NewEdge Advisors LLC Buys 53,891 Shares of CSX Corporation $CSX

Key Points

• NewEdge Advisors increased its CSX stake by 13.2%, purchasing 53,891 shares to own 463,212 shares valued at approximately $22.34 million. Institutional investors collectively own 73.57% of CSX.
• CSX reported quarterly earnings of $0.54 per share and revenue of $3.94 billion, beating estimates and marking 10.1% year-over-year revenue growth.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $51.31, while CSX declared a quarterly dividend of $0.14 per share, representing a 1.1% annualized yield.

NewEdge Advisors LLC boosted its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 13.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 463,212 shares of the transportation company's stock after purchasing an additional 53,891 shares during the quarter. NewEdge Advisors LLC's holdings in CSX were worth $22,336,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of CSX by 5.5% in the fourth quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company's stock worth $525,000 after purchasing an additional 849 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of 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 worth $2,428,000 after buying an additional 2,281 shares in the last quarter. WFA of San Diego LLC bought a new position in CSX during the second quarter valued at approximately $28,000. Captrust Financial Advisors boosted its stake in 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 buying an additional 3,162 shares during the last quarter. Finally, Horizon Investments LLC grew its holdings in CSX by 22.5% during the 3rd quarter. Horizon Investments LLC now owns 148,355 shares of the transportation company's stock valued at $5,268,000 after buying an additional 27,280 shares in the last quarter. Institutional investors own 73.57% of the company's stock.

CSX Price Performance

NASDAQ:CSX opened at $49.04 on Friday. The firm has a market capitalization of $90.85 billion, a price-to-earnings ratio of 28.35, a PEG ratio of 2.27 and a beta of 1.21. CSX Corporation has a 1 year low of $31.96 and a 1 year high of $53.60. The business has a 50 day simple moving average of $50.23 and a 200-day simple moving average of $46.10. 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 released its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share 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 firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the previous year, the company posted $0.44 EPS. The company's revenue for the quarter was up 10.1% compared to the same quarter last year. Equities analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

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 given 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%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Raymond James Financial reaffirmed an "outperform" rating and issued a $56.00 price objective on shares of CSX in a research note on Monday, July 13th. Benchmark reissued a "buy" rating and issued a $54.00 target price (up from $48.00) on shares of CSX in a report on Wednesday, July 15th. Truist Financial set a $46.00 target price on shares of CSX in a report on Friday, July 10th. JPMorgan Chase & Co. boosted their price target on shares of CSX from $56.00 to $58.00 and gave the stock an "overweight" rating in a research report on Thursday, July 23rd. Finally, Stifel Nicolaus set a $54.00 price target on shares of CSX in a research note on Thursday, July 23rd. Eighteen 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $51.31.

Insiders Place Their Bets

In other news, SVP Michael Burns sold 13,000 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the sale, the senior vice president owned 59,643 shares of the company's stock, valued at approximately $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Angela Williams sold 30,000 shares of the firm'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 sale, the chief accounting officer owned 10,437 shares of the company's stock, valued at $556,187.73. This trade represents a 74.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.30% of the company's stock.

About CSX

CSX Corporation NASDAQ: CSX is a transportation company that operates one of the largest rail networks in the eastern United States. Through its CSX Transportation subsidiary, the company provides rail freight transportation and logistics services for manufacturers, distributors, utilities, agricultural businesses and other commercial customers.

CSX transports a broad range of products, including chemicals, agricultural and food products, minerals, forest products, metals, automobiles and consumer goods.

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