NewEdge Wealth LLC Takes $1.90 Million Position in CSX Corporation $CSX

Key Points

• NewEdge Wealth acquired 40,011 CSX shares during the second quarter, establishing a position valued at approximately $1.90 million. Institutional investors collectively own 73.57% of the company.
• CSX reported quarterly earnings of $0.54 per share and revenue of $3.94 billion, exceeding analyst estimates, while revenue increased 10.1% year over year.
• Shares traded at $50.97, near their 12-month high, and analysts maintain a “Moderate Buy” consensus with a $51.31 average price target. CSX also declared a quarterly dividend of $0.14 per share, yielding about 1.1%.

NewEdge Wealth LLC acquired a new position in CSX Corporation (NASDAQ:CSX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 40,011 shares of the transportation company's stock, valued at approximately $1,902,000.

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

CSX Trading Up 0.6%

Shares of CSX stock opened at $50.97 on Friday. CSX Corporation has a 12-month low of $31.80 and a 12-month high of $53.60. 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's 50 day moving average is $49.30 and its 200 day moving average is $45.11. The stock 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.

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, topping analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm's revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.44 EPS. Research analysts expect that CSX Corporation will post 2 earnings per share for the current year.

CSX Announces Dividend

The firm also recently announced 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. This represents a $0.56 annualized dividend and a yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX's payout ratio is 32.37%.

Insider Buying and Selling

In related news, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president directly owned 59,643 shares of the company's stock, valued at approximately $3,141,993.24. This represents a 17.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Angela C. Williams sold 30,000 shares of the stock in a transaction 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 sale, the chief accounting officer directly owned 10,437 shares of the company's stock, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 189,708 shares of company stock valued at $9,132,304. Company insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CSX shares. Jefferies Financial Group raised their price objective on shares of CSX from $50.00 to $52.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Citigroup raised their target price on CSX from $53.00 to $54.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. New Street Research set a $49.00 target price on CSX in a report on Thursday, April 23rd. Benchmark reissued 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. Finally, Argus set a $56.00 target price on CSX in a report on Friday, July 31st. Eighteen 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 company's stock. According to MarketBeat.com, CSX has an average rating of "Moderate Buy" and a consensus target price 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.

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