Providence Capital Advisors LLC Increases Holdings in CSX Co. (NASDAQ:CSX)

Providence Capital Advisors LLC lifted its position in CSX Co. (NASDAQ:CSX) by 2,182.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 175,033 shares of the transportation company’s stock after purchasing an additional 167,366 shares during the period. CSX accounts for about 1.3% of Providence Capital Advisors LLC’s investment portfolio, making the stock its 28th biggest position. Providence Capital Advisors LLC’s holdings in CSX were worth $5,855,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CSX. Itau Unibanco Holding S.A. purchased a new stake in shares of CSX in the second quarter valued at approximately $26,000. MFA Wealth Advisors LLC purchased a new stake in shares of CSX in the second quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. purchased a new stake in shares of CSX in the first quarter valued at approximately $29,000. Fairscale Capital LLC purchased a new stake in shares of CSX in the second quarter valued at approximately $32,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of CSX in the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Price Performance

NASDAQ:CSX opened at $34.02 on Tuesday. CSX Co. has a one year low of $29.03 and a one year high of $40.12. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.01 and a current ratio of 1.16. The firm has a market cap of $66.51 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 1.77 and a beta of 1.19. The firm’s fifty day moving average is $34.01 and its two-hundred day moving average is $34.31.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Monday, August 5th. The transportation company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.48 by $0.01. CSX had a net margin of 24.52% and a return on equity of 29.11%. The company had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period in the prior year, the company earned $0.49 earnings per share. The firm’s revenue was up .0% on a year-over-year basis. Research analysts expect that CSX Co. will post 1.93 EPS for the current year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.41%. The ex-dividend date was Friday, August 30th. CSX’s payout ratio is 26.37%.

Analyst Ratings Changes

A number of analysts recently issued reports on CSX shares. Bank of America lowered 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. Sanford C. Bernstein upped their target price on CSX from $35.00 to $36.00 and gave the stock a “market perform” rating in a report on Monday, July 8th. JPMorgan Chase & Co. upped their target price on CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Wells Fargo & Company initiated coverage on CSX in a report on Friday, June 7th. They set an “equal weight” rating and a $35.00 target price for the company. Finally, Benchmark restated a “buy” rating and set a $40.00 target price on shares of CSX in a report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.80.

About CSX

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.