Biltmore Wealth Management LLC Reduces Position in CSX Co. (NASDAQ:CSX)

Biltmore Wealth Management LLC lowered its stake in shares of CSX Co. (NASDAQ:CSX) by 5.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,478 shares of the transportation company’s stock after selling 1,815 shares during the period. CSX accounts for approximately 0.4% of Biltmore Wealth Management LLC’s portfolio, making the stock its 24th biggest holding. Biltmore Wealth Management LLC’s holdings in CSX were worth $986,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Austin Private Wealth LLC lifted its stake in shares of CSX by 6.4% during the 2nd quarter. Austin Private Wealth LLC now owns 11,224 shares of the transportation company’s stock worth $375,000 after purchasing an additional 671 shares during the period. Jacobs & Co. CA increased its stake in shares of CSX by 8.3% during the 2nd quarter. Jacobs & Co. CA now owns 381,716 shares of the transportation company’s stock valued at $12,768,000 after acquiring an additional 29,294 shares during the last quarter. Country Trust Bank purchased a new position in shares of CSX during the 2nd quarter worth about $201,000. QRG Capital Management Inc. boosted its position in shares of CSX by 15.8% in the second quarter. QRG Capital Management Inc. now owns 285,648 shares of the transportation company’s stock worth $9,555,000 after acquiring an additional 38,977 shares during the last quarter. Finally, Lion Street Advisors LLC purchased a new stake in CSX in the second quarter valued at approximately $251,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Bank of America lowered CSX from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research note on Monday, July 8th. Benchmark reaffirmed a “buy” rating and set a $40.00 price target on shares of CSX in a research report on Wednesday. Evercore ISI upgraded shares of CSX to a “strong-buy” rating in a research note on Tuesday, August 6th. UBS Group cut their target price on shares of CSX from $46.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Finally, Stephens reaffirmed an “overweight” rating and set a $42.00 price target on shares of CSX in a research report on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $38.80.

CSX Stock Performance

Shares of NASDAQ CSX traded down $0.25 during midday trading on Friday, hitting $34.00. The company’s stock had a trading volume of 7,875,230 shares, compared to its average volume of 11,820,301. CSX Co. has a 1-year low of $29.03 and a 1-year high of $40.12. The firm’s fifty day moving average price is $33.58 and its 200-day moving average price is $35.02. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.00 and a current ratio of 1.15. The firm has a market cap of $66.47 billion, a P/E ratio of 18.68, a P/E/G ratio of 1.89 and a beta of 1.20.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Monday, August 5th. The transportation company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.48 by $0.01. The business had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.70 billion. CSX had a net margin of 24.75% and a return on equity of 29.58%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the business posted $0.49 EPS. On average, sell-side analysts forecast that CSX Co. will post 1.94 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.41%. CSX’s dividend payout ratio is presently 26.37%.

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.