L2 Asset Management LLC Makes New Investment in CSX Corporation $CSX

L2 Asset Management LLC bought a new position in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 10,596 shares of the transportation company’s stock, valued at approximately $504,000.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new position in CSX during the 2nd quarter worth $7,655,277,000. XXEC Inc. bought a new stake in CSX in the second quarter valued at $765,595,000. Bank of New York Mellon Corp bought a new stake in CSX in the second quarter valued at $950,325,000. Deutsche Bank AG acquired a new position in shares of CSX during the second quarter valued at $685,418,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of CSX during the second quarter valued at $224,809,000. 73.57% of the stock is currently owned by institutional investors.

Insider Activity at CSX

In other CSX news, CAO Angela C. Williams sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $53.29, for a total value of $1,598,700.00. Following the completion of the sale, the chief accounting officer directly owned 10,437 shares in the company, valued at $556,187.73. This represents a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total value of $6,384,263.60. Following the transaction, the chief financial officer directly owned 208,622 shares of the company’s stock, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 189,708 shares of company stock worth $9,132,304 over the last ninety days. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CSX. BMO Capital Markets reaffirmed a “market perform” rating and issued a $52.00 price objective (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Argus set a $56.00 target price on shares of CSX in a research note on Friday, July 31st. Wells Fargo & Company upped their target price on shares of CSX from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $59.00 price target on shares of CSX in a research note on Friday, July 24th. Finally, Bank of America lifted their price target on CSX from $53.00 to $56.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, CSX has an average rating of “Moderate Buy” and an average target price of $51.31.

CSX Stock Performance

CSX stock opened at $51.51 on Wednesday. The company has a 50-day simple moving average of $49.55 and a 200 day simple moving average of $45.37. The company has a market capitalization of $95.42 billion, a P/E ratio of 29.77, a PEG ratio of 2.35 and a beta of 1.21. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. CSX Corporation has a fifty-two week low of $31.80 and a fifty-two week high of $53.60.

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

CSX Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. CSX’s dividend payout ratio (DPR) is 32.37%.

About CSX

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.