Perigon Wealth Management LLC Invests $1.42 Million in CSX Corporation $CSX

Perigon Wealth Management LLC purchased a new stake in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 29,930 shares of the transportation company’s stock, valued at approximately $1,423,000.

A number of other institutional investors have also made changes to their positions in the company. Canada Post Corp Registered Pension Plan boosted its position in CSX by 34.2% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 96,484 shares of the transportation company’s stock valued at $3,498,000 after buying an additional 24,566 shares during the last quarter. M3 Wealth Management LLC bought a new position in CSX during the 2nd quarter valued at $3,373,000. Baxter Bros Inc. acquired a new position in CSX during the 2nd quarter worth $4,672,000. KTF Investments LLC acquired a new position in CSX during the 4th quarter worth $1,325,000. Finally, BNB Wealth Management LLC acquired a new position in CSX during the 4th quarter worth $1,125,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other CSX news, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer directly owned 10,437 shares in the company, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Michael S. Burns sold 13,000 shares of the business’s 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 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 189,708 shares of company stock valued at $9,132,304. 0.30% of the stock is owned by corporate insiders.

CSX Stock Performance

Shares of CSX stock opened at $50.24 on Wednesday. The company has a market cap of $93.07 billion, a P/E ratio of 29.04, a PEG ratio of 2.29 and a beta of 1.21. The business has a 50 day moving average of $49.14 and a two-hundred day moving average of $44.92. CSX Corporation has a 52 week low of $31.80 and a 52 week high of $53.60. 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 announced its quarterly 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 business had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. As a group, analysts anticipate that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently commented on CSX shares. Evercore set a $51.00 price target on shares of CSX in a research report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price objective on CSX from $56.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Stephens started coverage on CSX in a research note on Wednesday, July 8th. They set an “overweight” rating and a $57.00 price objective on the stock. Citizens Jmp began coverage on CSX in a report on Wednesday, July 15th. They set a “market perform” rating on the stock. Finally, Truist Financial set a $46.00 target price on CSX in a research report on Friday, July 10th. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.