Pinnbrook Capital Management LP Invests $44.68 Million in CSX Corporation $CSX

Pinnbrook Capital Management LP acquired a new position in shares of CSX Corporation (NASDAQ:CSX) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 939,978 shares of the transportation company’s stock, valued at approximately $44,677,000. CSX makes up about 4.8% of Pinnbrook Capital Management LP’s investment portfolio, making the stock its largest holding.

Other large investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new position in CSX during the second quarter worth about $18,593,000. CFO4Life Group LLC acquired a new stake in shares of CSX in the 2nd quarter valued at approximately $4,470,000. Quantbot Technologies LP acquired a new position in CSX during the 2nd quarter worth approximately $833,000. Evolve Private Wealth LLC acquired a new stake in CSX in the second quarter valued at approximately $693,000. Finally, Varma Mutual Pension Insurance Co acquired a new stake in CSX in the second quarter valued at approximately $17,556,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CSX has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on CSX from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Citigroup increased their target price on CSX from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Stephens began coverage on CSX in a research note on Wednesday, July 8th. They issued an “overweight” rating and a $57.00 price objective for the company. Morgan Stanley set a $32.00 target price on shares of CSX and gave the stock an “underweight” rating in a research report on Monday, July 6th. Finally, Citizens Jmp started coverage on shares of CSX in a research report on Wednesday, July 15th. They issued a “market perform” rating for the company. Eighteen 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 company. According to data from MarketBeat.com, CSX 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 company’s stock in a transaction dated 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 sale, the chief financial officer owned 208,622 shares in the company, valued at $9,742,647.40. This represents a 39.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $1,598,700.00. Following the sale, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at $556,187.73. This represents a 74.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 189,708 shares of company stock valued at $9,132,304. 0.30% of the stock is currently owned by insiders.

CSX Stock Up 1.2%

CSX stock opened at $51.59 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. CSX Corporation has a 52-week low of $31.80 and a 52-week high of $53.60. The firm has a 50 day moving average price of $49.38 and a two-hundred day moving average price of $45.15. The firm has a market cap of $95.57 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 2.36 and a beta of 1.21.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $3.89 billion. During the same period in the prior year, the company posted $0.44 earnings per share. CSX’s revenue for the quarter was up 10.1% compared to the same quarter last year. Equities analysts predict that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given 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 yield of 1.1%. CSX’s dividend payout ratio is 32.37%.

CSX Profile

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.