CSX Co. (NASDAQ:CSX) Stake Lessened by SouthState Corp

SouthState Corp trimmed its stake in shares of CSX Co. (NASDAQ:CSX) by 9.7% during the fourth quarter, HoldingsChannel reports. The fund owned 24,499 shares of the transportation company’s stock after selling 2,637 shares during the quarter. SouthState Corp’s holdings in CSX were worth $849,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CSX. Fortitude Family Office LLC acquired a new position in CSX in the fourth quarter worth about $27,000. Life Planning Partners Inc acquired a new position in shares of CSX in the 4th quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of CSX in the 4th quarter valued at approximately $34,000. Venturi Wealth Management LLC raised its position in shares of CSX by 228.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 995 shares of the transportation company’s stock valued at $31,000 after acquiring an additional 692 shares in the last quarter. Finally, Avion Wealth lifted its stake in CSX by 450.5% during the fourth quarter. Avion Wealth now owns 1,002 shares of the transportation company’s stock worth $35,000 after purchasing an additional 820 shares during the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Price Performance

Shares of NASDAQ CSX traded up $0.28 during mid-day trading on Friday, reaching $33.85. 6,617,956 shares of the company traded hands, compared to its average volume of 12,311,956. The firm has a market cap of $66.17 billion, a PE ratio of 18.60, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.15 and a quick ratio of 1.00. CSX Co. has a fifty-two week low of $29.03 and a fifty-two week high of $40.12. The stock has a fifty day simple moving average of $36.32 and a 200-day simple moving average of $34.52.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Wednesday, April 17th. The transportation company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. CSX had a return on equity of 29.58% and a net margin of 24.75%. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.66 billion. During the same period last year, the firm earned $0.48 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. Equities research analysts anticipate that CSX Co. will post 1.95 EPS for the current fiscal year.

CSX Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were given a dividend of $0.12 per share. This is a positive change from CSX’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.48 annualized dividend and a dividend yield of 1.42%. CSX’s dividend payout ratio (DPR) is 26.37%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Jefferies Financial Group dropped their target price on shares of CSX from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. TD Cowen raised their target price on shares of CSX from $32.00 to $36.00 and gave the stock a “market perform” rating in a report on Thursday, January 25th. UBS Group lowered their target price on CSX from $46.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Susquehanna raised their price target on CSX from $42.00 to $44.00 and gave the stock a “positive” rating in a report on Thursday, March 28th. Finally, BMO Capital Markets upped their price objective on CSX from $37.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.00.

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.