Family Legacy Inc. Buys New Stake in CSX Corporation $CSX

Family Legacy Inc. purchased a new stake in CSX Corporation (NASDAQ:CSX) during the second quarter, according to its most recent filing with the SEC. The fund purchased 65,977 shares of the transportation company’s stock, valued at approximately $3,136,000.

Several other hedge funds have also bought and sold shares of CSX. Cohen & Steers Inc. boosted its stake in CSX by 1.2% during the fourth quarter. Cohen & Steers Inc. now owns 8,282,107 shares of the transportation company’s stock valued at $300,226,000 after buying an additional 98,977 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of CSX by 4.4% during the 4th quarter. Captrust Financial Advisors now owns 423,312 shares of the transportation company’s stock worth $15,345,000 after acquiring an additional 18,025 shares in the last quarter. Miller Howard Investments Inc. NY boosted its position in shares of CSX by 6.8% during the 1st quarter. Miller Howard Investments Inc. NY now owns 238,817 shares of the transportation company’s stock valued at $9,803,000 after acquiring an additional 15,310 shares during the last quarter. Knights of Columbus Asset Advisors LLC grew its holdings in shares of CSX by 2.4% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 189,288 shares of the transportation company’s stock valued at $6,862,000 after purchasing an additional 4,476 shares in the last quarter. Finally, Pinebridge Investments LLC bought a new stake in CSX in the fourth quarter worth $5,979,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Price Performance

CSX stock opened at $50.16 on Friday. CSX Corporation has a 12-month low of $31.80 and a 12-month high of $53.60. 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 firm has a 50-day moving average price of $49.02 and a 200-day moving average price of $44.69. The firm has a market capitalization of $92.92 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21.

CSX (NASDAQ:CSX) last issued its quarterly 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 company had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same period in the prior year, the firm posted $0.44 EPS. The firm’s revenue was up 10.1% compared to the same quarter last year. As a group, equities research analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. CSX’s dividend payout ratio is currently 32.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Morgan Stanley set a $32.00 price objective on shares of CSX and gave the stock an “underweight” rating in a research note on Monday, July 6th. Truist Financial set a $46.00 price target on CSX in a research report on Friday, July 10th. Wolfe Research reissued an “outperform” rating and set a $50.00 price objective on shares of CSX in a research note on Thursday, April 23rd. Benchmark reaffirmed a “buy” rating and issued a $54.00 price objective (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $56.00 target price on shares of CSX in a report on Monday, July 13th. 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.31.

Insiders Place Their Bets

In related news, CFO Kevin S. Boone sold 136,708 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the completion of the transaction, the chief financial officer owned 208,622 shares in the company, valued at $9,742,647.40. The trade was a 39.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of the 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 sale, the chief accounting officer owned 10,437 shares in the company, valued at approximately $556,187.73. The trade was a 74.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 189,708 shares of company stock valued at $9,132,304. Corporate insiders own 0.30% of the company’s stock.

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.