Kingsview Wealth Management LLC Acquires New Position in CSX Corporation $CSX

Kingsview Wealth Management LLC acquired a new stake in CSX Corporation (NASDAQ:CSX) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 88,257 shares of the transportation company’s stock, valued at approximately $4,195,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Arlington Trust Co LLC lifted its holdings in shares of CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock valued at $32,000 after buying an additional 250 shares during the period. Syon Capital LLC boosted its stake in shares of CSX by 1.0% in the fourth quarter. Syon Capital LLC now owns 28,316 shares of the transportation company’s stock valued at $1,026,000 after buying an additional 287 shares in the last quarter. Root Financial Partners LLC grew its holdings in CSX by 7.3% during the fourth quarter. Root Financial Partners LLC now owns 4,757 shares of the transportation company’s stock worth $172,000 after acquiring an additional 323 shares during the period. Walled Lake Planning & Wealth Management LLC grew its holdings in CSX by 2.7% during the fourth quarter. Walled Lake Planning & Wealth Management LLC now owns 13,235 shares of the transportation company’s stock worth $480,000 after acquiring an additional 346 shares during the period. Finally, Sumitomo Life Insurance Co. raised its position in CSX by 0.9% in the fourth quarter. Sumitomo Life Insurance Co. now owns 39,996 shares of the transportation company’s stock worth $1,450,000 after acquiring an additional 347 shares in the last quarter. Institutional investors and hedge funds own 73.57% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on CSX shares. Morgan Stanley set a $32.00 target price on shares of CSX and gave the stock an “underweight” rating in a research report on Monday, July 6th. Bank of America increased their price target on shares of CSX from $53.00 to $56.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Raymond James Financial reiterated an “outperform” rating and issued a $56.00 price objective on shares of CSX in a research note on Monday, July 13th. Evercore set a $51.00 price objective on shares of CSX in a report on Thursday, July 23rd. Finally, Truist Financial set a $46.00 target price on shares of CSX in a research report on Friday, July 10th. Eighteen research 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.com, CSX currently has an average rating of “Moderate Buy” and a consensus target price of $51.31.

Insider Buying and Selling

In related news, Director John J. Zillmer sold 10,000 shares of the stock in a transaction 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 sale, the director owned 353,714 shares of the company’s stock, valued at $16,430,015.30. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Angela C. Williams sold 30,000 shares of CSX 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 sale, the chief accounting officer owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. This represents a 74.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 189,708 shares of company stock worth $9,132,304 in the last ninety days. 0.30% of the stock is currently owned by insiders.

CSX Price Performance

CSX stock opened at $51.28 on Friday. CSX Corporation has a 1 year low of $31.80 and a 1 year high of $53.60. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The stock’s 50 day moving average price is $49.91 and its 200 day moving average price is $45.57. The firm has a market cap of $94.99 billion, a P/E ratio of 29.64, a PEG ratio of 2.35 and a beta of 1.21.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $3.94 billion for 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%.CSX’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 EPS. On average, sell-side analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The business 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 $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s dividend payout ratio is currently 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.