Equitable Holdings Inc. Takes $2.50 Million Position in CSX Corporation $CSX

Equitable Holdings Inc. purchased a new position in CSX Corporation (NASDAQ:CSX) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 52,617 shares of the transportation company’s stock, valued at approximately $2,501,000.

A number of other institutional investors have also made changes to their positions in the stock. BlackRock Inc. bought a new stake in CSX in the second quarter valued at about $7,655,277,000. XXEC Inc. bought a new position in CSX during the second quarter worth about $765,595,000. Bank of America Corp DE bought a new position in CSX during the second quarter worth about $1,598,962,000. Bank of New York Mellon Corp bought a new position in CSX during the second quarter worth about $950,325,000. Finally, Legal & General Group Plc acquired a new position in shares of CSX during the 2nd quarter worth about $747,001,000. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Trading Down 0.5%

Shares of NASDAQ:CSX opened at $51.28 on Friday. The firm has a market cap of $94.99 billion, a price-to-earnings ratio of 29.64, a PEG ratio of 2.35 and a beta of 1.21. CSX Corporation has a 12 month low of $31.80 and a 12 month high of $53.60. The company’s fifty day simple moving average is $49.91 and its 200 day simple moving average is $45.57. 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 EPS. As a group, research analysts forecast that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Dividend Announcement

The company 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 dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio is currently 32.37%.

Wall Street Analyst Weigh In

CSX has been the subject of a number of recent analyst reports. Citizens Jmp initiated coverage on CSX in a research note on Wednesday, July 15th. They issued a “market perform” rating for the company. BMO Capital Markets restated a “market perform” rating and set a $52.00 price objective (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Stifel Nicolaus set a $54.00 target price on shares of CSX in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $59.00 target price on shares of CSX in a report on Friday, July 24th. Finally, Truist Financial set a $46.00 price target on shares of CSX in a research report on Friday, July 10th. Eighteen 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 company has an average rating of “Moderate Buy” and an average price target of $51.31.

Insider Transactions at CSX

In other CSX news, SVP Michael S. Burns sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the sale, the senior vice president owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Angela C. Williams sold 30,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. This trade 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 valued at $9,132,304 over the last three months. 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.