Old West Investment Management LLC Makes New $5.65 Million Investment in CSX Corporation $CSX

Old West Investment Management LLC acquired a new position in shares of CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 118,908 shares of the transportation company’s stock, valued at approximately $5,652,000.

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp purchased a new position in shares of CSX in the 2nd quarter valued at about $950,325,000. Pinebridge Investments LLC purchased a new stake in CSX during the fourth quarter worth approximately $5,979,000. Cohen & Steers Inc. boosted its holdings in CSX by 1.2% in the fourth quarter. Cohen & Steers Inc. now owns 8,282,107 shares of the transportation company’s stock valued at $300,226,000 after purchasing an additional 98,977 shares in the last quarter. Global Retirement Partners LLC acquired a new position in CSX in the second quarter valued at approximately $3,897,000. Finally, M3 Wealth Management LLC purchased a new position in CSX in the second quarter valued at approximately $3,373,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Insider Buying and Selling at CSX

In other CSX news, CFO Kevin S. Boone sold 136,708 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the completion of the sale, the chief financial officer directly owned 208,622 shares of the company’s stock, valued at $9,742,647.40. This represents a 39.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael S. Burns sold 13,000 shares of the 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 sale, the senior vice president directly owned 59,643 shares of the company’s stock, valued at $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 189,708 shares of company stock worth $9,132,304 over the last three months. 0.30% of the stock is currently owned by corporate insiders.

CSX Price Performance

Shares of NASDAQ CSX opened at $50.16 on Monday. The stock has a market cap of $92.92 billion, a P/E ratio of 28.99, a P/E/G ratio of 2.29 and a beta of 1.21. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60. The stock has a 50 day moving average of $49.02 and a two-hundred day moving average of $44.74. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.89 billion. During the same period last year, the firm posted $0.44 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, research analysts forecast that CSX Corporation will post 2 earnings per share for the current year.

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio is presently 32.37%.

Analysts Set New Price Targets

A number of research firms have weighed in on CSX. Barclays reissued an “overweight” rating and set a $60.00 price objective (up from $55.00) on shares of CSX in a report on Thursday, July 23rd. Stephens began coverage on shares of CSX in a research report on Wednesday, July 8th. They issued an “overweight” rating and a $57.00 target price on the stock. BMO Capital Markets reiterated a “market perform” rating and set a $52.00 price target (up from $49.00) on shares of CSX in a research note on Thursday, July 23rd. Weiss Ratings raised shares of CSX from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, New Street Research set a $49.00 price objective on shares of CSX in a research note on Thursday, April 23rd. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.31.

CSX 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.