Kennebec Savings Bank Takes Position in CSX Co. (NASDAQ:CSX)

Kennebec Savings Bank purchased a new stake in CSX Co. (NASDAQ:CSX) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,939 shares of the transportation company’s stock, valued at approximately $67,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in CSX by 0.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 65,251,716 shares of the transportation company’s stock valued at $2,418,883,000 after acquiring an additional 443,755 shares during the last quarter. Bank of New York Mellon Corp increased its stake in CSX by 6.6% in the second quarter. Bank of New York Mellon Corp now owns 17,133,857 shares of the transportation company’s stock valued at $573,128,000 after acquiring an additional 1,060,204 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in CSX by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 12,421,862 shares of the transportation company’s stock valued at $415,466,000 after acquiring an additional 1,060,617 shares during the last quarter. Bank of Montreal Can increased its stake in CSX by 38.7% in the second quarter. Bank of Montreal Can now owns 6,749,827 shares of the transportation company’s stock valued at $225,917,000 after acquiring an additional 1,884,998 shares during the last quarter. Finally, Interval Partners LP increased its stake in CSX by 849.0% in the second quarter. Interval Partners LP now owns 5,118,751 shares of the transportation company’s stock valued at $171,222,000 after acquiring an additional 4,579,344 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CSX. TD Cowen decreased their price objective on shares of CSX from $36.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. BMO Capital Markets decreased their price objective on shares of CSX from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Royal Bank of Canada decreased their price objective on shares of CSX from $36.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 17th. Susquehanna decreased their target price on shares of CSX from $42.00 to $40.00 and set a “positive” rating on the stock in a research note on Thursday, October 17th. Finally, Loop Capital decreased their target price on shares of CSX from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and an average price target of $38.61.

CSX Stock Performance

Shares of CSX stock opened at $36.52 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.39 and a debt-to-equity ratio of 1.43. CSX Co. has a twelve month low of $30.30 and a twelve month high of $40.12. The stock has a market cap of $70.43 billion, a price-to-earnings ratio of 19.63, a P/E/G ratio of 2.28 and a beta of 1.19. The company’s fifty day moving average is $34.15 and its 200 day moving average is $33.82.

CSX (NASDAQ:CSX) last issued its quarterly earnings data on Wednesday, October 16th. The transportation company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.68 billion. CSX had a return on equity of 28.92% and a net margin of 24.77%. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 EPS. Sell-side analysts forecast that CSX Co. will post 1.84 EPS for the current year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.12 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.48 annualized dividend and a yield of 1.31%. CSX’s payout ratio is 25.81%.

CSX 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.