Magellan Asset Management Ltd Invests $42.37 Million in CSX Corporation $CSX

Magellan Asset Management Ltd purchased a new stake in shares of CSX Corporation (NASDAQ:CSX) in the second quarter, Holdings Channel reports. The firm purchased 891,356 shares of the transportation company’s stock, valued at approximately $42,366,000.

A number of other institutional investors have also recently bought and sold shares of CSX. N.E.W. Advisory Services LLC purchased a new stake in shares of CSX during the 2nd quarter valued at $27,000. WFA of San Diego LLC bought a new position in shares of CSX during the 2nd quarter valued at approximately $28,000. Arlington Trust Co LLC increased its stake in shares of CSX by 58.0% during the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock worth $32,000 after purchasing an additional 250 shares during the last quarter. Wilkerson Advisory Group LLC increased its stake in shares of CSX by 97.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company’s stock worth $34,000 after purchasing an additional 409 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of CSX in the 2nd quarter worth approximately $34,000. Institutional investors own 73.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CSX shares. Susquehanna raised CSX from a “neutral” rating to a “positive” rating and raised their target price for the stock from $50.00 to $58.00 in a research report on Tuesday, July 14th. Stephens began coverage on CSX in a report on Wednesday, July 8th. They issued an “overweight” rating and a $57.00 price objective for the company. Citigroup increased their target price on shares of CSX from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Raymond James Financial restated an “outperform” rating and set a $56.00 price target on shares of CSX in a research note on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $59.00 price objective on shares of CSX in a report on Friday, July 24th. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, CSX has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

Insider Transactions at CSX

In other CSX news, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the transaction, the chief financial officer directly owned 208,622 shares in the company, valued at $9,742,647.40. This trade represents a 39.59% 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, Director John J. Zillmer sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.45, for a total transaction of $464,500.00. Following the completion of the sale, the director owned 353,714 shares of the company’s stock, valued at approximately $16,430,015.30. The trade was a 2.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 189,708 shares of company stock worth $9,132,304. 0.30% of the stock is owned by corporate insiders.

CSX Stock Performance

Shares of CSX stock opened at $51.59 on Monday. The company’s 50-day moving average price is $49.38 and its 200-day moving average price is $45.20. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. CSX Corporation has a 12-month low of $31.80 and a 12-month high of $53.60. The company 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 announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.44 EPS. On average, equities analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

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

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.