Caisse de depot et placement du Quebec Invests $53.46 Million in CSX Corporation $CSX

Key Points

• Caisse de dépôt et placement du Québec acquired 1.12 million CSX shares worth approximately $53.46 million, representing a 0.06% stake. Institutional investors collectively own 73.57% of the railroad operator.
• CSX reported quarterly EPS of $0.54, exceeding estimates by $0.02, while revenue rose 10.1% year over year to $3.94 billion. The company declared a quarterly dividend of $0.14 per share, equal to a 1.1% annualized yield.
• Analysts maintain a Moderate Buy consensus, with 18 Buy, seven Hold and one Sell rating and an average price target of $51.31. CSX shares recently traded near $51.54, close to their 52-week high of $53.60.

Caisse de depot et placement du Quebec purchased a new stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,124,808 shares of the transportation company's stock, valued at approximately $53,462,000. Caisse de depot et placement du Quebec owned 0.06% of CSX as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in CSX during the second quarter worth $7,655,277,000. XXEC Inc. purchased a new stake in CSX in the second quarter valued at $765,595,000. Bank of New York Mellon Corp acquired a new position in shares of CSX in the 2nd quarter valued at $950,325,000. Legal & General Group Plc purchased a new position in shares of CSX during the 2nd quarter worth $747,001,000. Finally, Deutsche Bank AG purchased a new position in shares of CSX during the 2nd quarter worth $685,418,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Stock Performance

NASDAQ CSX opened at $51.54 on Friday. The company has a market cap of $95.48 billion, a P/E ratio of 29.79, a P/E/G ratio of 2.36 and a beta of 1.21. 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 stock has a 50-day moving average of $49.80 and a two-hundred day moving average of $45.53. CSX Corporation has a 1-year low of $31.80 and a 1-year high of $53.60.

CSX (NASDAQ:CSX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.94 billion for the quarter, compared to analysts' expectations of $3.89 billion. During the same quarter in the prior year, the company earned $0.44 earnings per share. The business's quarterly revenue was up 10.1% on a year-over-year basis. As a group, analysts anticipate that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

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

Insider Buying and Selling at CSX

In other news, SVP Michael S. Burns sold 13,000 shares of the company's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president owned 59,643 shares of the company's stock, valued at approximately $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John J. Zillmer sold 10,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the completion of the sale, the director owned 353,714 shares in the company, valued at approximately $16,430,015.30. The trade was a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 189,708 shares of company stock valued at $9,132,304 in the last quarter. Corporate insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $59.00 price objective on shares of CSX in a report on Friday, July 24th. Citigroup lifted their price target on shares of CSX from $53.00 to $54.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Raymond James Financial reissued an "outperform" rating and issued a $56.00 price target on shares of CSX in a research note on Monday, July 13th. BMO Capital Markets restated a "market perform" rating and issued a $52.00 price objective (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Finally, Truist Financial set a $46.00 price objective on shares of CSX in a research report on Friday, July 10th. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $51.31.

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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