Korea Investment CORP Acquires Shares of 860,550 CSX Corporation $CSX

Korea Investment CORP bought a new position in shares of CSX Corporation (NASDAQ:CSX) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 860,550 shares of the transportation company’s stock, valued at approximately $40,902,000.

Several other large investors have also recently modified their holdings of CSX. N.E.W. Advisory Services LLC bought a new stake in shares of CSX in the second quarter valued at approximately $27,000. WFA of San Diego LLC bought a new position in CSX in the 2nd quarter worth approximately $28,000. Arlington Trust Co LLC boosted its holdings in 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 buying an additional 250 shares during the period. Wilkerson Advisory Group LLC grew its stake in CSX by 97.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company’s stock valued at $34,000 after buying an additional 409 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in CSX in the 2nd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Stock Up 1.2%

Shares of NASDAQ CSX opened at $51.59 on Friday. CSX Corporation has a 12 month low of $31.80 and a 12 month 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 capitalization of $95.57 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 2.36 and a beta of 1.21. The business has a 50-day moving average of $49.38 and a 200-day moving average of $45.15.

CSX (NASDAQ:CSX) last announced its earnings results 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. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. CSX’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm posted $0.44 earnings per share. Sell-side analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued 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 is presently 32.37%.

Insider Activity at CSX

In other news, Director John J. Zillmer sold 10,000 shares of CSX stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total transaction of $464,500.00. Following the completion of the sale, the director directly owned 353,714 shares of the company’s stock, valued at approximately $16,430,015.30. The trade was a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael S. Burns sold 13,000 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the completion of the transaction, the senior vice president owned 59,643 shares of the company’s stock, valued at $3,141,993.24. This trade 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. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Citizens Jmp began coverage on CSX in a research report on Wednesday, July 15th. They set a “market perform” rating on the stock. Rothschild & Co Redburn lifted their price target on CSX from $45.50 to $47.50 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Wall Street Zen lowered CSX from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. TD Cowen increased their price objective on CSX from $46.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Finally, Stephens assumed coverage on CSX in a research note on Wednesday, July 8th. They issued an “overweight” rating and a $57.00 target price for the company. Eighteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company 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.