CSX Sees Unusually High Options Volume (NASDAQ:CSX)

CSX Corporation (NASDAQ:CSX) was the target of some unusual options trading on Wednesday. Investors bought 21,889 call options on the stock. This represents an increase of 225% compared to the average volume of 6,726 call options.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Citigroup dropped their price objective on shares of CSX from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, January 23rd. Susquehanna restated a “neutral” rating and issued a $39.00 target price on shares of CSX in a research report on Friday, January 23rd. Morgan Stanley set a $30.00 price target on shares of CSX and gave the company an “equal weight” rating in a research note on Monday, December 8th. Raymond James Financial boosted their price objective on CSX from $40.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Finally, Wolfe Research increased their price objective on CSX from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Tuesday, March 10th. Eighteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, CSX has an average rating of “Moderate Buy” and an average target price of $40.48.

Insider Buying and Selling

In other news, EVP Stephen Fortune sold 31,456 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $38.65, for a total transaction of $1,215,774.40. Following the completion of the sale, the executive vice president directly owned 82,034 shares in the company, valued at $3,170,614.10. This trade represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stephen F. Angel purchased 25,000 shares of CSX stock in a transaction that occurred on Friday, March 6th. The stock was acquired at an average cost of $40.27 per share, with a total value of $1,006,750.00. Following the acquisition, the chief executive officer directly owned 146,540 shares of the company’s stock, valued at $5,901,165.80. The trade was a 20.57% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 188,123 shares of company stock valued at $7,454,854. Corporate insiders own 0.35% of the company’s stock.

Hedge Funds Weigh In On CSX

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC acquired a new position in CSX in the 2nd quarter worth about $25,000. FNY Investment Advisers LLC lifted its holdings in shares of CSX by 437.3% during the 3rd quarter. FNY Investment Advisers LLC now owns 720 shares of the transportation company’s stock valued at $25,000 after buying an additional 586 shares during the last quarter. WFA of San Diego LLC bought a new stake in shares of CSX in the 2nd quarter valued at approximately $28,000. Pinnacle Bancorp Inc. grew its stake in shares of CSX by 121.5% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 1,329 shares of the transportation company’s stock valued at $47,000 after buying an additional 729 shares in the last quarter. Finally, CrossGen Wealth LLC acquired a new position in CSX in the fourth quarter worth approximately $54,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Price Performance

NASDAQ:CSX traded up $0.80 during midday trading on Wednesday, hitting $39.67. 7,828,682 shares of the stock were exchanged, compared to its average volume of 13,795,047. CSX has a one year low of $26.22 and a one year high of $43.35. The company has a market capitalization of $73.76 billion, a price-to-earnings ratio of 25.75, a P/E/G ratio of 1.99 and a beta of 1.27. The business has a 50-day moving average price of $39.67 and a two-hundred day moving average price of $36.86. The company has a current ratio of 0.81, a quick ratio of 0.69 and a debt-to-equity ratio of 1.38.

CSX (NASDAQ:CSX) last released its earnings results on Thursday, January 22nd. The transportation company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The firm had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.59 billion. CSX had a return on equity of 23.88% and a net margin of 20.50%.CSX’s revenue was down .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 earnings per share. Sell-side analysts predict that CSX will post 1.83 EPS for the current year.

CSX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.4%. This is an increase from CSX’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, February 27th. CSX’s payout ratio is 36.36%.

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.