Engineers Gate Manager LP Purchases Shares of 32,731 CSX Corporation $CSX

Key Points

• Engineers Gate Manager LP bought 32,731 CSX shares worth approximately $1.7 million in the second quarter. Several other major institutions also initiated positions, and 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, equivalent to a 1.2% annual yield.
• Analysts maintain a broadly positive outlook, with 18 Buy ratings, seven Holds, and one Sell; the consensus rating is Moderate Buy with a $51.31 price target. Two company insiders sold shares on July 24, reducing their ownership stakes.

Engineers Gate Manager LP purchased a new position in CSX Corporation (NASDAQ:CSX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 32,731 shares of the transportation company's stock, valued at approximately $1,701,000.

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

Insider Buying and Selling

In other news, SVP Michael Burns sold 13,000 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.68, for a total transaction of $684,840.00. Following the transaction, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. This trade represents a 17.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Angela Williams sold 30,000 shares of CSX 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 in the company, valued at $556,187.73. The trade was a 74.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.30% of the company's stock.

CSX Stock Performance

NASDAQ CSX opened at $47.90 on Thursday. The company has a fifty day moving average of $50.22 and a two-hundred day moving average of $46.28. The company has a market capitalization of $88.73 billion, a PE ratio of 27.69, a P/E/G ratio of 2.29 and a beta of 1.21. CSX Corporation has a 1 year low of $32.48 and a 1 year high of $53.60. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72.

CSX (NASDAQ:CSX - Get Free Report) last posted its 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. The business had revenue of $3.94 billion during 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 business's quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.44 EPS. As a group, analysts expect that CSX Corporation will post 2 earnings per share for the current year.

CSX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 31st. CSX's dividend payout ratio is presently 32.37%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CSX shares. Susquehanna upgraded shares of CSX from a "neutral" rating to a "positive" rating and raised their price objective for the company from $50.00 to $58.00 in a report on Tuesday, July 14th. Barclays reiterated an "overweight" rating and set a $60.00 target price (up from $55.00) on shares of CSX in a research note on Thursday, July 23rd. Evercore set a $51.00 target price on CSX in a report on Thursday, July 23rd. JPMorgan Chase & Co. raised their price target on CSX from $56.00 to $58.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen downgraded CSX from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $51.31.

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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