Reliant Investment Partners LLC Acquires Shares of 33,566 CSX Corporation $CSX

Key Points

• Reliant Investment Partners acquired 33,566 CSX shares worth approximately $1.6 million, making CSX about 1.1% of its portfolio. Institutional investors collectively own 73.57% of the company.
• CSX reported quarterly earnings of $0.54 per share, topping estimates by $0.02, while revenue rose 10.1% year over year to $3.94 billion.
• The company declared a quarterly dividend of $0.14 per share, equivalent to an annualized $0.56 dividend and a 1.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $51.31.

Reliant Investment Partners LLC acquired a new position in CSX Corporation (NASDAQ:CSX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 33,566 shares of the transportation company's stock, valued at approximately $1,595,000. CSX accounts for approximately 1.1% of Reliant Investment Partners LLC's investment portfolio, making the stock its 23rd biggest position.

Several other institutional investors and hedge funds have also made changes to their positions in CSX. BlackRock Inc. bought a new stake in CSX during the 2nd quarter valued at about $7,655,277,000. Bank of New York Mellon Corp purchased a new position in shares of CSX in the 2nd quarter valued at $950,325,000. Deutsche Bank AG bought a new stake in CSX during the second quarter valued at about $685,418,000. Cohen & Steers Inc. boosted its position in CSX by 1.2% during the fourth quarter. Cohen & Steers Inc. now owns 8,282,107 shares of the transportation company's stock valued at $300,226,000 after purchasing an additional 98,977 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in CSX in the second quarter valued at about $224,809,000. 73.57% of the stock is currently owned by institutional investors.

CSX Price Performance

Shares of NASDAQ CSX opened at $50.97 on Friday. CSX Corporation has a fifty-two week low of $31.80 and a fifty-two week high of $53.60. The company has a market cap of $94.42 billion, a PE ratio of 29.46, a P/E/G ratio of 2.31 and a beta of 1.21. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The business has a 50-day simple moving average of $49.30 and a two-hundred day simple moving average of $45.11.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. CSX's revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm posted $0.44 EPS. As a group, equities analysts expect that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid 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 dividend payout ratio is presently 32.37%.

Wall Street Analysts Forecast Growth

Several analysts have commented on CSX shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $59.00 price target on shares of CSX in a research report on Friday, July 24th. Raymond James Financial reaffirmed an "outperform" rating and issued a $56.00 price objective on shares of CSX in a research report on Monday, July 13th. New Street Research set a $49.00 price objective on shares of CSX in a research note on Thursday, April 23rd. TD Cowen increased their target price on shares of CSX from $46.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Finally, Citigroup raised their target price on shares of CSX from $53.00 to $54.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $51.31.

Insider Activity at CSX

In other news, CFO Kevin S. Boone sold 136,708 shares of the business's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the sale, the chief financial officer directly owned 208,622 shares of the company's stock, valued at $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the company's 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 completion of the transaction, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 189,708 shares of company stock worth $9,132,304. 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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