Primecap Management Co. CA Invests $77.71 Million in CSX Corporation $CSX

Primecap Management Co. CA acquired a new stake in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 1,634,900 shares of the transportation company’s stock, valued at approximately $77,707,000.

A number of other large investors have also added to or reduced their stakes in CSX. Brighton Jones LLC raised its stake in shares of CSX by 5.5% during the fourth quarter. Brighton Jones LLC now owns 16,254 shares of the transportation company’s stock valued at $525,000 after acquiring an additional 849 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of CSX by 3.2% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 74,410 shares of the transportation company’s stock worth $2,428,000 after purchasing an additional 2,281 shares during the last quarter. WFA of San Diego LLC acquired a new stake in CSX in the second quarter valued at $28,000. Captrust Financial Advisors raised its position in CSX by 0.8% during the 2nd quarter. Captrust Financial Advisors now owns 405,828 shares of the transportation company’s stock worth $13,242,000 after purchasing an additional 3,162 shares during the last quarter. Finally, Horizon Investments LLC raised its position in CSX by 22.5% during the 3rd quarter. Horizon Investments LLC now owns 148,355 shares of the transportation company’s stock worth $5,268,000 after purchasing an additional 27,280 shares during the last quarter. Institutional investors own 73.57% of the company’s stock.

CSX Stock Performance

Shares of CSX opened at $51.76 on Thursday. 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’s fifty day simple moving average is $49.68 and its two-hundred day simple moving average is $45.45. CSX Corporation has a 12 month low of $31.80 and a 12 month high of $53.60. The stock has a market capitalization of $95.88 billion, a P/E ratio of 29.92, a price-to-earnings-growth ratio of 2.35 and a beta of 1.21.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $3.94 billion during 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 business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the company posted $0.44 EPS. As a group, analysts predict 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 issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

CSX has been the topic of a number of analyst reports. Wells Fargo & Company upped their price target on CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Wednesday, July 8th. TD Cowen raised their price objective on CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Argus set a $56.00 price objective on CSX in a research note on Friday, July 31st. JPMorgan Chase & Co. upped their target price on CSX from $56.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Finally, Citigroup upped their target price on CSX from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.31.

Insiders Place Their Bets

In other CSX news, CFO Kevin S. Boone sold 136,708 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 208,622 shares in the company, valued at approximately $9,742,647.40. This represents a 39.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John J. Zillmer sold 10,000 shares of the firm’s 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 sale, the director directly owned 353,714 shares of the company’s stock, valued at approximately $16,430,015.30. This trade represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 189,708 shares of company stock valued at $9,132,304. Company insiders own 0.30% of the company’s stock.

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.