Cullen Capital Management LLC Takes Position in CSX Corporation $CSX

Key Points

• Cullen Capital Management bought 49,968 CSX shares worth approximately $2.38 million during the second quarter. Institutional investors collectively own 73.57% of the company.
• CSX reported quarterly earnings of $0.54 per share, beating 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, equivalent to a 1.1% annual yield.
• Analyst sentiment remains positive, with 18 Buy, seven Hold and one Sell rating; the consensus is a “Moderate Buy” with a $51.31 price target. However, insiders sold 189,708 shares worth about $9.13 million during the quarter.

Cullen Capital Management LLC purchased a new position in shares of CSX Corporation (NASDAQ:CSX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 49,968 shares of the transportation company's stock, valued at approximately $2,375,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC grew its position in CSX by 5.5% during the fourth quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company's stock valued at $525,000 after buying an additional 849 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its holdings in CSX by 3.2% during the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 74,410 shares of the transportation company's stock worth $2,428,000 after buying an additional 2,281 shares during the last quarter. WFA of San Diego LLC bought a new stake in CSX in the second quarter worth about $28,000. Captrust Financial Advisors raised its position in CSX by 0.8% in the second quarter. Captrust Financial Advisors now owns 405,828 shares of the transportation company's stock worth $13,242,000 after acquiring an additional 3,162 shares during the period. Finally, Horizon Investments LLC boosted its stake in CSX by 22.5% in the third quarter. Horizon Investments LLC now owns 148,355 shares of the transportation company's stock valued at $5,268,000 after acquiring an additional 27,280 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company's stock.

Insider Activity

In other CSX news, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total value of $6,384,263.60. Following the sale, the chief financial officer directly owned 208,622 shares in the company, valued at $9,742,647.40. This represents a 39.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of the firm's stock in a transaction on 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 directly owned 10,437 shares of the company's stock, valued at approximately $556,187.73. The trade was a 74.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 189,708 shares of company stock worth $9,132,304. Insiders own 0.30% of the company's stock.

CSX Stock Down 0.3%

CSX stock opened at $51.44 on Tuesday. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $95.29 billion, a PE ratio of 29.73, a PEG ratio of 2.36 and a beta of 1.21. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60. The stock has a 50-day simple moving average of $49.46 and a two-hundred day simple moving average of $45.28.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. CSX had a return on equity of 24.98% and a net margin of 22.21%.The firm had revenue of $3.94 billion for the quarter, compared to analysts' expectations of $3.89 billion. During the same period in the prior year, the business posted $0.44 earnings per share. The company's revenue was up 10.1% on a year-over-year basis. On average, equities analysts predict that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

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

Analysts Set New Price Targets

CSX has been the subject of a number of research reports. Stephens started coverage on shares of CSX in a research report on Wednesday, July 8th. They set an "overweight" rating and a $57.00 target price for the company. 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. Barclays restated an "overweight" rating and issued a $60.00 target price (up from $55.00) on shares of CSX in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $59.00 price target on shares of CSX in a research report on Friday, July 24th. Finally, Bank of America increased their price target on CSX from $53.00 to $56.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Eighteen research 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. According to data from MarketBeat, CSX presently has an average rating of "Moderate Buy" and an average price target of $51.31.

CSX Profile

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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