37,547 Shares in CSX Corporation $CSX Acquired by Associated Banc Corp

Key Points

• Associated Banc Corp initiated a position in CSX, buying 37,547 shares worth approximately $1.746 million in the third quarter; institutional investors collectively own 73.57% of the stock.
• CSX reported quarterly earnings of $0.57 per share, beating the $0.53 consensus estimate, while revenue of $4.02 billion also topped forecasts and rose 12% year over year.
• Analysts give CSX a consensus “Moderate Buy” rating, with an average price target of $52.20; the company also announced a quarterly dividend of $0.14 per share.

Associated Banc Corp bought a new stake in CSX Corporation (NASDAQ:CSX - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 37,547 shares of the transportation company's stock, valued at approximately $1,746,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Virtue Capital Management LLC lifted its position in CSX by 1.6% during the third quarter. Virtue Capital Management LLC now owns 12,545 shares of the transportation company's stock valued at $583,000 after purchasing an additional 201 shares during the last quarter. Washington Trust Advisors Inc. increased its holdings in shares of CSX by 7.2% in the 2nd quarter. Washington Trust Advisors Inc. now owns 3,142 shares of the transportation company's stock worth $149,000 after buying an additional 211 shares during the last quarter. CHICAGO TRUST Co NA raised its position in shares of CSX by 0.7% during the 3rd quarter. CHICAGO TRUST Co NA now owns 31,606 shares of the transportation company's stock valued at $1,470,000 after buying an additional 211 shares in the last quarter. BLB&B Advisors LLC raised its position in shares of CSX by 0.7% during the 3rd quarter. BLB&B Advisors LLC now owns 30,452 shares of the transportation company's stock valued at $1,416,000 after buying an additional 215 shares in the last quarter. Finally, PFG Private Wealth Management LLC raised its position in shares of CSX by 2.7% during the 3rd quarter. PFG Private Wealth Management LLC now owns 8,309 shares of the transportation company's stock valued at $386,000 after buying an additional 217 shares in the last quarter. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Up 2.6%

Shares of NASDAQ CSX opened at $52.05 on Thursday. CSX Corporation has a 52-week low of $33.63 and a 52-week high of $53.60. The firm has a market capitalization of $95.95 billion, a price-to-earnings ratio of 26.97, a PEG ratio of 2.23 and a beta of 1.12. The stock has a 50 day moving average price of $48.86 and a 200 day moving average price of $45.75. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.75 and a current ratio of 0.84.

CSX (NASDAQ:CSX - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The transportation company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.53 by $0.04. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.96 billion. CSX had a return on equity of 25.94% and a net margin of 23.97%. CSX's quarterly revenue was up 12.0% on a year-over-year basis. During the same period last year, the business posted $0.44 EPS. Sell-side analysts expect that CSX Corporation will post 2.04 earnings per share for the current year.

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, November 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. CSX's dividend payout ratio is presently 29.02%.

Insider Activity at CSX

In other news, Director John Zillmer sold 19,500 shares of the firm's stock in a transaction on Monday, October 26th. The stock was sold at an average price of $51.24, for a total transaction of $999,180.00. Following the transaction, the director owned 334,214 shares in the company, valued at approximately $17,125,125.36. This trade represents a 5.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CSX shares. Raymond James Financial set a $55.00 price target on shares of CSX in a report on Friday, October 23rd. Weiss Ratings raised CSX from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 29th. Truist Financial set a $46.00 price objective on CSX in a research report on Friday, July 10th. Stephens started coverage on CSX in a research report on Wednesday, July 8th. They set an "overweight" rating and a $57.00 price objective on the stock. Finally, Barclays reaffirmed an "overweight" rating and issued a $60.00 price objective (up from $55.00) on shares of CSX in a research note on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.20.

CSX Profile

CSX Corporation is a transportation company whose primary business is freight railroading through its CSX Transportation subsidiary. The company operates an extensive rail network across the eastern United States, serving major industrial centers, population hubs, ports and distribution markets.

CSX transports a broad range of products, including chemicals, agricultural and food products, forest products, minerals, metals, automotive goods and other manufactured merchandise. Its services also include intermodal transportation, which combines rail service with trucks and containers, as well as the movement of coal and other bulk commodities.

The company traces its roots to the formation of CSX Corporation in 1980 through the merger of Chessie System and Seaboard Coast Line Industries.

Want to see what other hedge funds are holding CSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CSX Corporation (NASDAQ:CSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.