R Squared Ltd Buys New Position 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 acquired a new stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 18,540 shares of the transportation company's stock, valued at approximately $546,000.

Several other hedge funds have also added to or reduced their stakes in CSX. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in CSX in the fourth quarter worth $27,000. Rossby Financial LCC bought a new stake in CSX during the first quarter worth about $28,000. Accredited Wealth Management LLC purchased a new stake in CSX in the fourth quarter worth about $29,000. Fourth Dimension Wealth LLC purchased a new stake in CSX in the fourth quarter worth about $29,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new position in shares of CSX during the first quarter valued at approximately $30,000. 73.57% of the stock is owned by institutional investors.

CSX Price Performance

CSX stock traded up $0.36 on Wednesday, reaching $36.01. The company had a trading volume of 12,124,229 shares, compared to its average volume of 16,025,251. The company's fifty day moving average is $33.32 and its 200 day moving average is $31.41. CSX Corporation has a 1 year low of $26.22 and a 1 year high of $37.10. The company has a market cap of $67.13 billion, a P/E ratio of 22.23, a PEG ratio of 2.65 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.

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

CSX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a dividend of $0.13 per share. The ex-dividend date is Friday, August 29th. This represents a $0.52 annualized dividend and a yield of 1.4%. CSX's dividend payout ratio is 32.10%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Barclays lifted their price objective on CSX from $36.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Bank of America raised CSX from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $34.00 to $42.00 in a report on Thursday, July 17th. Baird R W raised CSX to a "strong-buy" rating in a research report on Tuesday, July 1st. BMO Capital Markets boosted their price objective on shares of CSX from $36.00 to $38.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, UBS Group decreased their target price on shares of CSX from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.00.

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.