Wealthfront Advisers LLC Buys Shares of 160,086 CSX Corporation $CSX

Wealthfront Advisers LLC bought a new position in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 160,086 shares of the transportation company’s stock, valued at approximately $7,609,000.

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

Insider Activity

In related news, SVP Michael S. Burns sold 13,000 shares of CSX stock in a transaction on Friday, July 24th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Angela C. Williams sold 30,000 shares of the business’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the transaction, the chief accounting officer owned 10,437 shares in the company, valued at approximately $556,187.73. The trade was a 74.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 189,708 shares of company stock valued at $9,132,304. 0.30% of the stock is owned by corporate insiders.

CSX Stock Performance

Shares of CSX stock opened at $50.68 on Thursday. The business’s 50 day simple moving average is $49.23 and its 200 day simple moving average is $45.01. CSX Corporation has a one year low of $31.80 and a one year high of $53.60. The stock has a market capitalization of $93.88 billion, a PE ratio of 29.29, a PEG ratio of 2.29 and a beta of 1.21. 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 (NASDAQ:CSX) last released 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 during 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%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 EPS. As a group, research analysts forecast that CSX Corporation will post 2 earnings per share for the current year.

CSX Dividend Announcement

The company 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 dividend of $0.14 per share. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 1.1%. CSX’s dividend payout ratio is 32.37%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Truist Financial set a $46.00 target price on CSX in a research report on Friday, July 10th. Bank of America boosted their price target on CSX from $53.00 to $56.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Jefferies Financial Group upped their price objective on CSX from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Susquehanna upgraded shares of CSX from a “neutral” rating to a “positive” rating and raised their price objective for the company from $50.00 to $58.00 in a report on Tuesday, July 14th. Finally, New Street Research set a $49.00 target price on shares of CSX in a research report on Thursday, April 23rd. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company 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.