147,675 Shares in CSX Corporation $CSX Acquired by Beacon Pointe Advisors LLC

Key Points

• Beacon Pointe Advisors acquired 147,675 CSX shares worth approximately $7.0 million in the second quarter, while institutional investors collectively own 73.57% of the company.
• CSX reported quarterly earnings of $0.54 per share, exceeding estimates by $0.02, with revenue rising 10.1% year over year to $3.94 billion.
• CSX declared a quarterly dividend of $0.14 per share, equivalent to an annualized $0.56 dividend and a 1.1% yield. Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and a $51.31 price target.

Beacon Pointe Advisors LLC bought a new position in shares of CSX Corporation (NASDAQ:CSX - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 147,675 shares of the transportation company's stock, valued at approximately $7,019,000.

Other institutional investors also recently modified their holdings of the company. N.E.W. Advisory Services LLC bought a new stake in shares of CSX during the 2nd quarter worth $27,000. WFA of San Diego LLC bought a new position in CSX in the 2nd quarter worth $28,000. Pin Oak Investment Advisors Inc. acquired a new position in CSX during the 2nd quarter worth $29,000. Manning & Napier Advisors LLC acquired a new position in CSX during the 2nd quarter worth $30,000. Finally, Arlington Trust Co LLC boosted its holdings in CSX by 58.0% during the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock valued at $32,000 after acquiring an additional 250 shares during the period. Institutional investors own 73.57% of the company's stock.

Insiders Place Their Bets

In other CSX 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 transaction, the chief accounting officer owned 10,437 shares of the company's stock, valued at approximately $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 can be accessed through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the sale, the senior vice president owned 59,643 shares in the company, valued at $3,141,993.24. The trade was a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 189,708 shares of company stock worth $9,132,304 in the last three months. Company insiders own 0.30% of the company's stock.

CSX Stock Down 0.5%

NASDAQ CSX 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 market capitalization of $94.99 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 2.34 and a beta of 1.21. The stock's 50 day moving average is $49.91 and its two-hundred day moving average is $45.57. 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 (NASDAQ:CSX - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.44 EPS. Equities analysts forecast 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. Shareholders of record on Monday, August 31st will be given a $0.14 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX's payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CSX. Barclays reaffirmed an "overweight" rating and issued a $60.00 price target (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. Raymond James Financial reissued an "outperform" rating and set a $56.00 price objective on shares of CSX in a research report on Monday, July 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $54.00 target price (up from $51.00) on shares of CSX in a report on Thursday, July 23rd. Truist Financial set a $46.00 price target on CSX in a research report on Friday, July 10th. Finally, Wells Fargo & Company upped their price target on CSX from $50.00 to $54.00 and gave the stock an "overweight" rating in a report on Wednesday, July 8th. Eighteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, CSX has an average rating of "Moderate Buy" and a consensus price target of $51.31.

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.

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