VELA Investment Management LLC Boosts Stock Holdings in CSX Corporation (NASDAQ:CSX)

VELA Investment Management LLC increased its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 91.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 154,512 shares of the transportation company's stock after buying an additional 73,977 shares during the period. CSX comprises approximately 1.4% of VELA Investment Management LLC's portfolio, making the stock its 14th largest position. VELA Investment Management LLC's holdings in CSX were worth $4,547,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CSX. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of CSX in the fourth quarter worth approximately $27,000. Rossby Financial LCC acquired a new position in shares of CSX in the 1st quarter worth approximately $28,000. Accredited Wealth Management LLC acquired a new position in shares of CSX in the 4th quarter worth approximately $29,000. Fourth Dimension Wealth LLC acquired a new position in CSX in the fourth quarter valued at $29,000. Finally, Barnes Dennig Private Wealth Management LLC acquired a new position in CSX in the first quarter valued at $30,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

CSX Stock Down 1.6%

Shares of CSX stock traded down $0.55 on Monday, hitting $33.05. The stock had a trading volume of 11,868,762 shares, compared to its average volume of 13,312,701. The business has a 50 day moving average of $31.30 and a 200 day moving average of $31.06. The stock has a market cap of $62.09 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 2.94 and a beta of 1.23. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.88 and a quick ratio of 0.75. CSX Corporation has a 12-month low of $26.22 and a 12-month high of $37.10.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The transportation company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). The firm had revenue of $3.42 billion during the quarter, compared to analysts' expectations of $3.53 billion. CSX had a net margin of 22.66% and a return on equity of 26.42%. As a group, analysts expect that CSX Corporation will post 1.83 EPS for the current year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.52 annualized dividend and a dividend yield of 1.57%. CSX's payout ratio is currently 31.14%.

Wall Street Analysts Forecast Growth

CSX has been the topic of a number of recent analyst reports. Barclays dropped their price objective on CSX from $35.00 to $31.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Jefferies Financial Group dropped their price target on CSX from $37.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. BMO Capital Markets dropped their target price on shares of CSX from $36.00 to $35.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. Bank of America boosted their target price on shares of CSX from $33.00 to $35.00 and gave the company a "neutral" rating in a research report on Friday, June 13th. Finally, Susquehanna reiterated a "neutral" rating and set a $35.00 price objective on shares of CSX in a report on Tuesday, June 24th. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $34.45.

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.