VELA Investment Management LLC Raises Stock Position in CSX Co. (NASDAQ:CSX)

VELA Investment Management LLC raised its holdings in CSX Co. (NASDAQ:CSX) by 3.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 33,552 shares of the transportation company’s stock after acquiring an additional 1,038 shares during the period. VELA Investment Management LLC’s holdings in CSX were worth $1,122,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First Business Financial Services Inc. boosted its stake in shares of CSX by 9.3% in the second quarter. First Business Financial Services Inc. now owns 55,469 shares of the transportation company’s stock worth $1,855,000 after buying an additional 4,736 shares during the last quarter. Foster & Motley Inc. boosted its position in CSX by 92.9% in the 2nd quarter. Foster & Motley Inc. now owns 22,543 shares of the transportation company’s stock worth $754,000 after purchasing an additional 10,859 shares in the last quarter. Deseret Mutual Benefit Administrators grew its stake in shares of CSX by 6.6% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 13,101 shares of the transportation company’s stock worth $438,000 after purchasing an additional 809 shares during the period. TD Asset Management Inc increased its holdings in shares of CSX by 12.0% during the 2nd quarter. TD Asset Management Inc now owns 2,297,053 shares of the transportation company’s stock valued at $76,836,000 after purchasing an additional 246,159 shares in the last quarter. Finally, FineMark National Bank & Trust increased its holdings in shares of CSX by 269.1% during the 2nd quarter. FineMark National Bank & Trust now owns 54,602 shares of the transportation company’s stock valued at $1,826,000 after purchasing an additional 39,809 shares in the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $36.00 price target on shares of CSX in a research report on Tuesday, August 6th. Sanford C. Bernstein raised their target price on CSX from $35.00 to $36.00 and gave the company a “market perform” rating in a research report on Monday, July 8th. Wells Fargo & Company started coverage on CSX in a report on Friday, June 7th. They issued an “equal weight” rating and a $35.00 price target for the company. Evercore ISI raised CSX to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Susquehanna upped their target price on CSX from $40.00 to $41.00 and gave the stock a “positive” rating in a research note on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, CSX presently has an average rating of “Moderate Buy” and a consensus target price of $38.80.

CSX Trading Down 2.4 %

Shares of CSX stock opened at $34.02 on Friday. CSX Co. has a fifty-two week low of $29.03 and a fifty-two week high of $40.12. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.01 and a current ratio of 1.16. The stock’s fifty day moving average is $33.92 and its two-hundred day moving average is $34.69. The firm has a market capitalization of $66.51 billion, a P/E ratio of 18.69, a PEG ratio of 1.82 and a beta of 1.20.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Monday, August 5th. The transportation company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.01. CSX had a net margin of 24.52% and a return on equity of 29.11%. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same period last year, the firm posted $0.49 earnings per share. The company’s revenue for the quarter was up .0% on a year-over-year basis. Research analysts expect that CSX Co. will post 1.94 earnings per share for the current fiscal year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be given a $0.12 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.41%. CSX’s dividend payout ratio (DPR) is presently 26.37%.

About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.