Spinnaker Investment Group LLC Takes $215,000 Position in CSX Co. (NASDAQ:CSX)

Spinnaker Investment Group LLC bought a new stake in CSX Co. (NASDAQ:CSX) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,215 shares of the transportation company’s stock, valued at approximately $215,000.

A number of other hedge funds also recently made changes to their positions in CSX. Itau Unibanco Holding S.A. bought a new position in shares of CSX during the second quarter worth approximately $26,000. Valley Wealth Managers Inc. lifted its holdings in shares of 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 buying an additional 480 shares in the last quarter. MFA Wealth Advisors LLC bought a new stake in shares of CSX in the second quarter valued at about $27,000. Morton Brown Family Wealth LLC acquired a new position in shares of CSX in the third quarter valued at about $31,000. Finally, Fairscale Capital LLC bought a new position in CSX during the second quarter worth about $32,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CSX shares. 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 report on Thursday, October 17th. BMO Capital Markets reduced their price target on CSX from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. TD Cowen dropped their price objective on CSX from $36.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, October 17th. Susquehanna reduced their price objective 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, Citigroup raised their target price on CSX from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, CSX presently has an average rating of “Moderate Buy” and an average target price of $38.78.

CSX Stock Down 1.4 %

Shares of NASDAQ CSX opened at $35.13 on Friday. The business has a 50-day moving average of $34.32 and a 200-day moving average of $33.90. The firm has a market capitalization of $67.75 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 2.32 and a beta of 1.19. The company has a current ratio of 1.39, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. CSX Co. has a 12 month low of $30.86 and a 12 month high of $40.12.

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

CSX Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 1.37%. The ex-dividend date of this dividend is Friday, November 29th. CSX’s payout ratio is currently 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.