Mystic Asset Management Inc. Invests $1.17 Million in CSX Corporation $CSX

Key Points

• Mystic Asset Management initiated a $1.17 million position in CSX during the second quarter by purchasing 24,533 shares. Institutional investors collectively own 73.57% of the company.
• Analysts maintain a “Moderate Buy” consensus on CSX, with an average price target of $51.31; recent target increases reached as high as $58.
• CSX reported quarterly EPS of $0.54, beating estimates, while revenue rose 10.1% year over year to $3.94 billion. The company also declared a quarterly dividend of $0.14 per share, yielding about 1.1%.

Mystic Asset Management Inc. bought a new stake in CSX Corporation (NASDAQ:CSX - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 24,533 shares of the transportation company's stock, valued at approximately $1,166,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CSX. N.E.W. Advisory Services LLC acquired a new position in CSX during the second quarter worth about $27,000. WFA of San Diego LLC acquired a new stake in CSX in the 2nd quarter valued at about $28,000. Arlington Trust Co LLC raised its holdings in CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock valued at $32,000 after acquiring an additional 250 shares during the last quarter. Wilkerson Advisory Group LLC lifted its stake in CSX by 97.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company's stock worth $34,000 after purchasing an additional 409 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in CSX in the 2nd quarter worth approximately $34,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on CSX. Vertical Research cut CSX from a "buy" rating to a "hold" rating and set a $44.00 target price for the company. in a report on Thursday, April 23rd. TD Cowen upped their price objective on shares of CSX from $46.00 to $54.00 and gave the company a "buy" rating in a 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 stock from $50.00 to $58.00 in a report on Tuesday, July 14th. Robert W. Baird increased their price target on CSX from $49.00 to $53.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Finally, Citigroup upped their target price on shares of CSX from $53.00 to $54.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Eighteen 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $51.31.

CSX Stock Up 0.6%

CSX stock opened at $50.97 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $94.42 billion, a P/E ratio of 29.46, a P/E/G ratio of 2.31 and a beta of 1.21. The stock's fifty day simple moving average is $49.30 and its 200-day simple moving average is $45.11. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.94 billion during the quarter, compared to analysts' expectations of $3.89 billion. During the same quarter last year, the business posted $0.44 EPS. The business's quarterly revenue was up 10.1% compared to the same quarter last year. As a group, equities analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX's payout ratio is 32.37%.

Insiders Place Their Bets

In other news, CAO Angela C. Williams sold 30,000 shares of the company's stock in a transaction dated 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 directly owned 10,437 shares of the company's stock, valued at approximately $556,187.73. This represents a 74.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total value of $6,384,263.60. Following the completion of the transaction, the chief financial officer owned 208,622 shares in the company, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 189,708 shares of company stock valued at $9,132,304 over the last quarter. 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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