M3 Wealth Management LLC Purchases Shares of 70,958 CSX Corporation $CSX

Key Points

• M3 Wealth Management acquired 70,958 CSX shares in the second quarter, valued at approximately $3.37 million and representing 2.2% of its portfolio. Institutional investors and hedge funds collectively own 73.57% of CSX.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $51.31; recent targets range from $52 to $58.
• CSX exceeded quarterly earnings and revenue expectations, reporting $0.54 in EPS and $3.94 billion in revenue, while declaring a quarterly dividend of $0.14 per share, equivalent to a 1.1% annual yield.

M3 Wealth Management LLC acquired a new stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 70,958 shares of the transportation company's stock, valued at approximately $3,373,000. CSX accounts for approximately 2.2% of M3 Wealth Management LLC's holdings, making the stock its 20th largest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Arlington Trust Co LLC raised its position in shares of CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock worth $32,000 after buying an additional 250 shares during the period. Syon Capital LLC grew its position in CSX by 1.0% during the fourth quarter. Syon Capital LLC now owns 28,316 shares of the transportation company's stock valued at $1,026,000 after acquiring an additional 287 shares during the period. Root Financial Partners LLC grew its position in CSX by 7.3% during the fourth quarter. Root Financial Partners LLC now owns 4,757 shares of the transportation company's stock valued at $172,000 after acquiring an additional 323 shares during the period. Walled Lake Planning & Wealth Management LLC increased its stake in CSX by 2.7% during the fourth quarter. Walled Lake Planning & Wealth Management LLC now owns 13,235 shares of the transportation company's stock worth $480,000 after acquiring an additional 346 shares during the last quarter. Finally, Sumitomo Life Insurance Co. increased its stake in CSX by 0.9% during the fourth quarter. Sumitomo Life Insurance Co. now owns 39,996 shares of the transportation company's stock worth $1,450,000 after acquiring an additional 347 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other CSX news, Director John J. Zillmer sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.45, for a total value of $464,500.00. Following the completion of the transaction, the director owned 353,714 shares in the company, valued at $16,430,015.30. This represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the completion of the sale, the chief financial officer directly owned 208,622 shares of the company's stock, valued at $9,742,647.40. This trade represents a 39.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 189,708 shares of company stock worth $9,132,304 in the last 90 days. 0.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on CSX. Jefferies Financial Group raised their price objective on CSX from $50.00 to $52.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. BMO Capital Markets reissued a "market perform" rating and set a $52.00 target price (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Susquehanna upgraded shares of CSX from a "neutral" rating to a "positive" rating and raised their price target for the company from $50.00 to $58.00 in a report on Tuesday, July 14th. Stephens assumed coverage on shares of CSX in a report on Wednesday, July 8th. They issued an "overweight" rating and a $57.00 price target on the stock. Finally, Benchmark reaffirmed a "buy" rating and set a $54.00 price target (up from $48.00) on shares of CSX in a research report on Wednesday, July 15th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $51.31.

CSX Trading Up 0.0%

NASDAQ:CSX opened at $50.16 on Friday. The business's 50-day moving average is $49.02 and its two-hundred day moving average is $44.69. The firm has a market capitalization of $92.92 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21. CSX Corporation has a 12 month low of $31.80 and a 12 month 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 issued its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share 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 during the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the business earned $0.44 earnings per share. The company's revenue was up 10.1% compared to the same quarter last year. 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. Investors of record on Monday, August 31st will be given a dividend of $0.14 per share. 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 payout ratio is 32.37%.

About CSX

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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