CSX Corporation $CSX Shares Purchased by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC grew its holdings in CSX Corporation (NASDAQ:CSX) by 3.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 921,273 shares of the transportation company’s stock after acquiring an additional 31,421 shares during the period. Nisa Investment Advisors LLC’s holdings in CSX were worth $42,848,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of CSX during the 2nd quarter valued at about $7,655,277,000. XXEC Inc. bought a new stake in CSX in the second quarter valued at about $765,595,000. Bank of America Corp DE bought a new stake in CSX in the second quarter valued at about $1,598,962,000. Bank of New York Mellon Corp acquired a new position in CSX in the second quarter worth about $950,325,000. Finally, Legal & General Group Plc acquired a new position in CSX in the second quarter worth about $747,001,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

Key CSX News

Here are the key news stories impacting CSX this week:

• Positive Sentiment: New intermodal partnership: CSX and BNSF are teaming up to provide faster coast-to-coast domestic intermodal service. The arrangement could improve network connectivity, service reliability and CSX’s competitiveness in freight transportation. BNSF and CSX team up for faster coast-to-coast domestic intermodal service
• Positive Sentiment: Heavy call-option activity: Investors purchased 31,140 CSX call options Monday, 121% above the average daily volume. The activity signals increased speculative bullish interest, although options positioning does not guarantee a sustained stock advance.
• Positive Sentiment: Drone inspections: CSX is testing drone technology to improve rail-car inspections at its Curtis Bay terminal. Automation could enhance safety, inspection efficiency and operating productivity over time. CSX Uses Drones to Enhance Railcar Inspections at Curtis Bay Terminal
• Neutral Sentiment: Earnings approaching: CSX has scheduled its third-quarter results for October 21. The report is the main near-term catalyst, with investors likely focused on freight volumes, pricing, margins and management’s outlook. CSX schedules October 21 results
• Negative Sentiment: Raymond James lowered its CSX price target to $53 from $56. The reduction indicates a less optimistic view of the railroad’s near-term valuation, even though the revised target remains above the current share price. Raymond James cuts target for CSX stock

Wall Street Analysts Forecast Growth

CSX has been the subject of a number of analyst reports. Susquehanna cut their price target on shares of CSX from $59.00 to $55.00 and set a “positive” rating for the company in a research note on Friday, October 2nd. Wells Fargo & Company lifted their price objective on CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, July 8th. Stifel Nicolaus set a $54.00 price objective on CSX in a research note on Thursday, July 23rd. TD Cowen increased their target price on CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Finally, Morgan Stanley set a $32.00 target price on CSX and gave the stock an “underweight” rating in a report on Monday, July 6th. Seventeen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.17.

CSX Stock Performance

NASDAQ:CSX opened at $48.08 on Wednesday. CSX Corporation has a 1 year low of $33.63 and a 1 year high of $53.60. The firm has a 50 day moving average of $48.69 and a 200-day moving average of $47.46. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $89.07 billion, a P/E ratio of 27.79, a price-to-earnings-growth ratio of 2.26 and a beta of 1.21.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%. CSX’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. As a group, sell-side analysts anticipate that CSX Corporation will post 1.99 EPS for the current fiscal year.

CSX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be given a $0.14 dividend. The ex-dividend date is Monday, November 30th. This represents a $0.56 annualized dividend and a yield of 1.2%. CSX’s payout ratio is presently 32.37%.

Insider Buying and Selling at CSX

In other CSX news, SVP Michael Burns sold 13,000 shares of CSX stock in a transaction 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 completion of the transaction, the senior vice president owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Angela Williams sold 30,000 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer directly owned 10,437 shares in the company, valued at approximately $556,187.73. This represents a 74.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.30% of the company’s stock.

CSX Profile

CSX Corporation is a transportation company whose primary business is freight railroading through its CSX Transportation subsidiary. The company operates an extensive rail network across the eastern United States, serving major industrial centers, population hubs, ports and distribution markets.

CSX transports a broad range of products, including chemicals, agricultural and food products, forest products, minerals, metals, automotive goods and other manufactured merchandise. Its services also include intermodal transportation, which combines rail service with trucks and containers, as well as the movement of coal and other bulk commodities.

The company traces its roots to the formation of CSX Corporation in 1980 through the merger of Chessie System and Seaboard Coast Line Industries.