Quantbot Technologies LP Buys New Position in CSX Corporation $CSX

Quantbot Technologies LP purchased a new position in CSX Corporation (NASDAQ:CSX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 17,533 shares of the transportation company’s stock, valued at approximately $833,000.

A number of other hedge funds have also added to or reduced their stakes in CSX. BlackRock Inc. purchased a new stake in shares of CSX in the 2nd quarter worth about $7,655,277,000. XXEC Inc. purchased a new position in shares of CSX during the second quarter valued at about $765,595,000. Bank of New York Mellon Corp purchased a new position in shares of CSX during the second quarter valued at about $950,325,000. Deutsche Bank AG bought a new position in CSX in the second quarter worth about $685,418,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in CSX in the second quarter worth about $224,809,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Angela C. Williams sold 30,000 shares of the business’s 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 completion of the transaction, the chief accounting officer owned 10,437 shares in the company, valued at $556,187.73. The trade was a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin S. Boone sold 136,708 shares of the business’s stock in a transaction 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 transaction, the chief financial officer owned 208,622 shares of the company’s stock, valued at $9,742,647.40. This represents a 39.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 189,708 shares of company stock valued at $9,132,304. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CSX shares. TD Cowen lifted their price objective on CSX from $46.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Morgan Stanley set a $32.00 target price on CSX and gave the stock an “underweight” rating in a research report on Monday, July 6th. Stifel Nicolaus set a $54.00 price target on CSX in a research report on Thursday, July 23rd. Benchmark reaffirmed a “buy” rating and issued a $54.00 price target (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. Finally, Truist Financial set a $46.00 price objective on CSX in a report on Friday, July 10th. Eighteen 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

CSX Stock Up 0.5%

NASDAQ:CSX opened at $51.76 on Thursday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The firm has a market cap of $95.88 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.35 and a beta of 1.21. CSX Corporation has a fifty-two week low of $31.80 and a fifty-two week high of $53.60. The firm has a 50-day simple moving average of $49.68 and a two-hundred day simple moving average of $45.45.

CSX (NASDAQ:CSX) last issued its 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. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The business’s revenue was up 10.1% on a year-over-year basis. Analysts predict that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a $0.14 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX’s dividend payout ratio is 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.