XXEC Inc. Makes New $765.60 Million Investment in CSX Corporation $CSX

XXEC Inc. purchased a new stake in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 98,953,007 shares of the transportation company’s stock, valued at approximately $765,595,000. CSX comprises 0.4% of XXEC Inc.’s portfolio, making the stock its 13th largest position. XXEC Inc. owned about 0.05% of CSX at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of CSX in the 2nd quarter worth approximately $7,655,277,000. Bank of New York Mellon Corp bought a new position in shares of CSX during the 2nd quarter valued at $950,325,000. Deutsche Bank AG bought a new position in shares of CSX during the 2nd quarter valued at $685,418,000. Cohen & Steers Inc. grew its holdings in shares of CSX by 1.2% during the 4th quarter. Cohen & Steers Inc. now owns 8,282,107 shares of the transportation company’s stock valued at $300,226,000 after purchasing an additional 98,977 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in CSX in the 2nd quarter worth $224,809,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CSX shares. Truist Financial set a $46.00 price target on shares of CSX in a research note on Friday, July 10th. Evercore set a $51.00 price objective on CSX in a research note on Thursday, July 23rd. Benchmark reiterated a “buy” rating and issued a $54.00 price objective (up from $48.00) on shares of CSX in a report on Wednesday, July 15th. Citigroup boosted their target price on CSX from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Finally, Morgan Stanley set a $32.00 target price on CSX and gave the company an “underweight” rating in a report on Monday, July 6th. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, CSX has a consensus rating of “Moderate Buy” and an average price target of $51.31.

Insiders Place Their Bets

In other news, CAO Angela C. Williams sold 30,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $556,187.73. The trade was a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the business’s stock in a transaction that occurred on 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 trade represents a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 189,708 shares of company stock worth $9,132,304. Corporate insiders own 0.30% of the company’s stock.

CSX Stock Performance

Shares of NASDAQ:CSX opened at $51.59 on Friday. The company has a market cap of $95.57 billion, a price-to-earnings ratio of 29.82, a price-to-earnings-growth ratio of 2.36 and a beta of 1.21. The company has a 50-day moving average price of $49.38 and a 200-day moving average price of $45.15. The company has a current ratio of 0.82, a quick ratio of 0.72 and a debt-to-equity ratio of 1.22. CSX Corporation has a 12 month low of $31.80 and a 12 month high of $53.60.

CSX (NASDAQ:CSX) last posted its 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 company had revenue of $3.94 billion during 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%. CSX’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share. As a group, equities analysts anticipate that CSX Corporation will post 2 EPS for the current year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. CSX’s dividend payout ratio is presently 32.37%.

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.