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Is CSX Corporation (CSX) A Good Stock To Buy?

As aggregate interest increased, key hedge funds were breaking ground themselves. Tide Point Capital, managed by Christopher A. Winham, created the largest position in CSX Corporation (NYSE:CSX). Tide Point Capital had $44.2 million invested in the company at the end of the quarter. Anand Parekh’s Alyeska Investment Group also made a $41.4 million investment in the stock during the quarter. The other funds with new positions in the stock are Robert Bishop’s Impala Asset Management, Aaron Cowen’s Suvretta Capital Management, and Curtis Macnguyen’s Ivory Capital (Investment Mgmt).

Let’s also examine hedge fund activity in other stocks similar to CSX Corporation (NYSE:CSX). We will take a look at Barrick Gold Corporation (USA) (NYSE:ABX), Tyson Foods, Inc. (NYSE:TSN), AvalonBay Communities Inc (NYSE:AVB), and Pioneer Natural Resources (NYSE:PXD). This group of stocks’ market caps are similar to CSX’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ABX 45 1718683 -8
TSN 35 1630953 -5
AVB 16 511631 -3
PXD 72 4119576 -2

As you can see these stocks had an average of 42 hedge funds with bullish positions and the average amount invested in these stocks was $1.99 billion. That figure was $735 million in CSX’s case. Pioneer Natural Resources (NYSE:PXD) is the most popular stock in this table. On the other hand AvalonBay Communities Inc (NYSE:AVB) is the least popular one with only 16 bullish hedge fund positions. CSX Corporation (NYSE:CSX) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PXD might be a better candidate to consider a long position.

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