R Squared Ltd Acquires New Stake in CSX Corporation (NASDAQ:CSX)

Key Points

• R Squared Ltd has acquired a new stake in CSX Corporation, purchasing 18,540 shares valued at approximately $546,000 in the first quarter of 2023.
• Analysts have a consensus "Moderate Buy" rating for CSX, with fifteen analysts issuing buy ratings and a target price average of $37.00.
• CSX recently announced a quarterly dividend of $0.13 per share, which offers an annualized yield of 1.5%, and will be paid to investors of record in late August.

R Squared Ltd purchased a new stake in CSX Corporation (NASDAQ:CSX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 18,540 shares of the transportation company's stock, valued at approximately $546,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Banco Santander S.A. increased its position in shares of CSX by 13.0% in the first quarter. Banco Santander S.A. now owns 14,853 shares of the transportation company's stock valued at $437,000 after acquiring an additional 1,707 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of CSX in the first quarter valued at about $217,000. Blueshift Asset Management LLC acquired a new stake in shares of CSX in the first quarter valued at about $510,000. Alberta Investment Management Corp increased its position in shares of CSX by 23.2% in the first quarter. Alberta Investment Management Corp now owns 421,398 shares of the transportation company's stock valued at $12,402,000 after acquiring an additional 79,372 shares during the last quarter. Finally, Harbour Investments Inc. increased its position in shares of CSX by 19.0% in the first quarter. Harbour Investments Inc. now owns 8,514 shares of the transportation company's stock valued at $251,000 after acquiring an additional 1,359 shares during the last quarter. Institutional investors and hedge funds own 73.57% of the company's stock.

Analysts Set New Price Targets

CSX has been the topic of a number of recent research reports. Baird R W raised CSX to a "strong-buy" rating in a research report on Tuesday, July 1st. JPMorgan Chase & Co. lifted their target price on CSX from $34.00 to $41.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Susquehanna reissued a "neutral" rating and set a $35.00 price target on shares of CSX in a research report on Tuesday, June 24th. BMO Capital Markets boosted their price target on CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Robert W. Baird boosted their price target on CSX from $38.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $37.00.

CSX Price Performance

Shares of CSX traded down $0.53 during trading hours on Friday, reaching $35.01. The stock had a trading volume of 19,265,718 shares, compared to its average volume of 21,068,458. CSX Corporation has a 12 month low of $26.22 and a 12 month high of $37.10. The stock has a market capitalization of $65.27 billion, a PE ratio of 21.61, a PEG ratio of 2.62 and a beta of 1.25. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.63 and a current ratio of 0.77. The company's 50-day moving average is $33.14 and its two-hundred day moving average is $31.36.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The transportation company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. CSX had a return on equity of 25.48% and a net margin of 21.92%. The company had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.57 billion. During the same period in the prior year, the company earned $0.49 EPS. CSX's revenue was down 3.5% compared to the same quarter last year. Research analysts expect that CSX Corporation will post 1.83 EPS for the current year.

CSX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, August 29th. CSX's dividend payout ratio is presently 32.10%.

CSX Company Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.