Pallas Capital Advisors LLC Takes Position in CSX Corporation $CSX

Pallas Capital Advisors LLC purchased a new position in shares of CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,326 shares of the transportation company’s stock, valued at approximately $633,000.

A number of other institutional investors also recently made changes to their positions in the stock. Canada Post Corp Registered Pension Plan boosted its position in CSX by 34.2% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 96,484 shares of the transportation company’s stock worth $3,498,000 after acquiring an additional 24,566 shares during the last quarter. M3 Wealth Management LLC acquired a new position in CSX in the 2nd quarter valued at $3,373,000. Baxter Bros Inc. acquired a new position in CSX in the 2nd quarter valued at $4,672,000. KTF Investments LLC purchased a new position in shares of CSX during the 4th quarter worth $1,325,000. Finally, BNB Wealth Management LLC purchased a new position in shares of CSX during the 4th quarter worth $1,125,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CSX has been the subject of several recent analyst reports. Citigroup lifted their price target on CSX from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Vertical Research lowered shares of CSX from a “buy” rating to a “hold” rating and set a $44.00 price objective on the stock. in a report on Thursday, April 23rd. Royal Bank Of Canada reissued an “outperform” rating and issued a $54.00 target price (up from $51.00) on shares of CSX in a research report on Thursday, July 23rd. Morgan Stanley set a $32.00 target price on shares of CSX and gave the company an “underweight” rating in a report on Monday, July 6th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $50.00 price target on shares of CSX in a research note on Thursday, April 23rd. Eighteen investment 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 a consensus rating of “Moderate Buy” and an average target price of $51.31.

CSX Trading Up 0.9%

NASDAQ CSX opened at $50.68 on Thursday. CSX Corporation has a 12 month low of $31.80 and a 12 month 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 company has a market capitalization of $93.88 billion, a price-to-earnings ratio of 29.29, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21. The company’s fifty day moving average price is $49.23 and its two-hundred day moving average price is $45.01.

CSX (NASDAQ:CSX) last issued its quarterly 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. CSX had a return on equity of 24.98% and a net margin of 22.21%.The business had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same period in the previous year, the business earned $0.44 EPS. The business’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, research analysts predict that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.14 per share. 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 presently 32.37%.

Insider Activity

In other news, CFO Kevin S. Boone sold 136,708 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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. The trade was a 39.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Angela C. Williams sold 30,000 shares of the stock in a transaction on 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 transaction, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. The trade was a 74.19% decrease in their position. 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 quarter. Company insiders own 0.30% of the company’s stock.

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.