Conway Capital Management Inc. Purchases Shares of 39,000 CSX Corporation $CSX

Conway Capital Management Inc. bought a new stake in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 39,000 shares of the transportation company’s stock, valued at approximately $1,854,000. CSX accounts for 0.8% of Conway Capital Management Inc.’s investment portfolio, making the stock its 19th largest holding.

A number of other hedge funds also recently bought and sold shares of the business. N.E.W. Advisory Services LLC purchased a new position in shares of CSX during the 2nd quarter valued at approximately $27,000. WFA of San Diego LLC purchased a new stake in CSX during the 2nd quarter valued at about $28,000. Arlington Trust Co LLC grew its position in shares of CSX by 58.0% in the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 250 shares in the last quarter. Wilkerson Advisory Group LLC grew its holdings in CSX by 97.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company’s stock valued at $34,000 after buying an additional 409 shares in the last quarter. Finally, Allied Private Wealth LLC acquired a new stake in CSX during the second quarter worth about $37,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Citigroup raised their target price on CSX from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Bank of America upped their target price on shares of CSX from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Stephens initiated coverage on CSX in a research report on Wednesday, July 8th. They issued an “overweight” rating and a $57.00 price target on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $41.00 price objective (up from $37.00) on shares of CSX in a report on Thursday, April 23rd. Finally, Jefferies Financial Group raised their target price on CSX from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, CSX presently has a consensus rating of “Moderate Buy” and an average target price of $51.31.

Insiders Place Their Bets

In other CSX news, Director John J. Zillmer sold 10,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total transaction of $464,500.00. Following the transaction, the director directly owned 353,714 shares in the company, valued at approximately $16,430,015.30. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $53.29, for a total value of $1,598,700.00. Following the completion of the transaction, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at $556,187.73. The trade was a 74.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 189,708 shares of company stock valued at $9,132,304 in the last three months. 0.30% of the stock is owned by corporate insiders.

CSX Price Performance

Shares of NASDAQ:CSX opened at $50.58 on Tuesday. CSX Corporation has a one year low of $31.80 and a one year high of $53.60. The company has a 50-day simple moving average of $49.08 and a 200-day simple moving average of $44.83. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The stock has a market capitalization of $93.70 billion, a price-to-earnings ratio of 29.24, a PEG ratio of 2.29 and a beta of 1.21.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. CSX had a return on equity of 24.98% and a net margin of 22.21%.The company had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same period last year, the business posted $0.44 EPS. The company’s revenue was up 10.1% on a year-over-year basis. On average, analysts predict that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s payout ratio 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.