Glenview Trust Co Invests $10.21 Million in CSX Corporation $CSX

Key Points

• Glenview Trust Co. acquired 214,903 CSX shares worth approximately $10.21 million in the second quarter. Institutional investors collectively own 73.57% of the company.
• Analysts maintain a generally positive outlook, with 18 Buy, seven Hold, and one Sell rating. CSX has a consensus “Moderate Buy” rating and an average price target of $51.31.
• CSX exceeded quarterly expectations, reporting $0.54 in EPS and $3.94 billion in revenue, up 10.1% year over year. The company also declared a quarterly dividend of $0.14 per share, while insiders sold approximately $9.13 million of stock over the last quarter.

Glenview Trust Co acquired a new stake in CSX Corporation (NASDAQ:CSX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 214,903 shares of the transportation company's stock, valued at approximately $10,214,000.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CSX shares. Wells Fargo & Company raised their target price on CSX from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Wednesday, July 8th. BMO Capital Markets reaffirmed a "market perform" rating and set a $52.00 price target (up from $49.00) on shares of CSX in a research note on Thursday, July 23rd. Susquehanna upgraded CSX from a "neutral" rating to a "positive" rating and increased their price target for the stock from $50.00 to $58.00 in a report on Tuesday, July 14th. Citizens Jmp assumed coverage on CSX in a research note on Wednesday, July 15th. They issued a "market perform" rating for the company. Finally, Evercore set a $51.00 price objective on CSX in a report on Thursday, July 23rd. Eighteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, CSX currently has a consensus rating of "Moderate Buy" and an average target price of $51.31.

Insider Buying and Selling

In other news, CFO Kevin S. Boone sold 136,708 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total value of $6,384,263.60. Following the transaction, the chief financial officer owned 208,622 shares in the company, valued at $9,742,647.40. This trade represents a 39.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of CSX stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $53.29, for a total value of $1,598,700.00. Following the transaction, the chief accounting officer directly owned 10,437 shares in the company, valued at approximately $556,187.73. The trade was a 74.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 189,708 shares of company stock valued at $9,132,304. Company insiders own 0.30% of the company's stock.

CSX Stock Down 0.4%

CSX stock opened at $51.54 on Friday. The firm has a market capitalization of $95.48 billion, a price-to-earnings ratio of 29.79, a price-to-earnings-growth ratio of 2.36 and a beta of 1.21. The firm's fifty day moving average price is $49.80 and its two-hundred day moving average price is $45.53. CSX Corporation has a 1-year low of $31.80 and a 1-year high of $53.60. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22.

CSX (NASDAQ:CSX - Get Free Report) last posted 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 net margin of 22.21% and a return on equity of 24.98%. The company had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same period in the previous year, the firm posted $0.44 earnings per share. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. On average, equities research analysts predict that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

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