Confluence Investment Management LLC Purchases New Stake in CSX Co. (NASDAQ:CSX)

Confluence Investment Management LLC purchased a new position in CSX Co. (NASDAQ:CSX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,000 shares of the transportation company’s stock, valued at approximately $208,000.

Several other institutional investors also recently bought and sold shares of the stock. Krane Funds Advisors LLC bought a new position in CSX in the 2nd quarter worth $25,000. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in CSX by 88.5% in the 3rd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 426 shares of the transportation company’s stock worth $29,000 after buying an additional 200 shares in the last quarter. SRS Capital Advisors Inc. purchased a new stake in CSX in the 2nd quarter worth $32,000. Kavar Capital Partners LLC purchased a new stake in CSX in the 2nd quarter worth $35,000. Finally, FNY Investment Advisers LLC purchased a new stake in CSX in the 2nd quarter worth $36,000. Institutional investors own 77.80% of the company’s stock.

NASDAQ:CSX traded down $0.05 during trading hours on Friday, reaching $74.03. The company’s stock had a trading volume of 2,258,800 shares, compared to its average volume of 4,946,240. The company has a market capitalization of $57.80 billion, a P/E ratio of 19.28, a price-to-earnings-growth ratio of 1.38 and a beta of 1.22. CSX Co. has a 12 month low of $58.47 and a 12 month high of $80.73. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.33 and a current ratio of 1.41. The stock has a 50 day moving average price of $69.73 and a two-hundred day moving average price of $72.58.

CSX (NASDAQ:CSX) last released its earnings results on Wednesday, October 16th. The transportation company reported $1.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.06. CSX had a net margin of 27.91% and a return on equity of 27.67%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.98 billion. During the same period in the prior year, the business earned $1.05 EPS. The firm’s quarterly revenue was down 4.8% on a year-over-year basis. As a group, analysts predict that CSX Co. will post 4.18 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.24 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.30%. CSX’s payout ratio is 25.00%.

A number of brokerages have issued reports on CSX. Wells Fargo & Co began coverage on CSX in a research note on Monday, October 28th. They issued a “market perform” rating and a $73.00 price target for the company. Bank of America cut their price target on CSX from $82.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Argus set a $82.00 price objective on CSX and gave the company a “buy” rating in a research report on Friday, October 18th. Cascend Securities lowered CSX from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada cut their price objective on CSX to $75.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $77.98.

In other news, Director Steven T. Halverson sold 39,812 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $71.65, for a total value of $2,852,529.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ridge Lp Mantle sold 3,453,894 shares of the firm’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $67.91, for a total transaction of $234,553,941.54. Following the completion of the sale, the director now owns 8,263 shares in the company, valued at $561,140.33. The disclosure for this sale can be found here. 4.83% of the stock is currently owned by company insiders.

CSX Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.

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Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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