Kingsview Wealth Management LLC Makes New $4.20 Million Investment in CSX Corporation $CSX

Kingsview Wealth Management LLC purchased a new stake in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 88,257 shares of the transportation company’s stock, valued at approximately $4,195,000.

A number of other large investors also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of CSX in the second quarter valued at $7,655,277,000. XXEC Inc. acquired a new position in CSX in the second quarter valued at $765,595,000. Bank of America Corp DE purchased a new position in CSX during the second quarter worth about $1,598,962,000. Bank of New York Mellon Corp purchased a new position in CSX during the second quarter worth about $950,325,000. Finally, Legal & General Group Plc acquired a new stake in CSX in the 2nd quarter worth about $747,001,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Insider Buying and Selling

In other news, CAO Angela C. Williams sold 30,000 shares of the stock in a transaction dated 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. This trade represents a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael S. Burns sold 13,000 shares of the firm’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the sale, the senior vice president 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 189,708 shares of company stock worth $9,132,304 in the last ninety days. 0.30% of the stock is owned by corporate insiders.

CSX Stock Performance

NASDAQ:CSX opened at $51.28 on Friday. The firm’s fifty day simple moving average is $49.91 and its 200 day simple moving average is $45.57. 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 twelve month low of $31.80 and a twelve month high of $53.60. The firm has a market capitalization of $94.99 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 2.35 and a beta of 1.21.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. CSX had a return on equity of 24.98% and a net margin of 22.21%.The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same period in the prior year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, equities research analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a $0.14 dividend. 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 is presently 32.37%.

Wall Street Analysts Forecast Growth

CSX has been the subject of several recent analyst reports. Evercore set a $51.00 price target on CSX in a report on Thursday, July 23rd. Robert W. Baird increased their price objective on shares of CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Stifel Nicolaus set a $54.00 target price on shares of CSX in a research report on Thursday, July 23rd. Barclays restated an “overweight” rating and issued a $60.00 target price (up from $55.00) on shares of CSX in a report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $51.31.

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.