Legacy Financial Advisors Inc. Lowers Holdings in CSX Co. (NASDAQ:CSX)

Legacy Financial Advisors Inc. lowered its stake in shares of CSX Co. (NASDAQ:CSX) by 6.1% in the second quarter, HoldingsChannel reports. The fund owned 8,384 shares of the transportation company’s stock after selling 542 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in CSX were worth $280,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. MFA Wealth Advisors LLC acquired a new position in CSX during the second quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. purchased a new stake in shares of CSX during the 1st quarter valued at $29,000. Strategic Financial Concepts LLC acquired a new stake in shares of CSX during the 2nd quarter worth $33,000. Burkett Financial Services LLC purchased a new position in shares of CSX in the 4th quarter worth $34,000. Finally, Tortoise Investment Management LLC acquired a new position in CSX in the fourth quarter valued at $35,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Price Performance

CSX stock opened at $34.93 on Friday. The stock’s 50 day moving average is $34.02 and its two-hundred day moving average is $34.37. CSX Co. has a 52-week low of $29.03 and a 52-week high of $40.12. The company has a market capitalization of $68.29 billion, a PE ratio of 19.19, a P/E/G ratio of 1.77 and a beta of 1.19. The company has a quick ratio of 1.01, a current ratio of 1.16 and a debt-to-equity ratio of 1.42.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Monday, August 5th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. CSX had a net margin of 24.52% and a return on equity of 29.11%. The business had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The business’s revenue was up .0% compared to the same quarter last year. Analysts predict that CSX Co. will post 1.93 earnings per share for the current fiscal year.

CSX Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.37%. CSX’s payout ratio is 26.37%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CSX shares. Evercore ISI raised CSX to a “strong-buy” rating in a research report on Tuesday, August 6th. Royal Bank of Canada reissued a “sector perform” rating and set a $36.00 target price on shares of CSX in a research report on Tuesday, August 6th. BMO Capital Markets reaffirmed an “outperform” rating and set a $40.00 price target on shares of CSX in a research report on Tuesday, August 6th. JPMorgan Chase & Co. boosted their price objective on shares of CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 6th. Finally, Bank of America lowered shares of CSX from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a report on Monday, July 8th. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.80.

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.