5 Best Freight Stocks to Buy Now

3. CSX Corporation (NYSE:CSX)

Number of Hedge Fund Holders: 63

Based in Jacksonville, Florida, CSX Corporation (NYSE:CSX) is a leading transportation services provider with a railroad network extending to 20,000 route miles, connecting customers to major ports, distribution centers, and every major metropolitan area in the eastern United States.

On October 20, CSX Corporation (NYSE:CSX) released its financial results for the third quarter of 2022. Its revenue increased by 18% y-o-y to $3.9 billion, while net income increased by 15% y-o-y to $1.1 billion. It generated a normalized EPS of $0.52 for the quarter, exceeding the consensus estimates by $0.03.

On October 24, Deutsche Bank analyst Amit Mehrotra lowered the price target for CSX Corporation (NYSE:CSX) shares to $36 from $41 but maintained a ‘Buy’ rating for the shares.

CSX Corporation (NYSE:CSX) is among the favorite freight stocks of hedge funds, with 63 of the 895 hedge funds tracked by Insider Monkey holding its shares valued at a whopping $5.1 billion. Soroban Capital Partners is its biggest shareholder with ownership of 52.6 million shares valued at $1.5 billion.

Follow Csx Corp (NYSE:CSX)