CSX Corporation $CSX Stock Position Lifted by QRG Capital Management Inc.

Key Points

• QRG Capital Management increased its CSX stake by 9.7% in the second quarter, bringing its holdings to 303,294 shares valued at approximately $14.79 million. Institutional investors collectively own 73.57% of CSX.
• Analyst sentiment remains favorable, with 18 Buy ratings, seven Holds and one Sell; CSX has a consensus “Moderate Buy” rating and a $51.28 target price.
• CSX exceeded quarterly earnings and revenue expectations, reporting $0.54 in EPS and $3.94 billion in revenue, while revenue grew 10.1% year over year. The company also paid a quarterly dividend of $0.14, or $0.56 annually.

QRG Capital Management Inc. raised its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 9.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 303,294 shares of the transportation company's stock after buying an additional 26,779 shares during the quarter. QRG Capital Management Inc.'s holdings in CSX were worth $14,790,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CSX. BlackRock Inc. purchased a new stake in shares of CSX during the second quarter worth $7,655,277,000. XXEC Inc. purchased a new stake in shares of CSX during the 2nd quarter worth about $765,595,000. Bank of America Corp DE bought a new stake in shares of CSX in the 2nd quarter valued at approximately $1,598,962,000. Bank of New York Mellon Corp acquired a new position in CSX in the second quarter worth approximately $950,325,000. Finally, Legal & General Group Plc bought a new position in CSX during the second quarter valued at approximately $747,001,000. Institutional investors and hedge funds own 73.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on CSX shares. Barclays reissued an "overweight" rating and issued a $60.00 target price (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. Wall Street Zen lowered CSX from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Citigroup increased their price objective on CSX from $53.00 to $54.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Benchmark restated a "buy" rating and issued a $54.00 target price (up from $48.00) on shares of CSX in a report on Wednesday, July 15th. Finally, Stifel Nicolaus set a $54.00 target price on CSX in a research report on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.28.

Insider Activity

In other news, CAO Angela Williams sold 30,000 shares of the company's stock in a transaction dated Friday, July 24th. The shares were 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 owned 10,437 shares of the company's stock, valued at approximately $556,187.73. This represents a 74.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Burns sold 13,000 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.68, for a total transaction of $684,840.00. Following the completion of the sale, the senior vice president owned 59,643 shares of the company's stock, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.30% of the company's stock.

CSX Price Performance

Shares of NASDAQ:CSX opened at $47.19 on Thursday. The company has a market cap of $87.42 billion, a price-to-earnings ratio of 27.28, a PEG ratio of 2.19 and a beta of 1.21. The business has a 50 day moving average price of $49.96 and a 200 day moving average price of $46.44. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. CSX Corporation has a twelve month low of $33.46 and a twelve month 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 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The company's revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 EPS. Research analysts predict that CSX Corporation will post 2 earnings per share for the current year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.2%. The ex-dividend date was Monday, August 31st. CSX's dividend payout ratio (DPR) is currently 32.37%.

CSX 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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