RB Capital Management LLC Makes New Investment in CSX Corporation $CSX

RB Capital Management LLC acquired a new stake in CSX Corporation (NASDAQ:CSX) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 20,031 shares of the transportation company’s stock, valued at approximately $952,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of CSX during the 2nd quarter worth $7,655,277,000. XXEC Inc. purchased a new position in CSX in the second quarter valued at $765,595,000. Bank of America Corp DE purchased a new position in CSX in the second quarter valued at $1,598,962,000. Bank of New York Mellon Corp acquired a new stake in CSX in the second quarter valued at $950,325,000. Finally, Legal & General Group Plc acquired a new stake in CSX in the second quarter valued at $747,001,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CSX has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Benchmark reissued a “buy” rating and set a $54.00 target price (up from $48.00) on shares of CSX in a research report on Wednesday, July 15th. Morgan Stanley set a $32.00 target price on CSX and gave the stock an “underweight” rating in a research note on Monday, July 6th. TD Cowen boosted 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. Finally, Weiss Ratings raised CSX from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, CSX currently has an average rating of “Moderate Buy” and an average target price of $51.31.

CSX Price Performance

Shares of CSX opened at $51.28 on Friday. 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 1-year low of $31.80 and a 1-year high of $53.60. The stock has a market cap of $94.99 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 2.35 and a beta of 1.21. The firm has a fifty day moving average price of $49.91 and a 200 day moving average price of $45.57.

CSX (NASDAQ:CSX) last issued its quarterly earnings data 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 return on equity of 24.98% and a net margin of 22.21%.The company had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same quarter last year, the company posted $0.44 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts anticipate 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. 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 dividend on an annualized basis and a dividend yield of 1.1%. CSX’s dividend payout ratio is 32.37%.

Insider Transactions at CSX

In other CSX news, 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 value of $464,500.00. Following the completion of the sale, the director owned 353,714 shares in the company, valued at approximately $16,430,015.30. The trade was a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction that occurred 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 sale, the senior vice president directly owned 59,643 shares of the company’s stock, valued at $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 189,708 shares of company stock worth $9,132,304. 0.30% of the stock is owned by corporate insiders.

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.