Perigon Wealth Management LLC Invests $1.42 Million in CSX Corporation $CSX

Perigon Wealth Management LLC acquired a new position in CSX Corporation (NASDAQ:CSX) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 29,930 shares of the transportation company’s stock, valued at approximately $1,423,000.

Several other large investors have also recently added to or reduced their stakes in CSX. N.E.W. Advisory Services LLC bought a new stake in CSX during the 2nd quarter valued at $27,000. WFA of San Diego LLC acquired a new position in CSX during the 2nd quarter worth $28,000. Arlington Trust Co LLC grew its stake in shares of CSX by 58.0% in the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock worth $32,000 after purchasing an additional 250 shares in the last quarter. Wilkerson Advisory Group LLC grew its stake in shares of CSX by 97.4% in the first quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company’s stock worth $34,000 after purchasing an additional 409 shares in the last quarter. Finally, Allied Private Wealth LLC acquired a new position in shares of CSX during the second quarter valued at $37,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

CSX Stock Down 0.7%

Shares of CSX stock opened at $50.24 on Wednesday. CSX Corporation has a 1 year low of $31.80 and a 1 year high of $53.60. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The business’s fifty day moving average is $49.14 and its 200-day moving average is $44.92. The stock has a market cap of $93.07 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share 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 quarter in the prior year, the firm posted $0.44 earnings per share. The company’s revenue was up 10.1% on a year-over-year basis. Equities analysts expect that CSX Corporation will post 2 earnings per share for the current fiscal 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 $0.14 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX’s payout ratio is 32.37%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CSX shares. Benchmark restated a “buy” rating and set a $54.00 price objective (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. Citizens Jmp started coverage on shares of CSX in a research report on Wednesday, July 15th. They issued a “market perform” rating for the company. New Street Research set a $49.00 target price on shares of CSX in a research note on Thursday, April 23rd. Susquehanna raised shares of CSX from a “neutral” rating to a “positive” rating and raised their target price for the company from $50.00 to $58.00 in a research note on Tuesday, July 14th. Finally, Wall Street Zen downgraded shares of CSX from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Eighteen 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, the company has an average rating of “Moderate Buy” and an average price target of $51.31.

Insider Buying and Selling at CSX

In other CSX news, SVP Michael S. Burns sold 13,000 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the completion of the sale, the senior vice president directly owned 59,643 shares of the company’s stock, valued at approximately $3,141,993.24. This represents a 17.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 189,708 shares of company stock valued at $9,132,304 over the last 90 days. Insiders own 0.30% of the company’s stock.

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.