Ninepoint Partners LP Acquires New Position in CSX Corporation $CSX

Ninepoint Partners LP acquired a new stake in CSX Corporation (NASDAQ:CSX) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 43,732 shares of the transportation company’s stock, valued at approximately $2,079,000.

A number of other institutional investors have also recently modified their holdings of CSX. N.E.W. Advisory Services LLC acquired a new position in CSX during the second quarter worth $27,000. Arlington Trust Co LLC boosted its position in shares of CSX by 58.0% during the 2nd 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. Meeder Asset Management Inc. purchased a new stake in shares of CSX during the 2nd quarter worth $34,000. Allied Private Wealth LLC acquired a new position in shares of CSX during the 2nd quarter worth $37,000. Finally, Wilkerson Advisory Group LLC increased its holdings in shares of 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 purchasing an additional 409 shares in the last quarter. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at CSX

In other news, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were 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 in the company, valued at $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Angela C. Williams sold 30,000 shares of the firm’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 transaction of $1,598,700.00. Following the transaction, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 189,708 shares of company stock worth $9,132,304 over the last ninety days. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently commented on CSX shares. Rothschild & Co Redburn raised their price objective on shares of CSX from $45.50 to $47.50 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Benchmark restated 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. Citigroup increased their target price on shares of CSX from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Wall Street Zen downgraded shares of CSX from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, TD Cowen boosted their price target on CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Eighteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $51.31.

CSX Trading Up 0.6%

NASDAQ:CSX opened at $50.97 on Friday. The company has a market capitalization of $94.42 billion, a PE ratio of 29.46, a price-to-earnings-growth ratio of 2.31 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 52-week low of $31.80 and a 52-week high of $53.60. The stock has a fifty day simple moving average of $49.30 and a 200-day simple moving average of $45.11.

CSX (NASDAQ:CSX) last issued its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating 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 firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same period in the prior year, the company earned $0.44 EPS. The firm’s revenue was up 10.1% on a year-over-year basis. On average, equities research analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently declared 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 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio 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.