Adage Capital Partners GP L.L.C. Acquires 73,300 Shares of CSX Corporation $CSX

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in CSX Corporation by 4.5%, owning approximately 1.69 million shares worth $49.74 million as of its latest SEC filing.
• CSX recently reported quarterly earnings of $0.44 per share, surpassing estimates of $0.42, although revenues declined by 3.5% compared to the previous year.
• The company declared a quarterly dividend of $0.13 per share, with a yield of 1.6%, to be paid on September 15th to shareholders recorded by August 29th.

Adage Capital Partners GP L.L.C. increased its position in CSX Corporation (NASDAQ:CSX - Free Report) by 4.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,690,004 shares of the transportation company's stock after acquiring an additional 73,300 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.09% of CSX worth $49,737,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. CWA Asset Management Group LLC boosted its holdings in shares of CSX by 15.1% during the first quarter. CWA Asset Management Group LLC now owns 12,514 shares of the transportation company's stock worth $368,000 after purchasing an additional 1,642 shares during the last quarter. Dynamic Advisor Solutions LLC increased its holdings in CSX by 9.8% in the first quarter. Dynamic Advisor Solutions LLC now owns 38,757 shares of the transportation company's stock valued at $1,141,000 after buying an additional 3,458 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in CSX by 61.4% in the first quarter. Farther Finance Advisors LLC now owns 14,154 shares of the transportation company's stock valued at $418,000 after acquiring an additional 5,382 shares during the period. GAMMA Investing LLC boosted its stake in CSX by 23.2% in the first quarter. GAMMA Investing LLC now owns 35,910 shares of the transportation company's stock valued at $1,057,000 after acquiring an additional 6,766 shares during the period. Finally, Public Sector Pension Investment Board boosted its position in shares of CSX by 9.3% during the first quarter. Public Sector Pension Investment Board now owns 262,505 shares of the transportation company's stock worth $7,726,000 after buying an additional 22,367 shares during the period. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Stock Performance

CSX traded down $0.10 on Monday, reaching $32.43. The company had a trading volume of 15,575,550 shares, compared to its average volume of 16,939,430. CSX Corporation has a fifty-two week low of $26.22 and a fifty-two week high of $37.25. The stock has a market cap of $60.46 billion, a P/E ratio of 20.02, a P/E/G ratio of 2.43 and a beta of 1.25. The company's fifty day moving average is $34.35 and its 200 day moving average is $31.62. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.63 and a current ratio of 0.77.

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

CSX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. CSX's payout ratio is 32.10%.

Analyst Ratings Changes

CSX has been the topic of several recent analyst reports. The Goldman Sachs Group reissued a "neutral" rating and set a $35.00 target price on shares of CSX in a research note on Monday, June 2nd. TD Cowen raised shares of CSX from a "hold" rating to a "buy" rating and upped their price target for the stock from $32.00 to $45.00 in a research note on Monday, July 21st. BMO Capital Markets cut shares of CSX from an "outperform" rating to a "market perform" rating and set a $38.00 price objective for the company. in a report on Monday, August 18th. JPMorgan Chase & Co. upped their price target on shares of CSX from $34.00 to $41.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, Royal Bank Of Canada restated a "sector perform" rating on shares of CSX in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, CSX has a consensus rating of "Moderate Buy" and an average price target of $37.00.

About CSX

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.