Cornerstone Advisors LLC Acquires 1,400 Shares of CSX Co. (NASDAQ:CSX)

Cornerstone Advisors LLC grew its stake in shares of CSX Co. (NASDAQ:CSX) by 1.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 143,700 shares of the transportation company’s stock after purchasing an additional 1,400 shares during the period. Cornerstone Advisors LLC’s holdings in CSX were worth $4,962,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Valley Wealth Managers Inc. boosted its holdings in CSX by 177.8% during the third quarter. Valley Wealth Managers Inc. now owns 750 shares of the transportation company’s stock worth $26,000 after purchasing an additional 480 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new stake in CSX in the 2nd quarter worth about $26,000. MFA Wealth Advisors LLC bought a new stake in CSX during the 2nd quarter valued at $27,000. Fairscale Capital LLC bought a new stake in shares of CSX during the 2nd quarter valued at $32,000. Finally, Morton Brown Family Wealth LLC bought a new stake in shares of CSX during the third quarter valued at about $31,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CSX shares. Royal Bank of Canada lowered their price objective on CSX from $36.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 17th. Susquehanna reduced their price target on shares of CSX from $42.00 to $40.00 and set a “positive” rating on the stock in a research report on Thursday, October 17th. Loop Capital decreased their price objective on CSX from $43.00 to $42.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. Citigroup increased their price target on shares of CSX from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Barclays raised their price target on CSX from $40.00 to $41.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $38.78.

CSX Stock Performance

CSX stock opened at $34.57 on Thursday. CSX Co. has a 12-month low of $31.65 and a 12-month high of $40.12. The stock’s 50 day simple moving average is $34.39 and its 200 day simple moving average is $33.92. The company has a current ratio of 1.39, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $66.67 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 2.23 and a beta of 1.19.

CSX (NASDAQ:CSX) last released 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 company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.68 billion. CSX had a net margin of 24.77% and a return on equity of 28.92%. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 earnings per share. As a group, research analysts forecast that CSX Co. will post 1.84 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Friday, November 29th. CSX’s dividend payout ratio is 25.81%.

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.