Smith Partners Wealth Management LLC Makes New $601,000 Investment in CSX Corporation $CSX

Smith Partners Wealth Management LLC bought a new stake in CSX Corporation (NASDAQ:CSX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,644 shares of the transportation company’s stock, valued at approximately $601,000. CSX comprises 0.5% of Smith Partners Wealth Management LLC’s portfolio, making the stock its 24th largest position.

Other institutional investors have also added to or reduced their stakes in the company. Great Lakes Advisors LLC acquired a new stake in shares of CSX during the second quarter worth $171,908,000. Danske Bank A S acquired a new stake in CSX during the 2nd quarter worth about $44,892,000. Diversify Advisory Services LLC acquired a new stake in CSX during the 2nd quarter worth about $2,496,000. Gables Capital Management Inc. bought a new position in shares of CSX in the 2nd quarter worth about $608,000. Finally, Wealthfront Advisers LLC bought a new position in shares of CSX in the 2nd quarter worth about $7,609,000. 73.57% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Kevin S. Boone sold 136,708 shares of CSX stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the transaction, the chief financial officer owned 208,622 shares of the company’s stock, valued at $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Angela C. Williams sold 30,000 shares of the company’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 sale, the chief accounting officer owned 10,437 shares of the company’s stock, valued at $556,187.73. This trade represents a 74.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 189,708 shares of company stock worth $9,132,304 over the last three months. Company insiders own 0.30% of the company’s stock.

CSX Trading Down 0.7%

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. CSX Corporation has a fifty-two week low of $31.80 and a fifty-two week high of $53.60. The firm has a market capitalization of $93.07 billion, a PE ratio of 29.04, a P/E/G ratio of 2.29 and a beta of 1.21. The company’s 50-day moving average is $49.14 and its 200 day moving average is $44.92.

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

CSX Dividend Announcement

The business 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. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s dividend payout ratio (DPR) is currently 32.37%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CSX shares. New Street Research set a $49.00 target price on CSX in a research report on Thursday, April 23rd. TD Cowen lifted their target price on CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Stifel Nicolaus set a $54.00 price target on CSX in a research note on Thursday, July 23rd. Stephens assumed coverage on shares of CSX in a research report on Wednesday, July 8th. They set an “overweight” rating and a $57.00 price objective for the company. Finally, Weiss Ratings upgraded shares of CSX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Eighteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, CSX has an average rating of “Moderate Buy” and a consensus price target of $51.31.

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.