CSX Corporation $CSX Stock: Rakuten Investment Management Inc. Boosts Stake

Rakuten Investment Management Inc. lifted its holdings in CSX Corporation (NASDAQ:CSX) by 10.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 493,565 shares of the transportation company’s stock after purchasing an additional 45,769 shares during the quarter. Rakuten Investment Management Inc.’s holdings in CSX were worth $23,163,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Markel Group Inc. raised its position in shares of CSX by 2.2% during the 3rd quarter. Markel Group Inc. now owns 597,500 shares of the transportation company’s stock valued at $27,790,000 after buying an additional 13,000 shares in the last quarter. Provenance Wealth Advisors LLC lifted its holdings in shares of CSX by 31.8% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 2,763 shares of the transportation company’s stock valued at $129,000 after acquiring an additional 667 shares during the last quarter. Associated Banc Corp purchased a new position in CSX in the third quarter worth about $1,746,000. Putney Financial Group LLC purchased a new position in CSX in the third quarter worth about $172,000. Finally, Integrity Alliance LLC. increased its stake in CSX by 2.5% during the third quarter. Integrity Alliance LLC. now owns 38,067 shares of the transportation company’s stock worth $1,770,000 after acquiring an additional 938 shares during the last quarter. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Performance

CSX stock opened at $50.72 on Wednesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.84 and a quick ratio of 0.75. CSX Corporation has a 1-year low of $33.63 and a 1-year high of $53.60. The firm has a market capitalization of $93.50 billion, a P/E ratio of 26.28, a price-to-earnings-growth ratio of 2.27 and a beta of 1.12. The company’s 50-day moving average is $48.85 and its 200 day moving average is $45.67.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Wednesday, October 21st. The transportation company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.04. CSX had a net margin of 23.97% and a return on equity of 25.94%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter last year, the firm earned $0.44 earnings per share. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. Research analysts forecast that CSX Corporation will post 2.04 EPS for the current year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, November 30th. CSX’s dividend payout ratio (DPR) is currently 29.02%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CSX shares. Citizens Jmp began coverage on CSX in a research report on Wednesday, July 15th. They set a “market perform” rating on the stock. Citigroup reiterated a “neutral” rating and issued a $54.00 target price (up from $53.00) on shares of CSX in a report on Friday, October 23rd. Barclays reissued an “overweight” rating and set a $60.00 target price (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. Argus set a $56.00 price target on CSX in a report on Friday, July 31st. Finally, Evercore set a $53.00 price target on CSX in a research report on Friday, October 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.20.

Insider Transactions at CSX

In related news, Director John Zillmer sold 19,500 shares of the business’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $51.24, for a total transaction of $999,180.00. Following the completion of the transaction, the director owned 334,214 shares in the company, valued at $17,125,125.36. The trade was a 5.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by insiders.

CSX Profile

CSX Corporation is a transportation company whose primary business is freight railroading through its CSX Transportation subsidiary. The company operates an extensive rail network across the eastern United States, serving major industrial centers, population hubs, ports and distribution markets.

CSX transports a broad range of products, including chemicals, agricultural and food products, forest products, minerals, metals, automotive goods and other manufactured merchandise. Its services also include intermodal transportation, which combines rail service with trucks and containers, as well as the movement of coal and other bulk commodities.

The company traces its roots to the formation of CSX Corporation in 1980 through the merger of Chessie System and Seaboard Coast Line Industries.