Waycross Partners LLC Buys 143,225 Shares of CSX Corporation (NASDAQ:CSX)

Key Points

• Waycross Partners LLC increased its holdings in CSX Corporation by 23.1%, now owning 762,696 shares valued at approximately $22.4 million, making it the firm's 19th largest holding.
• Several major investors, including Wellington Management Group and CWA Asset Management Group, have also increased their stakes in CSX, indicating strong institutional confidence.
• CSX's recent earnings report revealed a better-than-expected EPS of $0.44, beating the consensus estimate, despite a 3.5% decline in revenue year-over-year.

Waycross Partners LLC increased its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 23.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 762,696 shares of the transportation company's stock after acquiring an additional 143,225 shares during the quarter. CSX makes up 2.5% of Waycross Partners LLC's holdings, making the stock its 19th largest holding. Waycross Partners LLC's holdings in CSX were worth $22,446,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. lifted its position in shares of CSX by 89.7% in the fourth quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after buying an additional 9,863,587 shares during the last quarter. Fiduciary Management Inc. WI acquired a new stake in shares of CSX in the fourth quarter worth about $178,259,000. Bank of New York Mellon Corp lifted its position in shares of CSX by 21.6% in the first quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock worth $835,336,000 after buying an additional 5,033,743 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of CSX by 1,283.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock worth $123,786,000 after buying an additional 3,887,644 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of CSX in the fourth quarter worth about $117,133,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

CSX Price Performance

Shares of CSX traded down $0.34 on Monday, hitting $35.10. The company's stock had a trading volume of 6,976,277 shares, compared to its average volume of 15,917,486. The company has a market capitalization of $65.43 billion, a PE ratio of 21.66, a PEG ratio of 2.64 and a beta of 1.25. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.77 and a quick ratio of 0.63. CSX Corporation has a fifty-two week low of $26.22 and a fifty-two week high of $37.10. The company has a 50 day moving average price of $33.56 and a 200 day moving average price of $31.45.

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

CSX Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on CSX. Baird R W upgraded CSX to a "strong-buy" rating in a research note on Tuesday, July 1st. Argus set a $32.00 price objective on CSX in a research note on Friday, April 25th. Robert W. Baird lifted their price objective on CSX from $38.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. lifted their price objective on CSX from $34.00 to $41.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating on shares of CSX in a research note on Thursday, July 24th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently 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.