ABC Arbitrage SA Buys Shares of 20,396 CSX Corporation (NASDAQ:CSX)

Key Points

• ABC Arbitrage SA has taken a new position in CSX Corporation, purchasing 20,396 shares valued at approximately $600,000, according to its recent SEC filing.
• A majority of the stock, approximately 73.57%, is currently owned by hedge funds and institutional investors, with several increasing their stakes in recent months.
• CSX recently reported earnings of $0.44 per share, exceeding analyst expectations, while also announcing a dividend of $0.13 per share, underscoring its financial stability amidst a slight revenue decline.

ABC Arbitrage SA bought a new stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 20,396 shares of the transportation company's stock, valued at approximately $600,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. McClarren Financial Advisors Inc. acquired a new position in CSX during the first quarter worth $54,000. Cary Street Partners Investment Advisory LLC boosted its stake in shares of CSX by 11.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 5,794 shares of the transportation company's stock valued at $171,000 after purchasing an additional 617 shares in the last quarter. New Age Alpha Advisors LLC grew its holdings in shares of CSX by 33,664.1% in the 1st quarter. New Age Alpha Advisors LLC now owns 86,436 shares of the transportation company's stock worth $2,544,000 after purchasing an additional 86,180 shares during the last quarter. Factorial Partners LLC increased its position in shares of CSX by 17.1% during the 1st quarter. Factorial Partners LLC now owns 116,500 shares of the transportation company's stock worth $3,429,000 after purchasing an additional 17,000 shares in the last quarter. Finally, ING Groep NV increased its holdings in shares of CSX by 50.7% during the first quarter. ING Groep NV now owns 190,764 shares of the transportation company's stock worth $5,614,000 after buying an additional 64,152 shares in the last quarter. Institutional investors own 73.57% of the company's stock.

CSX Trading Up 0.5%

Shares of CSX stock traded up $0.18 during trading on Friday, reaching $35.43. 10,864,400 shares of the company were exchanged, compared to its average volume of 21,548,876. The business has a 50-day moving average price of $33.56 and a 200-day moving average price of $31.47. The firm has a market capitalization of $66.05 billion, a price-to-earnings ratio of 21.87, a P/E/G ratio of 2.63 and a beta of 1.25. The company has a quick ratio of 0.63, a current ratio of 0.77 and a debt-to-equity ratio of 1.50. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.10.

CSX (NASDAQ:CSX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The firm had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%. The company's revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.49 earnings per share. Sell-side analysts anticipate that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.13 per share. The ex-dividend date is Friday, August 29th. This represents a $0.52 dividend on an annualized basis and a yield of 1.5%. CSX's payout ratio is currently 32.10%.

Analysts Set New Price Targets

Several brokerages have issued reports on CSX. Argus set a $32.00 price objective on CSX in a research note on Friday, April 25th. Wells Fargo & Company lifted their price target on CSX from $35.00 to $37.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Royal Bank Of Canada reissued a "sector perform" rating on shares of CSX in a report on Thursday, July 24th. Citigroup raised their price objective on shares of CSX from $36.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Susquehanna reiterated a "neutral" rating and set a $35.00 target price on shares of CSX in a research report on Tuesday, June 24th. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $37.00.

CSX Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.