Pinnbrook Capital Management LP Takes $44.68 Million Position in CSX Corporation $CSX

Pinnbrook Capital Management LP bought a new position in shares of CSX Corporation (NASDAQ:CSX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 939,978 shares of the transportation company’s stock, valued at approximately $44,677,000. CSX comprises approximately 4.8% of Pinnbrook Capital Management LP’s holdings, making the stock its biggest holding. Pinnbrook Capital Management LP owned about 0.05% of CSX as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. N.E.W. Advisory Services LLC bought a new position in CSX in the 2nd quarter valued at about $27,000. WFA of San Diego LLC bought a new stake in shares of CSX during the second quarter worth approximately $28,000. Arlington Trust Co LLC boosted its holdings in shares of CSX by 58.0% during the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock worth $32,000 after acquiring an additional 250 shares during the period. Wilkerson Advisory Group LLC grew its position in shares of CSX by 97.4% in the first quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company’s stock valued at $34,000 after purchasing an additional 409 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new position in shares of CSX during the second quarter worth approximately $34,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

Insider Activity

In related news, SVP Michael S. Burns sold 13,000 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were 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 owned 59,643 shares of the company’s stock, valued at $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kevin S. Boone sold 136,708 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer directly owned 208,622 shares in the company, valued at approximately $9,742,647.40. This represents a 39.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 189,708 shares of company stock worth $9,132,304. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on CSX. Wall Street Zen cut CSX from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. increased their price objective on CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Rothschild & Co Redburn lifted their target price on CSX from $45.50 to $47.50 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Robert W. Baird boosted their target price on shares of CSX from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Finally, Bank of America upped their price target on shares of CSX from $53.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.31.

CSX Price Performance

CSX stock opened at $51.59 on Friday. The stock’s fifty day moving average price is $49.38 and its two-hundred day moving average price is $45.15. CSX Corporation has a one year low of $31.80 and a one year high of $53.60. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72. The firm has a market cap of $95.57 billion, a PE ratio of 29.82, a price-to-earnings-growth ratio of 2.36 and a beta of 1.21.

CSX (NASDAQ:CSX) last released its 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. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The company’s revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 EPS. As a group, research analysts expect that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

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

CSX Company 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.