M3 Wealth Management LLC Invests $3.37 Million in CSX Corporation $CSX

M3 Wealth Management LLC purchased a new position in CSX Corporation (NASDAQ:CSX) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 70,958 shares of the transportation company’s stock, valued at approximately $3,373,000. CSX comprises approximately 2.2% of M3 Wealth Management LLC’s portfolio, making the stock its 20th biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Arlington Trust Co LLC grew its stake in CSX by 58.0% during the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 250 shares in the last quarter. Syon Capital LLC raised its position in shares of CSX by 1.0% in the 4th quarter. Syon Capital LLC now owns 28,316 shares of the transportation company’s stock valued at $1,026,000 after purchasing an additional 287 shares in the last quarter. Root Financial Partners LLC raised its position in shares of CSX by 7.3% in the 4th quarter. Root Financial Partners LLC now owns 4,757 shares of the transportation company’s stock valued at $172,000 after purchasing an additional 323 shares in the last quarter. Walled Lake Planning & Wealth Management LLC boosted its stake in shares of CSX by 2.7% during the 4th quarter. Walled Lake Planning & Wealth Management LLC now owns 13,235 shares of the transportation company’s stock valued at $480,000 after buying an additional 346 shares during the last quarter. Finally, Sumitomo Life Insurance Co. boosted its stake in shares of CSX by 0.9% during the 4th quarter. Sumitomo Life Insurance Co. now owns 39,996 shares of the transportation company’s stock valued at $1,450,000 after buying an additional 347 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Price Performance

Shares of CSX opened at $50.16 on Friday. CSX Corporation has a 52 week low of $31.80 and a 52 week high of $53.60. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. The firm has a market cap of $92.92 billion, a price-to-earnings ratio of 28.99, a PEG ratio of 2.29 and a beta of 1.21. The stock has a 50 day moving average of $49.02 and a 200-day moving average of $44.69.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate 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 posted $0.44 EPS. The business’s revenue was up 10.1% compared to the same quarter last year. As a group, analysts forecast that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.14 per share. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX’s payout ratio is presently 32.37%.

Insider Buying and Selling at CSX

In other CSX news, SVP Michael S. Burns sold 13,000 shares of the 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 approximately $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin S. Boone sold 136,708 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the completion of the transaction, the chief financial officer owned 208,622 shares in the company, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 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 company insiders.

Analyst Upgrades and Downgrades

CSX has been the subject of a number of recent analyst reports. Wolfe Research reissued an “outperform” rating and set a $50.00 price target on shares of CSX in a research report on Thursday, April 23rd. JPMorgan Chase & Co. increased their price objective on shares of CSX from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Susquehanna raised shares of CSX from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $50.00 to $58.00 in a report on Tuesday, July 14th. Jefferies Financial Group boosted their target price on shares of CSX from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Finally, Evercore set a $51.00 target price on shares of CSX in a research note on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, CSX currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.31.

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.