Wealthspan Partners LLC Buys New Stake in CSX Corporation $CSX

Key Points

• Wealthspan Partners LLC acquired 36,397 CSX shares during the second quarter, valued at approximately $1.73 million and representing about 0.5% of its portfolio. Institutional investors collectively own 73.57% of CSX.
• Analysts maintain a generally positive view, with 18 Buy, seven Hold and one Sell rating; the stock carries a consensus “Moderate Buy” rating and a $51.31 target price.
• CSX reported quarterly EPS of $0.54, exceeding estimates, while revenue rose 10.1% year over year to $3.94 billion. The company also declared a quarterly dividend of $0.14 per share, equal to a 1.1% yield.

Wealthspan Partners LLC bought a new stake in CSX Corporation (NASDAQ:CSX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 36,397 shares of the transportation company's stock, valued at approximately $1,730,000. CSX makes up about 0.5% of Wealthspan Partners LLC's portfolio, making the stock its 27th largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Arlington Trust Co LLC increased its position in shares of CSX by 58.0% during the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company's stock worth $32,000 after purchasing an additional 250 shares in the last quarter. Syon Capital LLC boosted its position in shares of CSX by 1.0% in the 4th quarter. Syon Capital LLC now owns 28,316 shares of the transportation company's stock worth $1,026,000 after purchasing an additional 287 shares in the last quarter. Root Financial Partners LLC grew its stake in CSX by 7.3% during the 4th quarter. Root Financial Partners LLC now owns 4,757 shares of the transportation company's stock worth $172,000 after buying an additional 323 shares during the last quarter. Walled Lake Planning & Wealth Management LLC grew its stake in CSX by 2.7% during the 4th quarter. Walled Lake Planning & Wealth Management LLC now owns 13,235 shares of the transportation company's stock worth $480,000 after buying an additional 346 shares during the last quarter. Finally, Sumitomo Life Insurance Co. increased its position in CSX by 0.9% during the 4th quarter. Sumitomo Life Insurance Co. now owns 39,996 shares of the transportation company's stock valued at $1,450,000 after buying an additional 347 shares in the last quarter. 73.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CSX has been the topic of a number of research analyst reports. Evercore set a $51.00 price target on CSX in a research note on Thursday, July 23rd. Wall Street Zen cut shares of CSX from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Benchmark reissued a "buy" rating and set a $54.00 target price (up from $48.00) on shares of CSX in a research report on Wednesday, July 15th. Citizens Jmp assumed coverage on shares of CSX in a research note on Wednesday, July 15th. They set a "market perform" rating on the stock. Finally, Morgan Stanley set a $32.00 price objective on shares of CSX and gave the stock an "underweight" rating in a research note on Monday, July 6th. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.31.

Insider Buying and Selling

In related news, SVP Michael S. Burns sold 13,000 shares of the firm's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president directly owned 59,643 shares of the company's stock, valued at $3,141,993.24. This trade represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John J. Zillmer sold 10,000 shares of CSX stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the transaction, the director owned 353,714 shares of the company's stock, valued at approximately $16,430,015.30. This represents a 2.75% decrease in their ownership of the stock. 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. Corporate insiders own 0.30% of the company's stock.

CSX Price Performance

CSX stock opened at $50.16 on Monday. The company has a market capitalization of $92.92 billion, a P/E ratio of 28.99, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21. CSX Corporation has a 12 month low of $31.80 and a 12 month high of $53.60. The firm's fifty day simple moving average is $49.02 and its 200-day simple moving average is $44.74. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72.

CSX (NASDAQ:CSX - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $3.94 billion during the quarter, compared to analysts' expectations of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm's revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 earnings per share. As a group, equities research analysts forecast that CSX Corporation will post 2 earnings per share for the current year.

CSX Dividend Announcement

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 given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX's dividend payout ratio (DPR) is currently 32.37%.

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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