Van ECK Associates Corp Buys 246,473 Shares of CSX Corporation $CSX

Key Points

• Van ECK Associates increased its CSX stake by 39.9% in the second quarter, acquiring 246,473 shares for a total holding of 863,440 shares valued at approximately $41.0 million. Institutional investors collectively own 73.57% of CSX.
• CSX reported quarterly earnings of $0.54 per share, surpassing estimates of $0.52, while revenue rose 10.1% year over year to $3.94 billion. The company declared a quarterly dividend of $0.14 per share, representing a 1.1% yield.
• Analyst sentiment remains positive, with 18 buy ratings, seven holds and one sell rating, producing a consensus “Moderate Buy” rating and a $51.31 price target. Meanwhile, CSX insiders sold roughly $9.1 million of stock during the quarter.

Van ECK Associates Corp increased its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 39.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 863,440 shares of the transportation company's stock after purchasing an additional 246,473 shares during the quarter. Van ECK Associates Corp's holdings in CSX were worth $41,039,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its holdings in shares of CSX by 5.5% during the 4th quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company's stock worth $525,000 after buying an additional 849 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its holdings in CSX by 3.2% in the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 74,410 shares of the transportation company's stock worth $2,428,000 after acquiring an additional 2,281 shares during the period. WFA of San Diego LLC bought a new position in CSX in the 2nd quarter worth $28,000. Captrust Financial Advisors raised its holdings in CSX by 0.8% in the 2nd quarter. Captrust Financial Advisors now owns 405,828 shares of the transportation company's stock worth $13,242,000 after acquiring an additional 3,162 shares during the period. Finally, Horizon Investments LLC lifted its position in CSX by 22.5% during the 3rd quarter. Horizon Investments LLC now owns 148,355 shares of the transportation company's stock worth $5,268,000 after acquiring an additional 27,280 shares during the last quarter. Institutional investors own 73.57% of the company's stock.

Insider Transactions at CSX

In other CSX news, SVP Michael S. Burns sold 13,000 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was 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 owned 59,643 shares of the company's stock, valued at $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 is available at this link. Also, CAO Angela C. Williams sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $53.29, for a total value 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 represents a 74.19% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 189,708 shares of company stock worth $9,132,304. Insiders own 0.30% of the company's stock.

CSX Stock Performance

NASDAQ CSX opened at $51.28 on Friday. The company's fifty day moving average is $49.91 and its two-hundred day moving average is $45.57. CSX Corporation has a 52-week low of $31.80 and a 52-week high of $53.60. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72. The firm has a market capitalization of $94.99 billion, a price-to-earnings ratio of 29.64, a P/E/G ratio of 2.34 and a beta of 1.21.

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

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid 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 currently 32.37%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Benchmark reaffirmed a "buy" rating and issued a $54.00 price target (up from $48.00) on shares of CSX in a research report on Wednesday, July 15th. Barclays reissued an "overweight" rating and set a $60.00 price objective (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. Weiss Ratings upgraded CSX from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $52.00 target price (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Finally, Morgan Stanley set a $32.00 price target on CSX and gave the stock an "underweight" rating in a research report on Monday, July 6th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock 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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