NewEdge Wealth LLC Invests $1.90 Million in CSX Corporation $CSX

NewEdge Wealth LLC purchased a new position in CSX Corporation (NASDAQ:CSX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 40,011 shares of the transportation company’s stock, valued at approximately $1,902,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CSX. N.E.W. Advisory Services LLC bought a new position in CSX during the second quarter valued at $27,000. WFA of San Diego LLC purchased a new position in shares of CSX during the second quarter valued at approximately $28,000. Arlington Trust Co LLC raised its holdings in shares of CSX by 58.0% in the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock worth $32,000 after buying an additional 250 shares during the period. Wilkerson Advisory Group LLC raised its holdings in shares of CSX by 97.4% in the first quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company’s stock worth $34,000 after buying an additional 409 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in shares of CSX during the 2nd quarter worth approximately $34,000. 73.57% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director John J. Zillmer sold 10,000 shares of CSX stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.45, for a total transaction of $464,500.00. Following the completion of the transaction, the director directly owned 353,714 shares in the company, valued at approximately $16,430,015.30. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of CSX stock in a transaction that occurred 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 transaction, the senior vice president directly owned 59,643 shares of the company’s stock, valued at approximately $3,141,993.24. This trade represents a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 189,708 shares of company stock valued at $9,132,304 in the last three months. 0.30% of the stock is currently owned by insiders.

CSX Stock Performance

Shares of CSX opened at $50.97 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The stock has a 50-day moving average of $49.30 and a two-hundred day moving average of $45.11. The stock has a market cap of $94.42 billion, a P/E ratio of 29.46, a P/E/G ratio of 2.31 and a beta of 1.21. CSX Corporation has a one year low of $31.80 and a one year high of $53.60.

CSX (NASDAQ:CSX) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.89 billion. During the same period in the prior year, the company earned $0.44 earnings per share. The company’s revenue was up 10.1% on a year-over-year basis. As a group, research analysts predict that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. CSX’s dividend payout ratio (DPR) is currently 32.37%.

Wall Street Analysts Forecast Growth

CSX has been the subject of a number of research analyst reports. Citizens Jmp started coverage on shares of CSX in a report on Wednesday, July 15th. They set a “market perform” rating for the company. Argus set a $56.00 price target on CSX in a research report on Friday, July 31st. Evercore set a $51.00 price objective on shares of CSX in a report on Thursday, July 23rd. Robert W. Baird boosted their target price on shares of CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Finally, Jefferies Financial Group upped their price target on CSX from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Eighteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.31.

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.