Palisade Capital Management LP Invests $823,000 in CSX Corporation $CSX

Palisade Capital Management LP purchased a new stake in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 17,312 shares of the transportation company’s stock, valued at approximately $823,000.

Other institutional investors also recently bought and sold shares of the company. Canada Pension Plan Investment Board purchased a new stake in CSX during the 2nd quarter worth $116,173,000. Kinloch Capital LLC purchased a new stake in shares of CSX in the second quarter worth about $520,000. Legal & General Group Plc acquired a new stake in shares of CSX in the second quarter valued at about $747,001,000. The Manufacturers Life Insurance Company purchased a new stake in shares of CSX during the 2nd quarter valued at about $78,884,000. Finally, Kelly Lawrence W & Associates Inc. CA purchased a new stake in shares of CSX during the 2nd quarter valued at about $93,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Trading Up 0.5%

Shares of NASDAQ:CSX opened at $51.76 on Thursday. The company has a 50 day moving average of $49.68 and a 200-day moving average of $45.45. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. The firm has a market cap of $95.88 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.35 and a beta of 1.21. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $3.94 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the business posted $0.44 earnings per share. As a group, analysts anticipate that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The company also recently disclosed 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. This represents a $0.56 annualized dividend and a yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s payout ratio is presently 32.37%.

Insider Activity

In related news, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the sale, the chief accounting officer directly 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 document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kevin S. Boone sold 136,708 shares of the business’s 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. The trade was a 39.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 189,708 shares of company stock valued at $9,132,304 in the last 90 days. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CSX. Morgan Stanley set a $32.00 price objective on shares of CSX and gave the company an “underweight” rating in a research report on Monday, July 6th. Evercore set a $51.00 target price on shares of CSX in a research note on Thursday, July 23rd. Argus set a $56.00 target price on shares of CSX in a research note on Friday, July 31st. Robert W. Baird increased their target price on shares of CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Finally, Citigroup raised their price target 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. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.31.

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.