J. Goldman & Co LP Buys New Holdings in CSX Corporation $CSX

Key Points

• J. Goldman & Co. LP initiated a CSX position by purchasing 230,023 shares valued at approximately $10.9 million. Institutional investors now own 73.57% of the company, following additional second-quarter purchases by several major funds.
• CSX reported quarterly EPS of $0.54, exceeding 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, representing a 1.1% annualized yield.
• Analysts maintain a generally positive outlook, with 18 Buy, seven Hold and one Sell rating; the consensus rating is “Moderate Buy” with a $51.31 price target. However, insiders sold $9.1 million of stock over the past 90 days.

J. Goldman & Co LP purchased a new position in CSX Corporation (NASDAQ:CSX - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 230,023 shares of the transportation company's stock, valued at approximately $10,933,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Hsbc Holdings PLC purchased a new position in shares of CSX in the second quarter worth $187,202,000. EFG International AG purchased a new position in CSX during the second quarter valued at $371,000. Ancora Advisors LLC bought a new stake in CSX in the 2nd quarter valued at $2,232,000. Primecap Management Co. CA bought a new stake in CSX in the 2nd quarter valued at $77,707,000. Finally, Palisade Capital Management LP purchased a new stake in CSX in the 2nd quarter worth $823,000. 73.57% of the stock is currently owned by institutional investors.

CSX Stock Performance

NASDAQ:CSX opened at $51.51 on Wednesday. The firm has a market capitalization of $95.42 billion, a PE ratio of 29.77, a PEG ratio of 2.35 and a beta of 1.21. The stock's fifty day moving average is $49.55 and its 200 day moving average is $45.37. CSX Corporation has a fifty-two week low of $31.80 and a fifty-two week high of $53.60. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. CSX's quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.44 earnings per share. On average, sell-side analysts anticipate 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 will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $0.14 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX's dividend payout ratio (DPR) is presently 32.37%.

Insider Activity

In other CSX news, CAO Angela C. Williams sold 30,000 shares of the business's stock in a transaction that occurred on Friday, July 24th. The stock was 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John J. Zillmer sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the transaction, the director directly owned 353,714 shares in the company, valued at approximately $16,430,015.30. This represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 189,708 shares of company stock worth $9,132,304 in the last ninety days. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CSX has been the subject of a number of research analyst reports. BMO Capital Markets restated a "market perform" rating and set a $52.00 price objective (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Barclays reiterated an "overweight" rating and issued a $60.00 target price (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. Evercore set a $51.00 price objective on CSX in a report on Thursday, July 23rd. Stifel Nicolaus set a $54.00 target price on CSX in a research report on Thursday, July 23rd. Finally, Robert W. Baird raised their target price on shares of CSX from $49.00 to $53.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. 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. According to MarketBeat, CSX currently has an average rating of "Moderate Buy" and an average price target of $51.31.

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.

Want to see what other hedge funds are holding CSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CSX Corporation (NASDAQ:CSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source