Bank of New York Mellon Corp Purchases New Position in CSX Corporation $CSX

Bank of New York Mellon Corp purchased a new position in CSX Corporation (NASDAQ:CSX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,994,223 shares of the transportation company's stock, valued at approximately $950,325,000. Bank of New York Mellon Corp owned 1.08% of CSX as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. WFA of San Diego LLC bought a new position in shares of CSX during the second quarter valued at $28,000. Arlington Trust Co LLC raised its position in shares of CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock worth $32,000 after purchasing an additional 250 shares during the last quarter. Wilkerson Advisory Group LLC boosted its stake in CSX by 97.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company's stock worth $34,000 after purchasing an additional 409 shares in the last quarter. Allied Private Wealth LLC purchased a new stake in shares of CSX during the second quarter valued at approximately $37,000. Finally, CrossGen Wealth LLC purchased a new stake in shares of CSX during the fourth quarter valued at approximately $54,000. Institutional investors own 73.57% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on CSX shares. Citizens Jmp initiated coverage on CSX in a report on Wednesday, July 15th. They issued a "market perform" rating for the company. Morgan Stanley set a $32.00 target price on shares of CSX and gave the company an "underweight" rating in a research note on Monday, July 6th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $41.00 price target (up from $37.00) on shares of CSX in a report on Thursday, April 23rd. Stifel Nicolaus set a $54.00 price target on shares of CSX in a research note on Thursday, July 23rd. Finally, Wolfe Research reissued an "outperform" rating and set a $50.00 price objective on shares of CSX in a report on Thursday, April 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CSX has an average rating of "Moderate Buy" and a consensus price target of $51.31.

CSX Trading Up 0.6%

CSX stock opened at $50.97 on Friday. CSX Corporation has a 1-year low of $31.80 and a 1-year high of $53.60. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72. The company has a market capitalization of $94.42 billion, a price-to-earnings ratio of 29.46, a PEG ratio of 2.31 and a beta of 1.21. The business has a 50 day simple moving average of $49.30 and a two-hundred day simple moving average of $45.11.

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

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 dividend yield of 1.1%. CSX's dividend payout ratio (DPR) is 32.37%.

Insider Buying and Selling at CSX

In related news, CFO Kevin S. Boone sold 136,708 shares of the business's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total value of $6,384,263.60. Following 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. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the company's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 189,708 shares of company stock worth $9,132,304. Company insiders own 0.30% of the company's stock.

CSX 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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