Summit Global Investments Buys 30,094 Shares of CSX Co. (NASDAQ:CSX)

Summit Global Investments lifted its position in CSX Co. (NASDAQ:CSX) by 77.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 68,871 shares of the transportation company’s stock after purchasing an additional 30,094 shares during the quarter. Summit Global Investments’ holdings in CSX were worth $2,378,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new stake in shares of CSX during the second quarter worth approximately $26,000. MFA Wealth Advisors LLC bought a new stake in CSX during the 2nd quarter worth approximately $27,000. Fairscale Capital LLC acquired a new stake in CSX during the 2nd quarter valued at $32,000. Morton Brown Family Wealth LLC bought a new position in CSX in the 3rd quarter valued at $31,000. Finally, TFC Financial Management Inc. lifted its position in CSX by 72.4% during the 2nd quarter. TFC Financial Management Inc. now owns 1,048 shares of the transportation company’s stock worth $35,000 after buying an additional 440 shares in the last quarter. Institutional investors own 73.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CSX shares. Benchmark reaffirmed a “buy” rating and issued a $40.00 target price on shares of CSX in a research note on Wednesday, August 7th. BMO Capital Markets decreased their price objective on CSX from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Susquehanna lowered their target price on CSX from $42.00 to $40.00 and set a “positive” rating for the company in a research note on Thursday, October 17th. Loop Capital cut their price target on CSX from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. Finally, Stifel Nicolaus lowered their price objective on CSX from $39.00 to $37.00 and set a “buy” rating for the company in a research report on Thursday, October 17th. Seven investment 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.61.

CSX Price Performance

Shares of CSX opened at $35.56 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 1.39. The stock has a 50 day simple moving average of $34.08 and a 200 day simple moving average of $33.80. CSX Co. has a 52-week low of $30.13 and a 52-week high of $40.12. The firm has a market capitalization of $68.57 billion, a PE ratio of 19.12, a P/E/G ratio of 2.12 and a beta of 1.19.

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

CSX Dividend Announcement

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