91,213 Shares in CSX Corporation $CSX Purchased by Element Capital Management LLC

Key Points

• Element Capital Management LLC has invested $2.68 million in CSX Corporation, acquiring 91,213 shares in the first quarter.
• CSX's stock has received multiple upgrades from analysts, with current ratings reflecting fifteen buy ratings and a target price increase to $44.00 from Robert W. Baird.
• The company also declared a quarterly dividend of $0.13, representing an annualized yield of 1.4%, with a dividend payout ratio of 32.10%.

Element Capital Management LLC acquired a new stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 91,213 shares of the transportation company's stock, valued at approximately $2,684,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ameriprise Financial Inc. grew its holdings in shares of CSX by 89.7% in the 4th quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after acquiring an additional 9,863,587 shares during the period. Nuveen LLC acquired a new stake in CSX during the 1st quarter valued at $182,550,000. Fiduciary Management Inc. WI acquired a new stake in CSX during the 4th quarter valued at $178,259,000. Bank of New York Mellon Corp grew its holdings in CSX by 21.6% during the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock valued at $835,336,000 after buying an additional 5,033,743 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in CSX by 1,283.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock valued at $123,786,000 after buying an additional 3,887,644 shares during the last quarter. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Stock Up 1.5%

NASDAQ CSX traded up $0.53 during trading hours on Tuesday, hitting $36.52. The company had a trading volume of 31,283,746 shares, compared to its average volume of 16,178,306. CSX Corporation has a fifty-two week low of $26.22 and a fifty-two week high of $37.25. The company has a market capitalization of $68.08 billion, a price-to-earnings ratio of 22.54, a P/E/G ratio of 2.71 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. The firm's 50 day moving average is $34.06 and its 200 day moving average is $31.57.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm 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 firm's quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 EPS. Sell-side analysts anticipate that CSX Corporation will post 1.83 earnings per share for the current fiscal year.

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.13 per share. The ex-dividend date is Friday, August 29th. This represents a $0.52 annualized dividend and a dividend yield of 1.4%. CSX's dividend payout ratio (DPR) is currently 32.10%.

Analyst Ratings Changes

CSX has been the topic of a number of analyst reports. Sanford C. Bernstein reiterated a "market perform" rating and set a $36.00 target price (up previously from $33.00) on shares of CSX in a report on Tuesday, July 8th. Robert W. Baird increased their price target on CSX from $38.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Argus set a $32.00 price target on CSX in a research note on Friday, April 25th. Barclays increased their price target on CSX from $36.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Citigroup increased their price target on CSX from $36.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

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.