Rakuten Investment Management Inc. Makes New Investment in CSX Corporation $CSX

Rakuten Investment Management Inc. bought a new position in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 447,796 shares of the transportation company’s stock, valued at approximately $21,499,000.

A number of other institutional investors have also made changes to their positions in the company. RB Capital Management LLC acquired a new stake in shares of CSX during the 2nd quarter valued at approximately $952,000. Orion Capital Management LLC bought a new position in CSX during the second quarter worth $73,000. Glenview Trust Co acquired a new position in CSX in the second quarter worth $10,214,000. Empowered Funds LLC acquired a new position in CSX in the second quarter worth $11,539,000. Finally, United Capital Financial Advisors LLC bought a new stake in CSX during the second quarter valued at $8,116,000. 73.57% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CSX. Robert W. Baird increased their target price on shares of CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Morgan Stanley set a $32.00 price target on shares of CSX and gave the company an “underweight” rating in a report on Monday, July 6th. Citizens Jmp started coverage on shares of CSX in a research report on Wednesday, July 15th. They set a “market perform” rating for the company. JPMorgan Chase & Co. increased their price objective on shares of CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Finally, Stifel Nicolaus set a $54.00 target price on shares of CSX in a report on Thursday, July 23rd. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, CSX has an average rating of “Moderate Buy” and a consensus target price of $51.31.

CSX Stock Down 0.5%

Shares of CSX stock opened at $51.28 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72. CSX Corporation has a 1-year low of $31.80 and a 1-year high of $53.60. The business’s fifty day moving average price is $49.91 and its two-hundred day moving average price is $45.57. The company has a market capitalization of $94.99 billion, a P/E ratio of 29.64, a PEG 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 (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The business’s 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. As a group, research analysts forecast 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. Investors 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 dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s payout ratio is presently 32.37%.

Insider Buying and Selling

In related news, CFO Kevin S. Boone sold 136,708 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total value of $6,384,263.60. Following the completion of the transaction, the chief financial officer owned 208,622 shares of the company’s stock, valued at approximately $9,742,647.40. This trade represents a 39.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John J. Zillmer sold 10,000 shares of CSX 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 transaction, the director owned 353,714 shares in the company, valued at approximately $16,430,015.30. The trade was a 2.75% 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 valued at $9,132,304 over the last ninety days. 0.30% of the stock is currently owned by company insiders.

CSX Company 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.