Diversify Advisory Services LLC Purchases New Stake in CSX Corporation $CSX

Diversify Advisory Services LLC purchased a new position in shares of CSX Corporation (NASDAQ:CSX) in the second quarter, HoldingsChannel.com reports. The fund purchased 48,181 shares of the transportation company’s stock, valued at approximately $2,496,000.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of CSX during the 2nd quarter worth $7,655,277,000. Bank of New York Mellon Corp acquired a new stake in CSX in the second quarter valued at about $950,325,000. Deutsche Bank AG bought a new position in CSX in the second quarter valued at about $685,418,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in CSX in the second quarter valued at about $224,809,000. Finally, M. Kulyk & Associates LLC acquired a new position in CSX during the second quarter worth about $8,145,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

Insider Activity

In other CSX news, CFO Kevin S. Boone sold 136,708 shares of CSX stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the transaction, the chief financial officer owned 208,622 shares of the company’s stock, valued at $9,742,647.40. This trade represents a 39.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael S. Burns sold 13,000 shares of CSX stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the sale, the senior vice president 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 189,708 shares of company stock valued at $9,132,304 in the last three months. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Argus set a $56.00 price objective on shares of CSX in a research note on Friday, July 31st. Robert W. Baird boosted their target price on shares of CSX from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $54.00 price target (up from $51.00) on shares of CSX in a research note on Thursday, July 23rd. Morgan Stanley set a $32.00 price objective on CSX and gave the company an “underweight” rating in a report on Monday, July 6th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $41.00 price objective (up from $37.00) on shares of CSX in a research report on Thursday, April 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.31.

CSX Trading Down 0.7%

NASDAQ:CSX opened at $50.24 on Wednesday. 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 stock has a market capitalization of $93.07 billion, a price-to-earnings ratio of 29.04, a PEG ratio of 2.29 and a beta of 1.21. The firm has a fifty day simple moving average of $49.14 and a two-hundred day simple moving average of $44.92.

CSX (NASDAQ:CSX) last released its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.44 earnings per share. Analysts expect that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Announces Dividend

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

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.