Man Group plc Invests $24.46 Million in CSX Corporation $CSX

Key Points

• Man Group acquired a new CSX stake of 514,718 shares worth approximately $24.5 million during the second quarter. Institutional investors collectively own 73.57% of the company.
• 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 per share, representing a 1.1% annualized yield.
• Analysts maintain a generally positive view, with 18 Buy, seven Hold and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $51.31.

Man Group plc bought a new stake in CSX Corporation (NASDAQ:CSX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 514,718 shares of the transportation company's stock, valued at approximately $24,465,000.

A number of other institutional investors have also modified their holdings of the stock. N.E.W. Advisory Services LLC bought a new position in shares of CSX during the second quarter worth about $27,000. WFA of San Diego LLC acquired a new stake in CSX during the second quarter valued at approximately $28,000. Manning & Napier Advisors LLC bought a new position in CSX during the 2nd quarter worth approximately $30,000. Arlington Trust Co LLC lifted its holdings in CSX by 58.0% during 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 last quarter. Finally, First Bancorp Inc ME acquired a new position in shares of CSX in the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Stock Performance

Shares of CSX stock opened at $51.76 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. The business has a 50 day moving average of $49.68 and a two-hundred day moving average of $45.45. CSX Corporation has a 52 week low of $31.80 and a 52 week high of $53.60. The company has a market cap of $95.88 billion, a P/E ratio of 29.92, a PEG ratio of 2.35 and a beta of 1.21.

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, beating 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 return on equity of 24.98% and a net margin of 22.21%.The business's revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.44 earnings per share. As a group, analysts anticipate that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is 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. Bank of America boosted their price target on CSX from $53.00 to $56.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Truist Financial set a $46.00 price objective on CSX in a research note on Friday, July 10th. Argus set a $56.00 price objective on shares of CSX in a report on Friday, July 31st. Robert W. Baird lifted their price objective on shares of CSX from $49.00 to $53.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Finally, Benchmark reiterated a "buy" rating and set a $54.00 target price (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $51.31.

Insider Buying and Selling

In other CSX news, CAO Angela C. Williams sold 30,000 shares of the firm's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $53.29, for a total value of $1,598,700.00. Following the sale, the chief accounting officer directly owned 10,437 shares in the company, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Michael S. Burns sold 13,000 shares of the business's stock in a transaction 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 of the company's stock, valued at approximately $3,141,993.24. This trade represents a 17.90% 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 valued at $9,132,304 in the last 90 days. Corporate insiders own 0.30% of the company's stock.

CSX 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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