owned 5.34% of CSX as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. N.E.W. Advisory Services LLC purchased a new position in CSX during the 2nd quarter valued at about $27,000. WFA of San Diego LLC purchased a new stake in shares of CSX in the second quarter worth about $28,000. Arlington Trust Co LLC lifted its holdings in shares of CSX by 58.0% in the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock worth $32,000 after buying an additional 250 shares in the last quarter. Wilkerson Advisory Group LLC boosted its position in shares of 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 acquiring an additional 409 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in shares of CSX in the second quarter valued at approximately $34,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Stock Up 1.2%

CSX stock opened at $51.59 on Friday. The company’s 50 day moving average is $49.38 and its 200 day moving average is $45.15. The stock has a market cap of $95.57 billion, a price-to-earnings ratio of 29.82, a price-to-earnings-growth ratio of 2.36 and a beta of 1.21. 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 1-year low of $31.80 and a 1-year high of $53.60.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.89 billion. During the same period in the previous year, the business posted $0.44 earnings per share. CSX’s revenue for the quarter was up 10.1% on a year-over-year basis. Sell-side analysts predict that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $0.14 per share. 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 32.37%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. upped their target price on shares of CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, July 23rd. Benchmark reissued a “buy” rating and issued a $54.00 price target (up from $48.00) on shares of CSX in a report on Wednesday, July 15th. Citizens Jmp began coverage on shares of CSX in a report on Wednesday, July 15th. They issued a “market perform” rating for the company. Truist Financial set a $46.00 price target on shares of CSX in a research report on Friday, July 10th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $56.00 price target on shares of CSX in a report on Monday, July 13th. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.31.

Insider Activity at CSX

In related news, CAO Angela C. Williams sold 30,000 shares of the stock in a transaction on Friday, July 24th. The stock was 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 represents a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the completion of the transaction, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. This represents a 17.90% decrease in their position. 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. 0.30% of the stock is currently owned by insiders.

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.