SCS Capital Management LLC Invests $528,000 in CSX Corporation $CSX

SCS Capital Management LLC bought a new stake in shares of CSX Corporation (NASDAQ:CSX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 11,115 shares of the transportation company’s stock, valued at approximately $528,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CSX. Bank of New York Mellon Corp purchased a new position in shares of CSX in the 2nd quarter worth $950,325,000. Cohen & Steers Inc. raised its position in shares of CSX by 1.2% during the 4th quarter. Cohen & Steers Inc. now owns 8,282,107 shares of the transportation company’s stock valued at $300,226,000 after buying an additional 98,977 shares in the last quarter. Captrust Financial Advisors raised its position in shares of CSX by 4.4% during the 4th quarter. Captrust Financial Advisors now owns 423,312 shares of the transportation company’s stock valued at $15,345,000 after buying an additional 18,025 shares in the last quarter. Miller Howard Investments Inc. NY lifted its holdings in shares of CSX by 6.8% in the 1st quarter. Miller Howard Investments Inc. NY now owns 238,817 shares of the transportation company’s stock valued at $9,803,000 after acquiring an additional 15,310 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC lifted its holdings in shares of CSX by 2.4% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 189,288 shares of the transportation company’s stock valued at $6,862,000 after acquiring an additional 4,476 shares during the last quarter. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CSX shares. TD Cowen boosted their price objective on CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Bank of America raised their price objective on CSX from $53.00 to $56.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Robert W. Baird lifted their target price on CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Weiss Ratings raised CSX from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, Truist Financial set a $46.00 price target on CSX in a report on Friday, July 10th. 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’s stock. According to MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

Insiders Place Their Bets

In other CSX 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 value of $464,500.00. Following the sale, the director owned 353,714 shares in the company, 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 document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the senior vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 189,708 shares of company stock worth $9,132,304. Insiders own 0.30% of the company’s stock.

CSX Stock Performance

CSX stock opened at $50.16 on Monday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72. CSX Corporation has a 1-year low of $31.80 and a 1-year high of $53.60. The firm has a market capitalization of $92.92 billion, a P/E ratio of 28.99, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21. The company’s 50-day moving average is $49.02 and its 200 day moving average is $44.74.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 earnings per share. Research analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

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