Rakuten Investment Management Inc. Acquires Shares of 447,796 CSX Corporation $CSX

Rakuten Investment Management Inc. bought a new stake in shares of CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 447,796 shares of the transportation company’s stock, valued at approximately $21,499,000.

Other large investors also recently bought and sold shares of the company. N.E.W. Advisory Services LLC acquired a new position in CSX during the second quarter worth $27,000. WFA of San Diego LLC purchased a new position in CSX in the 2nd quarter worth approximately $28,000. Manning & Napier Advisors LLC purchased a new position in CSX during the second quarter worth approximately $30,000. Arlington Trust Co LLC raised its holdings in shares of CSX by 58.0% during the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock worth $32,000 after acquiring an additional 250 shares during the period. Finally, First Bancorp Inc ME acquired a new position in CSX in the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

Insider Transactions at CSX

In other news, CFO Kevin S. Boone sold 136,708 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief financial officer owned 208,622 shares in the company, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John J. Zillmer sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.45, for a total transaction of $464,500.00. Following the sale, the director owned 353,714 shares of the company’s stock, valued at approximately $16,430,015.30. This represents a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 189,708 shares of company stock worth $9,132,304 in the last three months. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CSX has been the topic of several recent analyst reports. Stifel Nicolaus set a $54.00 price target on CSX in a research note on Thursday, July 23rd. Robert W. Baird raised their price target on shares of CSX from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Evercore set a $51.00 price objective on CSX in a research report on Thursday, July 23rd. TD Cowen boosted their target price on shares of CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen lowered shares of CSX from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.31.

CSX Trading Down 0.5%

Shares of CSX stock opened at $51.28 on Friday. CSX Corporation has a 1 year low of $31.80 and a 1 year high of $53.60. 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 has a 50 day moving average price of $49.91 and a 200 day moving average price of $45.57. The company has a market capitalization of $94.99 billion, a P/E ratio of 29.64, a P/E/G ratio of 2.35 and a beta of 1.21.

CSX (NASDAQ:CSX) last released its 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. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same period in the prior year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. Sell-side analysts anticipate that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

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 issued a $0.14 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. CSX’s dividend payout ratio (DPR) is presently 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.