Allworth Financial LP Makes New Investment in CSX Corporation $CSX

Key Points

• Allworth Financial LP acquired 70,899 CSX shares during the second quarter, valued at approximately $3.37 million. Institutional investors collectively own 73.57% of CSX.
• CSX exceeded quarterly expectations, reporting $0.54 in EPS versus a $0.52 consensus estimate and $3.94 billion in revenue, up 10.1% year over year. The company also declared a quarterly dividend of $0.14 per share, representing a 1.1% annualized yield.
• Analysts maintain a “Moderate Buy” consensus, with several firms raising price targets to between $56 and $60. However, insiders sold approximately $9.13 million of stock over the past three months.

Allworth Financial LP bought a new position in CSX Corporation (NASDAQ:CSX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 70,899 shares of the transportation company's stock, valued at approximately $3,370,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Brighton Jones LLC boosted its stake in shares of CSX by 5.5% during the fourth quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company's stock valued at $525,000 after purchasing an additional 849 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of CSX by 3.2% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 74,410 shares of the transportation company's stock worth $2,428,000 after purchasing an additional 2,281 shares during the last quarter. WFA of San Diego LLC purchased a new position in shares of CSX in the second quarter worth $28,000. Captrust Financial Advisors increased its stake in shares of CSX by 0.8% in the second quarter. Captrust Financial Advisors now owns 405,828 shares of the transportation company's stock worth $13,242,000 after buying an additional 3,162 shares during the period. Finally, Horizon Investments LLC raised its holdings in CSX by 22.5% during the 3rd quarter. Horizon Investments LLC now owns 148,355 shares of the transportation company's stock valued at $5,268,000 after buying an additional 27,280 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors.

CSX Stock Performance

CSX stock opened at $51.59 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. The business's fifty day simple moving average is $49.38 and its two-hundred day simple moving average is $45.15. The firm has a market cap of $95.57 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 2.33 and a beta of 1.21. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.44 EPS. Analysts predict that CSX Corporation will post 2 earnings per share for the current year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a $0.14 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. CSX's payout ratio is presently 32.37%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Stifel Nicolaus set a $54.00 price target on shares of CSX in a research report on Thursday, July 23rd. Barclays reissued an "overweight" rating and issued a $60.00 target price (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their target price on shares of CSX from $56.00 to $58.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. Bank of America upped their price target on shares of CSX from $53.00 to $56.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $59.00 target price on shares of CSX in a research report on Friday, July 24th. Eighteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, CSX presently has an average rating of "Moderate Buy" and an average target price of $51.31.

Insider Activity

In related news, CAO Angela C. Williams sold 30,000 shares of the firm's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $53.29, for a total value of $1,598,700.00. Following the transaction, the chief accounting officer directly owned 10,437 shares of the company's stock, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Kevin S. Boone sold 136,708 shares of CSX stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total value of $6,384,263.60. Following the completion of the sale, the chief financial officer owned 208,622 shares in the company, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 189,708 shares of company stock worth $9,132,304 over the last three months. Corporate insiders own 0.30% of the company's stock.

CSX Company Profile

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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