Abbot Financial Management Inc. Makes New $1.07 Million Investment in CSX Corporation $CSX

Key Points

• Abbot Financial Management initiated a $1.07 million position in CSX during the second quarter by purchasing 22,592 shares. Institutional investors collectively own 73.57% of the company.
• CSX reported quarterly EPS of $0.54, beating estimates by $0.02, while revenue rose 10.1% year over year to $3.94 billion. Shares opened at $50.16, near the company’s 12-month high of $53.60.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $51.31. CSX also declared a quarterly dividend of $0.14 per share, representing an annualized yield of approximately 1.1%.

Abbot Financial Management Inc. bought a new stake in CSX Corporation (NASDAQ:CSX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,592 shares of the transportation company's stock, valued at approximately $1,074,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Arlington Trust Co LLC raised its holdings in CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock valued at $32,000 after buying an additional 250 shares during the period. Syon Capital LLC lifted its position in shares of CSX by 1.0% during the fourth quarter. Syon Capital LLC now owns 28,316 shares of the transportation company's stock worth $1,026,000 after purchasing an additional 287 shares in the last quarter. Root Financial Partners LLC lifted its position in shares of CSX by 7.3% during the fourth quarter. Root Financial Partners LLC now owns 4,757 shares of the transportation company's stock worth $172,000 after purchasing an additional 323 shares in the last quarter. Walled Lake Planning & Wealth Management LLC boosted its stake in shares of CSX by 2.7% in the fourth quarter. Walled Lake Planning & Wealth Management LLC now owns 13,235 shares of the transportation company's stock valued at $480,000 after purchasing an additional 346 shares during the period. Finally, Sumitomo Life Insurance Co. boosted its stake in shares of CSX by 0.9% in the fourth quarter. Sumitomo Life Insurance Co. now owns 39,996 shares of the transportation company's stock valued at $1,450,000 after purchasing an additional 347 shares during the period. Institutional investors and hedge funds own 73.57% of the company's stock.

Insider Buying and Selling

In other news, SVP Michael S. Burns sold 13,000 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the completion of the sale, the senior vice president owned 59,643 shares in the company, valued at $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin S. Boone sold 136,708 shares of the business's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the completion of the transaction, the chief financial officer directly owned 208,622 shares in the company, valued at $9,742,647.40. This represents a 39.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 189,708 shares of company stock valued at $9,132,304. Company insiders own 0.30% of the company's stock.

CSX Price Performance

Shares of NASDAQ:CSX opened at $50.16 on Monday. CSX Corporation has a 12 month low of $31.80 and a 12 month high of $53.60. The firm has a market capitalization of $92.92 billion, a P/E ratio of 28.99, a P/E/G ratio of 2.29 and a beta of 1.21. 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 company's fifty day moving average price is $49.02 and its 200 day moving average price is $44.74.

CSX (NASDAQ:CSX - Get Free Report) last announced 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. The firm had revenue of $3.94 billion during the quarter, compared to analysts' expectations of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The business's revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. As a group, sell-side analysts predict that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a dividend of $0.14 per share. 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 (DPR) is currently 32.37%.

Wall Street Analyst Weigh In

CSX has been the topic of several analyst reports. Wells Fargo & Company increased their price objective on CSX from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Wednesday, July 8th. Stephens started coverage on CSX in a report on Wednesday, July 8th. They set an "overweight" rating and a $57.00 price target on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $59.00 price target on shares of CSX in a research report on Friday, July 24th. Rothschild & Co Redburn lifted their price objective on CSX from $45.50 to $47.50 and gave the company a "buy" rating in a research note on Tuesday, April 28th. Finally, Stifel Nicolaus set a $54.00 price objective on CSX in a research report on Thursday, July 23rd. Eighteen 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.

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