Summit Asset Management LLC Makes New $218,000 Investment in CSX Co. (NASDAQ:CSX)

Summit Asset Management LLC acquired a new stake in CSX Co. (NASDAQ:CSX) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 6,286 shares of the transportation company’s stock, valued at approximately $218,000.

A number of other large investors also recently added to or reduced their stakes in CSX. Value Partners Investments Inc. purchased a new stake in CSX in the 3rd quarter worth approximately $1,172,000. Morgan Stanley lifted its stake in CSX by 3.1% in the third quarter. Morgan Stanley now owns 24,340,514 shares of the transportation company’s stock worth $748,471,000 after acquiring an additional 739,411 shares during the period. International Assets Investment Management LLC boosted its holdings in CSX by 3,241.9% in the fourth quarter. International Assets Investment Management LLC now owns 235,304 shares of the transportation company’s stock valued at $8,158,000 after acquiring an additional 228,263 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in CSX by 5.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 723,344 shares of the transportation company’s stock valued at $25,078,000 after purchasing an additional 34,730 shares during the period. Finally, Sapient Capital LLC bought a new position in CSX in the 4th quarter worth $1,279,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CSX shares. UBS Group decreased their target price on CSX from $46.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. Susquehanna lifted their target price on shares of CSX from $42.00 to $44.00 and gave the company a “positive” rating in a report on Thursday, March 28th. Royal Bank of Canada cut their price target on CSX from $37.00 to $36.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 18th. Raymond James lifted their price objective on CSX from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Tuesday, January 16th. Finally, Benchmark reissued a “buy” rating and issued a $40.00 target price on shares of CSX in a research note on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $38.00.

CSX Price Performance

Shares of CSX stock traded up $0.21 on Thursday, hitting $33.41. 2,955,558 shares of the stock traded hands, compared to its average volume of 12,301,352. The firm has a market cap of $65.31 billion, a price-to-earnings ratio of 18.24, a PEG ratio of 1.99 and a beta of 1.19. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.15 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $36.41 and a two-hundred day simple moving average of $34.53. CSX Co. has a 52 week low of $29.03 and a 52 week high of $40.12.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Wednesday, April 17th. The transportation company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.66 billion. CSX had a return on equity of 29.58% and a net margin of 24.75%. During the same period last year, the firm earned $0.48 earnings per share. The business’s quarterly revenue was down .8% on a year-over-year basis. As a group, equities research analysts predict that CSX Co. will post 1.95 earnings per share for the current fiscal year.

CSX Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Wednesday, February 28th. This is an increase from CSX’s previous quarterly dividend of $0.11. CSX’s payout ratio is 26.37%.

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.