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

Magellan Asset Management Ltd bought a new stake in CSX Corporation (NASDAQ:CSX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 891,356 shares of the transportation company’s stock, valued at approximately $42,366,000.

Several other institutional investors also recently modified their holdings of CSX. Brighton Jones LLC boosted its stake in CSX by 5.5% in the 4th quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company’s stock worth $525,000 after purchasing an additional 849 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its stake in CSX by 3.2% in the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 74,410 shares of the transportation company’s stock valued at $2,428,000 after buying an additional 2,281 shares during the last quarter. WFA of San Diego LLC acquired a new position in shares of CSX in the second quarter valued at about $28,000. Captrust Financial Advisors grew its position in CSX by 0.8% during the second quarter. Captrust Financial Advisors now owns 405,828 shares of the transportation company’s stock worth $13,242,000 after buying an additional 3,162 shares in the last quarter. Finally, Horizon Investments LLC lifted its position in shares of CSX by 22.5% during the 3rd quarter. Horizon Investments LLC now owns 148,355 shares of the transportation company’s stock valued at $5,268,000 after acquiring an additional 27,280 shares during the period. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CSX shares. Citizens Jmp started coverage on shares of CSX in a research report on Wednesday, July 15th. They set a “market perform” rating for the company. Benchmark reissued a “buy” rating and issued a $54.00 price objective (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. Argus set a $56.00 price target on CSX in a report on Friday, July 31st. Robert W. Baird lifted their target price on CSX from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Finally, Morgan Stanley set a $32.00 price target on shares of CSX and gave the company an “underweight” rating in a research note on Monday, July 6th. Eighteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

CSX Stock Performance

Shares of CSX stock opened at $51.59 on Monday. The stock has a market cap of $95.57 billion, a price-to-earnings ratio of 29.82, a P/E/G ratio of 2.36 and a beta of 1.21. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60. The company’s fifty day moving average is $49.38 and its 200 day moving average is $45.20. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $3.94 billion for 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 business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. Sell-side analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX’s dividend payout ratio (DPR) is currently 32.37%.

Insiders Place Their Bets

In related news, SVP Michael S. Burns sold 13,000 shares of the business’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.68, for a total transaction of $684,840.00. Following the transaction, the senior vice president owned 59,643 shares in the company, valued at $3,141,993.24. The trade was a 17.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin S. Boone sold 136,708 shares of CSX stock in a transaction 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 completion of the sale, the chief financial officer directly owned 208,622 shares of the company’s stock, valued at approximately $9,742,647.40. This trade represents a 39.59% 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 valued at $9,132,304 over the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

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.