Cibc World Market Inc. Makes New Investment in CSX Corporation $CSX

Cibc World Market Inc. acquired a new stake in CSX Corporation (NASDAQ:CSX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,337,674 shares of the transportation company’s stock, valued at approximately $63,580,000.

A number of other institutional investors also recently modified their holdings of CSX. Brighton Jones LLC lifted its holdings in shares of CSX by 5.5% in the 4th quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company’s stock worth $525,000 after purchasing an additional 849 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its stake in CSX by 3.2% during the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 74,410 shares of the transportation company’s stock valued at $2,428,000 after purchasing an additional 2,281 shares in the last quarter. WFA of San Diego LLC bought a new stake in CSX during the 2nd quarter valued at $28,000. Captrust Financial Advisors raised its holdings in CSX by 0.8% during the second quarter. Captrust Financial Advisors now owns 405,828 shares of the transportation company’s stock worth $13,242,000 after buying an additional 3,162 shares during the last quarter. Finally, Horizon Investments LLC raised its holdings in CSX by 22.5% during the third quarter. Horizon Investments LLC now owns 148,355 shares of the transportation company’s stock worth $5,268,000 after buying an additional 27,280 shares during the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Stock Performance

NASDAQ CSX opened at $51.59 on Monday. The company has a fifty day moving average price of $49.38 and a 200-day moving average price of $45.20. 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. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72. CSX Corporation has a 1 year low of $31.80 and a 1 year high of $53.60.

CSX (NASDAQ:CSX) last released its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share 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 company had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same period last year, the firm earned $0.44 earnings per share. The firm’s revenue was up 10.1% on a year-over-year basis. As a group, equities research analysts predict that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 1.1%. CSX’s dividend payout ratio (DPR) is currently 32.37%.

Insider Activity

In other news, CFO Kevin S. Boone sold 136,708 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total value of $6,384,263.60. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the completion of the sale, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 189,708 shares of company stock worth $9,132,304 in the last quarter. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CSX shares. Wells Fargo & Company lifted their price objective on shares of CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, July 8th. Citigroup upped their target price on shares of CSX from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Evercore set a $51.00 price target on shares of CSX in a research report on Thursday, July 23rd. Robert W. Baird lifted their price target on CSX from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Finally, TD Cowen boosted their price objective on CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

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.