Moore Capital Management LP Raises Position in CSX Corporation $CSX

Moore Capital Management LP raised its position in CSX Corporation (NASDAQ:CSX) by 349.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,220,553 shares of the transportation company’s stock after buying an additional 948,944 shares during the period. CSX comprises about 0.9% of Moore Capital Management LP’s portfolio, making the stock its 14th largest holding. Moore Capital Management LP’s holdings in CSX were worth $58,013,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of CSX during the second quarter valued at approximately $7,655,277,000. XXEC Inc. acquired a new stake in shares of CSX in the second quarter worth approximately $765,595,000. Bank of America Corp DE acquired a new stake in shares of CSX in the second quarter worth approximately $1,598,962,000. Bank of New York Mellon Corp purchased a new stake in shares of CSX during the second quarter worth approximately $950,325,000. Finally, Legal & General Group Plc purchased a new stake in shares of CSX during the second quarter worth approximately $747,001,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John J. Zillmer sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the completion of the sale, the director owned 353,714 shares of the company’s stock, valued at $16,430,015.30. This represents a 2.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Kevin S. Boone sold 136,708 shares of CSX stock in a transaction that occurred 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 sale, 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 position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 189,708 shares of company stock worth $9,132,304. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. TD Cowen increased their price objective on CSX from $46.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $59.00 target price on shares of CSX in a research note on Friday, July 24th. Stifel Nicolaus set a $54.00 target price on shares of CSX in a report on Thursday, July 23rd. Wall Street Zen cut shares of CSX from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Benchmark reissued a “buy” rating and issued a $54.00 price target (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

CSX Price Performance

Shares of CSX opened at $51.28 on Monday. CSX Corporation has a 52-week low of $31.80 and a 52-week high of $53.60. The company has a market capitalization of $94.99 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 2.34 and a beta of 1.21. The stock has a fifty day simple moving average of $49.91 and a two-hundred day simple moving average of $45.60. 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 posted its quarterly 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 business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.44 EPS. As a group, equities analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Announces Dividend

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

CSX 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.