5 Best Transportation Stocks To Buy Heading Into 2024

3. CSX Corporation (NASDAQ:CSX)

Number of Hedge Fund Holders: 64

CSX Corporation (NASDAQ:CSX) provides rail-based freight transportation services, including intermodal container and trailer transportation, chemical, food, and mineral transport, as well as coal and iron ore shipping to different industries. On October 11, CSX Corporation (NASDAQ:CSX) declared a quarterly dividend of $0.11 per share, in line with previous. The dividend is distributable on December 15, to shareholders of record as of November 30. 

According to Insider Monkey’s second quarter database, 64 hedge funds were bullish on CSX Corporation (NASDAQ:CSX), compared to 61 funds in the last quarter. Eric W. Mandelblatt’s Soroban Capital Partners is the leading stakeholder of the company, with 52.5 million shares worth $1.8 billion. 

Here is what ClearBridge Investments Global Infrastructure Value Strategy has to say about CSX Corporation (NYSE:CSX) in its Q4 2021 investor letter:

“On a regional basis, the U.S. and Canada were the top contributors to quarterly performance, of which U.S. rail operator CSX was among the lead performers. CSX is one of five leading North American rail companies, with over 21,000 miles of rail, covering 23 states and 40+ ports. CSX is engaged in the transportation of rail freight in the Southeast, East, and Midwest via interchange with other rail carriers, to and from the rest of the U.S. and Canada. CSX performed well during the quarter after the company beat market expectations on its third-quarter results. The beats were largely driven by strong pricing, which could be hitting record highs, and healthy commodity/coal volume driven by the current energy crisis.”