CSX Co. (NASDAQ:CSX) Stake Reduced by Covey Capital Advisors LLC

Covey Capital Advisors LLC reduced its stake in shares of CSX Co. (NASDAQ:CSX) by 40.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,179 shares of the transportation company’s stock after selling 21,414 shares during the quarter. CSX comprises approximately 1.1% of Covey Capital Advisors LLC’s holdings, making the stock its 21st largest position. Covey Capital Advisors LLC’s holdings in CSX were worth $1,006,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of CSX. Mirae Asset Global Investments Co. Ltd. boosted its stake in CSX by 20.8% during the third 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 in the last quarter. Diversified Trust Co boosted its position in CSX by 180.7% during the 4th quarter. Diversified Trust Co now owns 72,197 shares of the transportation company’s stock worth $2,330,000 after acquiring an additional 46,473 shares during the period. Marshall Financial Group LLC acquired a new stake in CSX during the 4th quarter worth about $1,084,000. Thrivent Financial for Lutherans lifted its holdings in shares of CSX by 0.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 3,374,499 shares of the transportation company’s stock valued at $116,521,000 after buying an additional 24,430 shares during the last quarter. Finally, Carnegie Investment Counsel lifted its holdings in shares of CSX by 1.4% during the 4th quarter. Carnegie Investment Counsel now owns 612,051 shares of the transportation company’s stock valued at $19,751,000 after buying an additional 8,474 shares during the last quarter. Institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

CSX has been the subject of several research reports. Citigroup reduced their price target on CSX from $40.00 to $39.00 and set a “buy” rating for the company in a report on Friday, January 24th. Raymond James reaffirmed an “outperform” rating and issued a $37.00 price target (down from $38.00) on shares of CSX in a research report on Friday, January 24th. Benchmark reissued a “buy” rating and set a $38.00 price objective on shares of CSX in a report on Monday, January 27th. JPMorgan Chase & Co. decreased their price objective on CSX from $38.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, January 24th. Finally, Wells Fargo & Company decreased their price target on CSX from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.16.

CSX Trading Up 0.2 %

CSX stock opened at $32.46 on Friday. The company has a market cap of $62.60 billion, a P/E ratio of 18.13, a PEG ratio of 1.99 and a beta of 1.23. CSX Co. has a twelve month low of $31.43 and a twelve month high of $40.12. The company has a quick ratio of 1.23, a current ratio of 0.86 and a debt-to-equity ratio of 1.43. The business has a fifty day moving average of $32.65 and a 200-day moving average of $33.77.

CSX (NASDAQ:CSX) last released its quarterly earnings data on Thursday, January 23rd. The transportation company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). CSX had a net margin of 23.95% and a return on equity of 28.15%. As a group, equities research analysts expect that CSX Co. will post 1.83 EPS for the current year.

CSX Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.13 dividend. This is an increase from CSX’s previous quarterly dividend of $0.12. This represents a $0.52 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, February 28th. CSX’s dividend payout ratio is 26.82%.

About CSX

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.