Headlands Technologies LLC Purchases 271,734 Shares of CSX Corporation (NASDAQ:CSX)

Key Points

• Headlands Technologies LLC increased its holdings in CSX Corporation by 88.0%, acquiring an additional 271,734 shares, bringing its total ownership to 580,515 shares valued at $17,085,000.
• CSX's quarterly earnings beat analysts' expectations, reporting an EPS of $0.44, with revenues totaling $3.57 billion, although this represented a 3.5% decline year-over-year.
• The company declared a quarterly dividend of $0.13, yielding 1.4%, to be paid in September, with a payout ratio of 32.10%.

Headlands Technologies LLC lifted its position in CSX Corporation (NASDAQ:CSX - Free Report) by 88.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 580,515 shares of the transportation company's stock after purchasing an additional 271,734 shares during the quarter. CSX makes up 1.9% of Headlands Technologies LLC's investment portfolio, making the stock its 5th biggest holding. Headlands Technologies LLC's holdings in CSX were worth $17,085,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CSX. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in CSX during the 4th quarter worth approximately $27,000. Accredited Wealth Management LLC acquired a new stake in CSX during the 4th quarter worth approximately $29,000. Fourth Dimension Wealth LLC acquired a new stake in CSX during the 4th quarter worth approximately $29,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in CSX during the 1st quarter worth approximately $30,000. Finally, Rossby Financial LCC acquired a new stake in CSX during the 1st quarter worth approximately $28,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Raymond James Financial increased their target price on CSX from $33.00 to $37.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Benchmark raised their price target on CSX from $37.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, July 24th. TD Cowen raised CSX from a "hold" rating to a "buy" rating and raised their price target for the company from $32.00 to $45.00 in a report on Monday, July 21st. Finally, Barclays raised their price target on CSX from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

CSX Price Performance

CSX stock traded down $0.34 during mid-day trading on Monday, hitting $35.10. 6,976,277 shares of the company were exchanged, compared to its average volume of 15,917,486. The company has a market capitalization of $65.43 billion, a P/E ratio of 21.66, a PEG ratio of 2.64 and a beta of 1.25. 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 Corporation has a 12-month low of $26.22 and a 12-month high of $37.10. The business's 50 day simple moving average is $33.56 and its two-hundred day simple moving average is $31.45.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The transportation company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%. The business's revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 earnings per share. Analysts forecast that CSX Corporation will post 1.83 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.5%. CSX's payout ratio is currently 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.