MAI Capital Management Cuts Stake in CSX Co. (NASDAQ:CSX)

MAI Capital Management lessened its stake in shares of CSX Co. (NASDAQ:CSX) by 9.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,962 shares of the transportation company’s stock after selling 5,495 shares during the quarter. MAI Capital Management’s holdings in CSX were worth $1,794,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in CSX in the second quarter valued at approximately $26,000. Valley Wealth Managers Inc. boosted its stake in shares of CSX by 177.8% in the third quarter. Valley Wealth Managers Inc. now owns 750 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 480 shares during the period. MFA Wealth Advisors LLC acquired a new stake in CSX during the 2nd quarter valued at $27,000. Morton Brown Family Wealth LLC purchased a new stake in CSX during the 3rd quarter worth $31,000. Finally, Fairscale Capital LLC acquired a new position in CSX in the 2nd quarter worth $32,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Stock Performance

Shares of NASDAQ CSX opened at $34.57 on Thursday. The stock has a 50 day simple moving average of $34.39 and a 200-day simple moving average of $33.92. The company has a current ratio of 1.39, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. The company has a market cap of $66.67 billion, a PE ratio of 18.59, a P/E/G ratio of 2.23 and a beta of 1.19. CSX Co. has a 12-month low of $31.65 and a 12-month high of $40.12.

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

CSX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, November 29th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.39%. CSX’s dividend payout ratio is presently 25.81%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CSX shares. JPMorgan Chase & Co. lifted their target price on CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Stephens dropped their price objective on CSX from $41.00 to $39.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Wells Fargo & Company reduced their target price on CSX from $35.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, October 17th. BMO Capital Markets lowered their price objective on CSX from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, Stifel Nicolaus lowered their price target on CSX from $39.00 to $37.00 and set a “buy” rating for the company in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $38.78.

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.