CSX Corporation (NASDAQ: CSX) is one of the largest freight rail operators in the eastern United States, transporting intermodal, industrial, agricultural, and energy related goods across its rail network. Shares recently traded around $36 per share, giving the company a market value of roughly $68.5 billion.
Once viewed primarily as a traditional rail carrier, CSX has evolved into a high margin transportation business supported by essential infrastructure and recurring freight demand. Looking at who owns CSX and how insiders have traded helps show how large investors may be approaching the stock today.
Who Are CSX’s Top Shareholders?
CSX’s shareholder base is led by major passive institutions. These firms typically hold through market cycles, which can help keep long term ownership stable. Active managers have adjusted positions in both directions, showing a mix of confidence and caution.
- The Vanguard Group, Inc.: 171,659,899 shares (9.22%), ~$6.32B value. Cut 761,139 shares (0.44%).
- BlackRock Institutional Trust Company, N.A.: 88,362,374 shares (4.75%), ~$3.25B value. Added 298,464 shares (0.34%).
- State Street Investment Management (US): 85,640,360 shares (4.60%), ~$3.15B value. Cut 1,950,209 shares (2.23%).
- Geode Capital Management, LLC: 42,183,407 shares (2.27%), ~$1.55B value. Cut 95,614 shares (0.23%).
- Invesco Capital Management (QQQ Trust): 39,077,140 shares (2.10%), ~$1.44B value. Cut 109,925 shares (0.28%).
- T. Rowe Price Associates, Inc.: 34,559,188 shares (1.86%), ~$1.27B value. Added 5,054,195 shares (17.13%).
- Lazard Asset Management, LLC: 30,690,116 shares (1.65%), ~$1.13B value. Cut 3,802,146 shares (11.02%).
- Managed Account Advisors LLC: 30,258,418 shares (1.62%), ~$1.11B value. Added 24,466,353 shares (422.41%).
- Fisher Investments: 25,855,674 shares (1.39%), ~$951.5M value. Added 583,414 shares (2.31%).
- Dimensional Fund Advisors, L.P.: 23,949,946 shares (1.29%), ~$881.4M value. Added 1,368,420 shares (6.06%).
Vanguard, BlackRock, and State Street continue to anchor CSX’s ownership, while sizable additions from firms like T. Rowe Price contrast with trimming elsewhere, and for investors this suggests broad institutional support alongside selective positioning at current valuation levels.
Hedge Fund Highlights
One notable move came from Jane Street Group, founded by Rob Granieri, which increased its CSX position by roughly 2,774% last quarter. The firm now holds about $31 million in value, which may reflect interest in CSX’s liquidity profile and trading characteristics.
Another significant adjustment was made by Point72 Asset Management, led by Steven Cohen, which boosted its CSX stake by approximately 977% to roughly $206 million in value. While still small relative to Point72’s overall portfolio, the scale of the increase suggests growing comfort with CSX’s earnings stability.
Grantham Mayo Van Otterloo, co-founded by Jeremy Grantham, also lifted its CSX holdings by about 1,139% to roughly $12 million in value, a move that appears notable given the firm’s valuation-focused approach.
Sculptor Capital Management, founded by Jimmy Levin, raised its CSX position by roughly 410%, bringing its stake to about $56 million in value, adding to a pattern of selective hedge fund accumulation rather than aggressive concentration.
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CSX’s Recent Insider Trades
Insider trades can offer context on how executives and directors may be managing personal exposure. Recent filings for CSX show mixed activity that appears modest relative to the company’s overall share count.
- Stephen F. Angel (Officer and Director): Bought 55,000 shares at ~$36.87, ~$2.0M.
- Kevin S. Boone (Officer): Sold 31,053 shares near ~$36.09, ~$1.1M; acquired shares near $17.59 to $17.94.
- Michael S. Burns (Officer): Sold 24,249 shares at ~$36.76, ~$891K.
- J. Steven Whisler (Director): Bought 1,681 shares at ~$37.18, ~$63K.
- Paul C. J.D. Hilal (Director): Reported a 10,000 share reduction.
These transactions represent a very small portion of CSX’s roughly 1.86 billion shares outstanding, and it appears insider activity remains mixed and limited in size, which for investors does not materially change the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
CSX’s shareholder base remains anchored by large, long term institutional holders, supporting stability in ownership. Hedge fund activity shows selective accumulation rather than a one-sided shift, while insider trades appear measured rather than directional.
Taken together, it appears investors continue to view CSX as a durable, high margin rail operator with steady cash flow characteristics, though positioning across institutions and insiders suggests a cautious approach at current valuation levels.
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