Bank of Nova Scotia Makes New $36.73 Million Investment in CSX Corporation $CSX

Bank of Nova Scotia purchased a new position in CSX Corporation (NASDAQ:CSX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 772,703 shares of the transportation company's stock, valued at approximately $36,727,000.

Several other hedge funds and other institutional investors have also modified their holdings of CSX. BlackRock Inc. bought a new position in CSX in the second quarter worth about $7,655,277,000. XXEC Inc. acquired a new stake in shares of CSX during the 2nd quarter worth approximately $765,595,000. Bank of New York Mellon Corp acquired a new stake in shares of CSX during the 2nd quarter worth approximately $950,325,000. Deutsche Bank AG bought a new stake in shares of CSX in the 2nd quarter worth approximately $685,418,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in CSX during the 2nd quarter valued at approximately $224,809,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Insider Activity at CSX

In other CSX news, CAO Angela C. Williams sold 30,000 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin S. Boone sold 136,708 shares of the 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 transaction, the chief financial officer directly owned 208,622 shares of the company's stock, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 189,708 shares of company stock worth $9,132,304 over the last ninety days. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Royal Bank Of Canada reiterated an "outperform" rating and issued a $54.00 target price (up from $51.00) on shares of CSX in a research note on Thursday, July 23rd. Bank of America increased their price objective on shares of CSX from $53.00 to $56.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. BMO Capital Markets reiterated a "market perform" rating and issued a $52.00 price objective (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Weiss Ratings raised shares of CSX from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $59.00 price target on shares of CSX in a research note on Friday, July 24th. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, CSX currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.31.

CSX Price Performance

Shares of CSX opened at $51.59 on Monday. CSX Corporation has a one year low of $31.80 and a one year high of $53.60. The stock's fifty day moving average is $49.38 and its 200-day moving average is $45.20. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The firm has a market capitalization of $95.57 billion, a price-to-earnings ratio of 29.82, a price-to-earnings-growth ratio of 2.36 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 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 net margin of 22.21% and a return on equity of 24.98%. CSX's revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 EPS. Equities analysts anticipate that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

The business 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 $0.14 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. CSX's dividend payout ratio (DPR) is 32.37%.

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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