1,659,658 Shares in CSX Corporation $CSX Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new position in shares of CSX Corporation (NASDAQ:CSX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,659,658 shares of the transportation company’s stock, valued at approximately $78,884,000.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in CSX in the second quarter valued at about $7,655,277,000. XXEC Inc. bought a new position in CSX during the second quarter worth about $765,595,000. Bank of New York Mellon Corp bought a new position in CSX during the second quarter worth about $950,325,000. Deutsche Bank AG acquired a new position in shares of CSX during the 2nd quarter worth about $685,418,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of CSX during the 2nd quarter worth about $224,809,000. 73.57% of the stock is currently owned by institutional investors.

CSX Trading Up 0.1%

NASDAQ CSX opened at $51.51 on Wednesday. CSX Corporation has a one year low of $31.80 and a one year high of $53.60. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72. The firm has a market cap of $95.42 billion, a P/E ratio of 29.77, a P/E/G ratio of 2.35 and a beta of 1.21. The stock’s 50-day moving average is $49.55 and its 200-day moving average is $45.37.

CSX (NASDAQ:CSX) last issued 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. CSX had a return on equity of 24.98% and a net margin of 22.21%.The business had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.89 billion. During the same period in the previous year, the firm earned $0.44 EPS. CSX’s quarterly revenue was up 10.1% compared to the same quarter last year. Sell-side analysts anticipate that CSX Corporation will post 2 earnings per share for the current fiscal year.

CSX Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CSX. Truist Financial set a $46.00 price target on shares of CSX in a research report on Friday, July 10th. Citizens Jmp began coverage on shares of CSX in a research note on Wednesday, July 15th. They issued a “market perform” rating for the company. Wall Street Zen lowered shares of CSX from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Argus set a $56.00 price target on shares of CSX in a research report on Friday, July 31st. Finally, Stephens started coverage on shares of CSX in a research report on Wednesday, July 8th. They set an “overweight” rating and a $57.00 price target on the stock. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.31.

Insider Activity at CSX

In other news, Director John J. Zillmer sold 10,000 shares of the 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 owned 353,714 shares of the company’s stock, valued at $16,430,015.30. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin S. Boone sold 136,708 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total transaction of $6,384,263.60. Following the sale, the chief financial officer owned 208,622 shares in the company, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 189,708 shares of company stock worth $9,132,304 over the last ninety days. 0.30% of the stock is owned by corporate 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.