California State Teachers Retirement System Has $6.46 Billion Position in CSX Corporation $CSX

Key Points

• California State Teachers Retirement System dramatically increased its CSX stake by 5,136.1% in the second quarter, ending with 135.99 million shares worth approximately $6.46 billion, or 7.34% of the company.
• CSX reported quarterly revenue of $3.94 billion and adjusted earnings of $0.54 per share, surpassing analyst expectations; revenue rose 10.1% year over year.
• CSX declared a quarterly dividend of $0.14 per share, equivalent to an annualized $0.56 payout and a 1.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $51.31.

California State Teachers Retirement System lifted its position in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 5,136.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 135,990,650 shares of the transportation company's stock after acquiring an additional 133,393,481 shares during the period. California State Teachers Retirement System owned approximately 7.34% of CSX worth $6,463,636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Archer Investment Corp acquired a new position in CSX during the second quarter valued at approximately $26,000. N.E.W. Advisory Services LLC bought a new stake in CSX during the second quarter worth $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of CSX in the 2nd quarter valued at $29,000. Manning & Napier Advisors LLC acquired a new stake in shares of CSX in the 2nd quarter valued at $30,000. Finally, Arlington Trust Co LLC increased its stake 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 valued at $32,000 after purchasing an additional 250 shares during the last quarter. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Stock Down 1.3%

Shares of CSX opened at $48.37 on Thursday. 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 52 week low of $31.80 and a 52 week high of $53.60. The stock has a market capitalization of $89.60 billion, a price-to-earnings ratio of 27.96, a PEG ratio of 2.30 and a beta of 1.21. The stock has a fifty day moving average of $50.22 and a 200-day moving average of $46.05.

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

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, August 31st. CSX's dividend payout ratio (DPR) is presently 32.37%.

Insider Activity

In related news, SVP Michael S. Burns sold 13,000 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the completion of the transaction, the senior vice president owned 59,643 shares in the company, valued at $3,141,993.24. This trade represents a 17.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of CSX stock in a transaction that occurred 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 sale, the chief accounting officer owned 10,437 shares in the company, valued at approximately $556,187.73. This represents a 74.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CSX. Wall Street Zen cut CSX from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Wells Fargo & Company raised their price objective on CSX from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Wednesday, July 8th. Benchmark reissued a "buy" rating and set a $54.00 target price (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. BMO Capital Markets reissued a "market perform" rating and issued a $52.00 target price (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Finally, Barclays restated an "overweight" rating and issued a $60.00 price target (up from $55.00) on shares of CSX in a research note on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $51.31.

CSX Company Profile

CSX Corporation NASDAQ: CSX is a transportation company that operates one of the largest rail networks in the eastern United States. Through its CSX Transportation subsidiary, the company provides rail freight transportation and logistics services for manufacturers, distributors, utilities, agricultural businesses and other commercial customers.

CSX transports a broad range of products, including chemicals, agricultural and food products, minerals, forest products, metals, automobiles and consumer goods.

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