Amundi Acquires 2,245,405 Shares of CSX Corporation $CSX

Key Points

• Amundi increased its CSX stake by 19.1% in the second quarter, acquiring 2.25 million shares and bringing its holdings to 13.98 million shares valued at approximately $664.4 million.
• CSX reported quarterly EPS of $0.54, ahead of the $0.52 consensus estimate, while revenue rose 10.1% year over year to $3.94 billion. The company also declared a quarterly dividend of $0.14 per share, yielding about 1.1% annually.
• Wall Street sentiment remains favorable, with a consensus rating of “Moderate Buy” from 26 analysts and an average price target of $51.31, although CSX insiders recently sold shares.

Amundi boosted its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 19.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,977,575 shares of the transportation company's stock after acquiring an additional 2,245,405 shares during the quarter. Amundi owned 0.75% of CSX worth $664,354,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC grew its position in shares of CSX by 5.5% in 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 last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of CSX by 3.2% in the 2nd 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 in the last quarter. WFA of San Diego LLC bought a new stake in CSX during the second quarter worth $28,000. Captrust Financial Advisors lifted its holdings in CSX by 0.8% during the second quarter. Captrust Financial Advisors now owns 405,828 shares of the transportation company's stock worth $13,242,000 after acquiring an additional 3,162 shares during the period. Finally, Horizon Investments LLC grew its holdings in CSX by 22.5% during the third quarter. Horizon Investments LLC now owns 148,355 shares of the transportation company's stock valued at $5,268,000 after purchasing an additional 27,280 shares during the period. Institutional investors own 73.57% of the company's stock.

Insider Buying and Selling at CSX

In other CSX news, SVP Michael Burns sold 13,000 shares of CSX stock in a transaction dated 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 of the company's stock, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Angela Williams sold 30,000 shares of the company's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the sale, the chief accounting officer directly owned 10,437 shares in the company, valued at approximately $556,187.73. The trade was a 74.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Susquehanna upgraded shares of CSX from a "neutral" rating to a "positive" rating and increased their target price for the stock from $50.00 to $58.00 in a research note on Tuesday, July 14th. Barclays reiterated an "overweight" rating and issued a $60.00 price objective (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. Wells Fargo & Company raised their price objective on shares of CSX from $50.00 to $54.00 and gave the stock an "overweight" rating in a report on Wednesday, July 8th. Argus set a $56.00 price objective on shares of CSX in a report on Friday, July 31st. Finally, Evercore set a $51.00 price target on shares of CSX in a research note on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, CSX presently has a consensus rating of "Moderate Buy" and an average target price of $51.31.

CSX Price Performance

Shares of NASDAQ:CSX opened at $49.41 on Monday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. CSX Corporation has a fifty-two week low of $31.80 and a fifty-two week high of $53.60. The firm has a fifty day moving average price of $50.16 and a 200 day moving average price of $45.89. The firm has a market cap of $91.53 billion, a price-to-earnings ratio of 28.56, a P/E/G ratio of 2.32 and a beta of 1.21.

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 the consensus estimate of $0.52 by $0.02. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm had revenue of $3.94 billion for the quarter, compared to analysts' expectations of $3.89 billion. During the same period in the prior year, the company earned $0.44 EPS. The business's revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX's dividend payout ratio is currently 32.37%.

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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