Pinnacle Financial Partners Inc Has $1.16 Million Stake in CSX Co. (NASDAQ:CSX)

Pinnacle Financial Partners Inc lowered its position in shares of CSX Co. (NASDAQ:CSX) by 3.0% during the third quarter, Holdings Channel.com reports. The firm owned 33,676 shares of the transportation company’s stock after selling 1,031 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in CSX were worth $1,163,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Community Bank & Trust Waco Texas raised its stake in CSX by 9.2% in the 3rd quarter. Community Bank & Trust Waco Texas now owns 56,867 shares of the transportation company’s stock worth $1,964,000 after purchasing an additional 4,804 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of CSX by 13.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,957,688 shares of the transportation company’s stock worth $67,599,000 after purchasing an additional 238,079 shares in the last quarter. Barnett & Company Inc. increased its holdings in shares of CSX by 10.2% during the third quarter. Barnett & Company Inc. now owns 61,650 shares of the transportation company’s stock worth $2,129,000 after purchasing an additional 5,700 shares during the period. Aptus Capital Advisors LLC raised its position in shares of CSX by 21.4% in the third quarter. Aptus Capital Advisors LLC now owns 489,887 shares of the transportation company’s stock valued at $16,916,000 after buying an additional 86,451 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of CSX by 1.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,859,424 shares of the transportation company’s stock valued at $167,796,000 after buying an additional 78,990 shares during the period. 73.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CSX shares. BMO Capital Markets lowered their price objective on CSX from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Citigroup boosted their price target on CSX from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday. Evercore ISI reduced their price objective on shares of CSX from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Royal Bank of Canada dropped their target price on shares of CSX from $36.00 to $35.00 and set a “sector perform” rating for the company in a research report on Thursday, October 17th. Finally, Barclays upped their price target on shares of CSX from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, CSX presently has an average rating of “Moderate Buy” and a consensus target price of $38.78.

CSX Stock Performance

Shares of CSX stock opened at $35.63 on Friday. The firm has a market capitalization of $68.71 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 2.29 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. The business’s 50-day moving average price is $34.26 and its 200-day moving average price is $33.87. CSX Co. has a 12 month low of $30.86 and a 12 month high of $40.12.

CSX (NASDAQ:CSX) last posted its 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 the consensus estimate of $3.68 billion. CSX had a return on equity of 28.92% and a net margin of 24.77%. The company’s revenue was up 1.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. Equities research analysts forecast that CSX Co. will post 1.84 EPS for the current year.

CSX Dividend Announcement

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