Varma Mutual Pension Insurance Co Makes New $17.56 Million Investment in CSX Corporation $CSX

Varma Mutual Pension Insurance Co bought a new position in shares of CSX Corporation (NASDAQ:CSX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 369,364 shares of the transportation company’s stock, valued at approximately $17,556,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. N.E.W. Advisory Services LLC bought a new position in CSX during the second quarter worth about $27,000. Arlington Trust Co LLC raised its stake in CSX by 58.0% in the 2nd 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. Meeder Asset Management Inc. bought a new stake in CSX in the 2nd quarter valued at about $34,000. Allied Private Wealth LLC bought a new stake in CSX in the 2nd quarter valued at about $37,000. Finally, Wilkerson Advisory Group LLC grew its position in shares of CSX by 97.4% during the 1st 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. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CSX

In related news, Director John J. Zillmer sold 10,000 shares of CSX stock in a transaction that occurred 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 sale, the director directly owned 353,714 shares of the company’s stock, valued at approximately $16,430,015.30. The trade was a 2.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was 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 represents a 74.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 189,708 shares of company stock valued at $9,132,304. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Susquehanna raised shares of CSX from a “neutral” rating to a “positive” rating and raised their target price for the stock from $50.00 to $58.00 in a report on Tuesday, July 14th. Truist Financial set a $46.00 price target on CSX in a research note on Friday, July 10th. Morgan Stanley set a $32.00 price target on CSX and gave the stock an “underweight” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. raised their price objective on CSX from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company raised their price objective on CSX from $50.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 8th. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, CSX has an average rating of “Moderate Buy” and an average price target of $51.31.

CSX Stock Performance

NASDAQ CSX opened at $51.59 on Friday. The firm’s 50 day simple moving average is $49.38 and its 200 day simple moving average is $45.15. The firm has a market capitalization of $95.57 billion, a price-to-earnings ratio of 29.82, a P/E/G ratio of 2.36 and a beta of 1.21. 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.

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

CSX Announces Dividend

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 paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date 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.