Wealthspire Advisors LLC Boosts Stock Position in CSX Corporation (NASDAQ:CSX)

Key Points

• Wealthspire Advisors LLC increased its stock position in CSX Corporation by 110.2%, now owning 60,840 shares valued at approximately $1.79 million.
• CSX recently announced a quarterly dividend of $0.13, resulting in a 1.5% annualized dividend yield.
• Several brokerages have upgraded their ratings for CSX, with a consensus target price set at $37.00, indicating a strong buy sentiment amongst analysts.

Wealthspire Advisors LLC raised its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 110.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,840 shares of the transportation company's stock after purchasing an additional 31,892 shares during the period. Wealthspire Advisors LLC's holdings in CSX were worth $1,791,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of CSX in the fourth quarter valued at $27,000. Accredited Wealth Management LLC bought a new position in CSX during the fourth quarter worth about $29,000. Fourth Dimension Wealth LLC bought a new position in CSX during the fourth quarter worth about $29,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of CSX during the 1st quarter valued at about $30,000. Finally, Rossby Financial LCC bought a new position in shares of CSX during the 1st quarter valued at about $28,000. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Price Performance

Shares of CSX traded down $0.38 during midday trading on Monday, reaching $35.05. The stock had a trading volume of 3,820,642 shares, compared to its average volume of 15,899,104. The company's 50-day moving average is $33.56 and its 200 day moving average is $31.45. CSX Corporation has a 12-month low of $26.22 and a 12-month high of $37.10. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $65.34 billion, a price-to-earnings ratio of 21.59, a price-to-earnings-growth ratio of 2.64 and a beta of 1.25.

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

CSX Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have commented on CSX shares. UBS Group cut their target price on CSX from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Royal Bank Of Canada restated a "sector perform" rating on shares of CSX in a research note on Thursday, July 24th. TD Cowen upgraded CSX from a "hold" rating to a "buy" rating and boosted their target price for the company from $32.00 to $45.00 in a research note on Monday, July 21st. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $35.00 price target on shares of CSX in a research report on Monday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft raised CSX from a "hold" rating to a "buy" rating and set a $40.00 price target on the stock in a research report on Thursday, July 24th. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

CSX 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.