Commonwealth Financial Services LLC Reduces Holdings in CSX Co. (NASDAQ:CSX)

Commonwealth Financial Services LLC cut its position in CSX Co. (NASDAQ:CSX) by 6.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,860 shares of the transportation company’s stock after selling 1,833 shares during the quarter. Commonwealth Financial Services LLC’s holdings in CSX were worth $863,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CSX. Price T Rowe Associates Inc. MD grew its position in CSX by 18.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 64,807,961 shares of the transportation company’s stock worth $2,246,893,000 after purchasing an additional 9,914,656 shares during the last quarter. Capital International Investors boosted its stake in shares of CSX by 14.3% during the fourth quarter. Capital International Investors now owns 40,353,078 shares of the transportation company’s stock worth $1,399,104,000 after buying an additional 5,041,679 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of CSX during the second quarter worth about $116,430,000. M&G Plc purchased a new stake in CSX during the 1st quarter valued at approximately $126,089,000. Finally, Wulff Hansen & CO. lifted its position in CSX by 3,243.0% during the 2nd quarter. Wulff Hansen & CO. now owns 2,192,246 shares of the transportation company’s stock worth $73,331,000 after acquiring an additional 2,126,668 shares during the period. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

CSX has been the topic of several analyst reports. Wells Fargo & Company initiated coverage on CSX in a research note on Friday, June 7th. They issued an “equal weight” rating and a $35.00 target price on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $36.00 price objective on shares of CSX in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised their target price on shares of CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 6th. Bank of America cut shares of CSX from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a report on Monday, July 8th. Finally, Sanford C. Bernstein lifted their price objective on CSX from $35.00 to $36.00 and gave the company a “market perform” rating in a report on Monday, July 8th. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, CSX presently has an average rating of “Moderate Buy” and a consensus target price of $38.80.

CSX Stock Performance

Shares of CSX opened at $34.93 on Monday. CSX Co. has a 12-month low of $29.03 and a 12-month high of $40.12. The stock has a market cap of $68.29 billion, a P/E ratio of 19.19, a PEG ratio of 1.77 and a beta of 1.19. The company has a current ratio of 1.16, a quick ratio of 1.01 and a debt-to-equity ratio of 1.42. The company has a 50-day moving average of $34.02 and a two-hundred day moving average of $34.34.

CSX (NASDAQ:CSX) last issued its quarterly earnings data on Monday, August 5th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.01. The firm had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.70 billion. CSX had a return on equity of 29.11% and a net margin of 24.52%. The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 EPS. As a group, research analysts predict that CSX Co. will post 1.93 EPS for the current fiscal year.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Friday, August 30th. CSX’s payout ratio is currently 26.37%.

CSX Company Profile

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.