ABC Arbitrage SA Takes $600,000 Position in 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 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,396 shares of the transportation company's stock, valued at approximately $600,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CSX. Ameriprise Financial Inc. raised its position in CSX by 89.7% in the 4th quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after purchasing an additional 9,863,587 shares during the period. Fiduciary Management Inc. WI purchased a new stake in CSX in the 4th quarter worth about $178,259,000. Bank of New York Mellon Corp grew its stake in CSX by 21.6% in the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock worth $835,336,000 after acquiring an additional 5,033,743 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in CSX by 1,283.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock worth $123,786,000 after acquiring an additional 3,887,644 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in CSX in the 4th quarter worth about $117,133,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on CSX shares. Royal Bank Of Canada restated a "sector perform" rating on shares of CSX in a research note on Thursday, July 24th. Susquehanna restated a "neutral" rating and issued a $35.00 target price on shares of CSX in a research note on Tuesday, June 24th. Bank of America upgraded shares of CSX from a "neutral" rating to a "buy" rating and upped their target price for the stock from $34.00 to $42.00 in a research note on Thursday, July 17th. BMO Capital Markets upped their target price on shares of CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Stifel Nicolaus dropped their target price on shares of CSX from $37.00 to $34.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

CSX Stock Up 0.5%

NASDAQ CSX traded up $0.18 on Friday, hitting $35.43. The stock had a trading volume of 10,864,400 shares, compared to its average volume of 21,548,876. The business's fifty day moving average price is $33.56 and its 200 day moving average price is $31.46. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63. CSX Corporation has a 52-week low of $26.22 and a 52-week high of $37.10. The stock has a market cap of $66.05 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 2.64 and a beta of 1.25.

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

CSX Dividend Announcement

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

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.