Belmont Capital LLC Takes Position in CSX Corporation $CSX

Key Points

• Belmont Capital LLC has acquired a new position in CSX Corporation, purchasing 14,291 shares valued at approximately $421,000 in the first quarter.
• Several hedge funds have increased their holdings in CSX, resulting in institutional investors now owning 73.57% of the company's stock.
• CSX announced a quarterly dividend of $0.13, with a yield of 1.6%, to be paid on September 15th to stockholders of record.

Belmont Capital LLC bought a new position in CSX Corporation (NASDAQ:CSX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 14,291 shares of the transportation company's stock, valued at approximately $421,000.

Several other hedge funds also recently added to or reduced their stakes in CSX. Brighton Jones LLC raised its position in 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 period. Brown Advisory Inc. raised its position in CSX by 1.8% in the fourth quarter. Brown Advisory Inc. now owns 373,199 shares of the transportation company's stock valued at $12,043,000 after purchasing an additional 6,735 shares during the period. Chapman Financial Group LLC purchased a new position in CSX in the fourth quarter valued at about $163,000. Cary Street Partners Financial LLC purchased a new position in CSX in the fourth quarter valued at about $911,000. Finally, BROOKFIELD Corp ON raised its position in CSX by 5.8% in the fourth quarter. BROOKFIELD Corp ON now owns 1,337,893 shares of the transportation company's stock valued at $43,174,000 after purchasing an additional 73,103 shares during the period. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CSX has been the topic of several research reports. Raymond James Financial raised their price objective on CSX from $33.00 to $37.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Robert W. Baird raised their target price on CSX from $38.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Citigroup raised their target price on CSX from $36.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. BMO Capital Markets downgraded CSX from an "outperform" rating to a "market perform" rating and set a $38.00 target price for the company. in a research note on Monday, August 18th. Finally, Sanford C. Bernstein restated a "market perform" rating and set a $36.00 target price (up from $33.00) on shares of CSX in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

CSX Stock Down 0.4%

NASDAQ:CSX traded down $0.13 during mid-day trading on Friday, reaching $32.53. The stock had a trading volume of 9,676,379 shares, compared to its average volume of 23,782,704. The company has a market capitalization of $60.65 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 2.43 and a beta of 1.25. CSX Corporation has a 1-year low of $26.22 and a 1-year high of $37.25. The stock's 50 day simple moving average is $34.35 and its two-hundred day simple moving average is $31.63. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63.

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

CSX Dividend Announcement

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

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.