Elevation Point Wealth Partners LLC Makes New Investment in CSX Corporation $CSX

Elevation Point Wealth Partners LLC bought a new stake in shares of CSX Corporation (NASDAQ:CSX) during the second quarter, HoldingsChannel reports. The institutional investor bought 67,800 shares of the transportation company’s stock, valued at approximately $3,223,000.

Several other hedge funds also recently modified their holdings of the business. Canada Post Corp Registered Pension Plan grew its holdings in CSX by 34.2% during the 4th quarter. Canada Post Corp Registered Pension Plan now owns 96,484 shares of the transportation company’s stock worth $3,498,000 after acquiring an additional 24,566 shares during the period. M. Kulyk & Associates LLC acquired a new position in shares of CSX in the 2nd quarter valued at $8,145,000. Wealthfront Advisers LLC acquired a new position in shares of CSX in the 2nd quarter valued at $7,609,000. First National Bank of Omaha bought a new position in shares of CSX in the 2nd quarter worth $6,248,000. Finally, B. Metzler seel. Sohn & Co. AG bought a new position in shares of CSX in the 2nd quarter worth $6,598,000. Institutional investors own 73.57% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CSX. Stephens initiated coverage on CSX in a report on Wednesday, July 8th. They issued an “overweight” rating and a $57.00 price objective for the company. BMO Capital Markets restated a “market perform” rating and set a $52.00 target price (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Citizens Jmp assumed coverage on CSX in a research report on Wednesday, July 15th. They set a “market perform” rating for the company. Evercore set a $51.00 price target on CSX in a research note on Thursday, July 23rd. Finally, Weiss Ratings upgraded shares of CSX from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, CSX presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.31.

Insiders Place Their Bets

In other CSX news, CFO Kevin S. Boone sold 136,708 shares of the firm’s 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 sale, the chief financial officer directly owned 208,622 shares in the company, valued at approximately $9,742,647.40. This trade represents a 39.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael S. Burns sold 13,000 shares of CSX stock in a transaction that occurred 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 directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% 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 in the last quarter. 0.30% of the stock is owned by company insiders.

CSX Stock Performance

CSX stock opened at $51.59 on Friday. CSX Corporation has a 1-year low of $31.80 and a 1-year 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 firm has a market cap of $95.57 billion, a PE ratio of 29.82, a P/E/G ratio of 2.36 and a beta of 1.21. The business’s 50-day moving average price is $49.38 and its two-hundred day moving average price is $45.15.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The company 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 revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.44 earnings per share. As a group, research analysts forecast that CSX Corporation will post 2 earnings per share for the current year.

CSX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, August 31st. 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.