PointState Capital LP Makes New $121.30 Million Investment in CSX Corporation $CSX

PointState Capital LP bought a new stake in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, Holdings Channel reports. The fund bought 2,552,063 shares of the transportation company’s stock, valued at approximately $121,300,000. CSX accounts for 1.6% of PointState Capital LP’s investment portfolio, making the stock its 23rd largest holding.

Other large investors have also modified their holdings of the company. Arlington Trust Co LLC lifted its position in shares of CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock worth $32,000 after purchasing an additional 250 shares during the period. Syon Capital LLC boosted its stake in shares of CSX by 1.0% during the fourth 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 increased its holdings in CSX by 7.3% during the fourth quarter. Root Financial Partners LLC now owns 4,757 shares of the transportation company’s stock valued at $172,000 after buying an additional 323 shares during the period. Walled Lake Planning & Wealth Management LLC increased its holdings in CSX by 2.7% during the fourth 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 period. Finally, Sumitomo Life Insurance Co. increased its holdings in CSX by 0.9% during the fourth 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 period. Institutional investors own 73.57% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Angela C. Williams sold 30,000 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the transaction, the chief accounting officer directly owned 10,437 shares in the company, valued at $556,187.73. The trade was a 74.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael S. Burns sold 13,000 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the transaction, the senior vice president directly owned 59,643 shares in the company, valued at $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 189,708 shares of company stock worth $9,132,304 over the last quarter. Company insiders own 0.30% of the company’s stock.

CSX Trading Up 0.5%

NASDAQ:CSX opened at $51.76 on Thursday. CSX Corporation has a 52 week low of $31.80 and a 52 week high of $53.60. The firm has a 50 day moving average of $49.68 and a 200 day moving average of $45.45. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $95.88 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 2.35 and a beta of 1.21.

CSX (NASDAQ:CSX) last released its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 earnings per share. As a group, sell-side analysts anticipate that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.1%. CSX’s dividend payout ratio (DPR) is presently 32.37%.

Analyst Ratings Changes

A number of research firms have weighed in on CSX. Argus set a $56.00 target price on CSX in a report on Friday, July 31st. Weiss Ratings upgraded CSX from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. BMO Capital Markets reissued a “market perform” rating and issued a $52.00 price target (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Wall Street Zen lowered CSX from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Wells Fargo & Company upped their price objective on CSX from $50.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 8th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.