Elevation Point Wealth Partners LLC Purchases New Holdings in CSX Corporation $CSX

Key Points

• Elevation Point Wealth Partners acquired 67,800 CSX shares worth approximately $3.22 million in the second quarter. Institutional investors collectively own 73.57% of the railroad company.
• Analysts remain broadly positive, with 18 Buy ratings, seven Holds and one Sell; CSX has a “Moderate Buy” consensus rating and an average price target of $51.31.
• CSX reported quarterly EPS of $0.54 and revenue of $3.94 billion, exceeding estimates and representing 10.1% year-over-year revenue growth. The company also declared a quarterly dividend of $0.14 per share, equivalent to a 1.1% annual yield.

Elevation Point Wealth Partners LLC acquired a new position in CSX Corporation (NASDAQ:CSX - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 67,800 shares of the transportation company's stock, valued at approximately $3,223,000.

Several other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in CSX in the second quarter worth $7,655,277,000. XXEC Inc. bought a new stake in CSX in the 2nd quarter valued at $765,595,000. Bank of New York Mellon Corp bought a new stake in CSX in the 2nd quarter valued at $950,325,000. Deutsche Bank AG acquired a new position in shares of CSX in the 2nd quarter valued at $685,418,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of CSX in the 2nd quarter valued at $224,809,000. Institutional investors and hedge funds own 73.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CSX. Stifel Nicolaus set a $54.00 target price on shares of CSX in a research report on Thursday, July 23rd. Evercore set a $51.00 price target on shares of CSX in a research report on Thursday, July 23rd. Bank of America raised their price target on shares of CSX from $53.00 to $56.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Citizens Jmp initiated coverage on CSX in a report on Wednesday, July 15th. They set a "market perform" rating on the stock. Finally, TD Cowen upped their price objective on CSX from $46.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. Eighteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $51.31.

Insider Activity at CSX

In other CSX news, Director John J. Zillmer sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the completion of the sale, the director owned 353,714 shares in the company, valued at approximately $16,430,015.30. This trade represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the transaction, the senior vice president owned 59,643 shares in the company, valued at $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 189,708 shares of company stock worth $9,132,304 in the last quarter. Insiders own 0.30% of the company's stock.

CSX Trading Up 1.2%

Shares of CSX opened at $51.59 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The company has a market cap of $95.57 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 2.36 and a beta of 1.21. The stock has a fifty day moving average price of $49.38 and a two-hundred day moving average price of $45.15. CSX Corporation has a 52-week low of $31.80 and a 52-week high of $53.60.

CSX (NASDAQ:CSX - Get Free Report) last announced its 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. CSX had a return on equity of 24.98% and a net margin of 22.21%.The company had revenue of $3.94 billion for the quarter, compared to analysts' expectations of $3.89 billion. During the same quarter in the prior year, the business earned $0.44 earnings per share. The business's revenue for the quarter was up 10.1% on a year-over-year basis. Analysts predict that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Dividend Announcement

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

CSX Company 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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