Summit Global Investments Increases Stock Position in CSX Co. (NASDAQ:CSX)

Summit Global Investments increased its stake in CSX Co. (NASDAQ:CSX) by 77.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,871 shares of the transportation company’s stock after purchasing an additional 30,094 shares during the quarter. Summit Global Investments’ holdings in CSX were worth $2,378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CSX. Banque Cantonale Vaudoise lifted its holdings in shares of CSX by 149.1% during the 2nd quarter. Banque Cantonale Vaudoise now owns 17,208 shares of the transportation company’s stock worth $575,000 after acquiring an additional 10,301 shares during the period. Ascent Group LLC grew its position in shares of CSX by 559.7% in the 1st quarter. Ascent Group LLC now owns 58,779 shares of the transportation company’s stock worth $2,179,000 after acquiring an additional 49,869 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of CSX by 20.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 467,399 shares of the transportation company’s stock valued at $16,139,000 after buying an additional 80,423 shares during the period. PFG Advisors grew its position in shares of CSX by 2.1% during the first quarter. PFG Advisors now owns 18,880 shares of the transportation company’s stock worth $700,000 after acquiring an additional 387 shares during the last quarter. Finally, Sei Investments Co. increased its position in CSX by 4.2% in the 1st quarter. Sei Investments Co. now owns 597,426 shares of the transportation company’s stock valued at $22,146,000 after acquiring an additional 23,938 shares during the period. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Stephens lowered their price target on CSX from $41.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. BMO Capital Markets reduced their price target on shares of CSX from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Royal Bank of Canada lowered 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 report on Thursday, October 17th. JPMorgan Chase & Co. increased their target price on CSX from $39.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, August 6th. Finally, Susquehanna lowered their price target on CSX from $42.00 to $40.00 and set a “positive” rating on the stock in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CSX has a consensus rating of “Moderate Buy” and an average target price of $38.61.

CSX Stock Performance

NASDAQ:CSX opened at $35.56 on Friday. The firm’s 50-day moving average is $34.08 and its 200-day moving average is $33.80. The company has a market cap of $68.57 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.12 and a beta of 1.19. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 1.39. CSX Co. has a 52-week low of $30.13 and a 52-week high of $40.12.

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

CSX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Friday, November 29th. CSX’s dividend 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.