Pinnacle Associates Ltd. Sells 2,765 Shares of CSX Co. (NASDAQ:CSX)

Pinnacle Associates Ltd. trimmed its stake in CSX Co. (NASDAQ:CSX) by 2.2% during the 3rd quarter, Holdings Channel reports. The firm owned 124,451 shares of the transportation company’s stock after selling 2,765 shares during the quarter. Pinnacle Associates Ltd.’s holdings in CSX were worth $4,315,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Itau Unibanco Holding S.A. purchased a new position in shares of CSX during the second quarter worth approximately $26,000. MFA Wealth Advisors LLC purchased a new position in shares of CSX during the second quarter worth approximately $27,000. Morton Brown Family Wealth LLC purchased a new position in shares of CSX during the third quarter worth approximately $31,000. Fairscale Capital LLC purchased a new position in shares of CSX during the second quarter worth approximately $32,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of CSX during the second quarter worth approximately $33,000. 73.57% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on CSX. Sanford C. Bernstein lifted their target price on shares of CSX from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Monday, July 8th. Bank of America downgraded shares of CSX from a “buy” rating to a “neutral” rating and set a $37.00 target price on the stock. in a research note on Monday, July 8th. Evercore ISI decreased their target price on shares of CSX from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. TD Cowen decreased their target price on shares of CSX from $36.00 to $35.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. Finally, Susquehanna decreased their target price on shares of CSX from $42.00 to $40.00 and set a “positive” rating on the stock in a research note on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.61.

CSX Stock Performance

Shares of CSX stock opened at $33.64 on Friday. CSX Co. has a 12 month low of $29.28 and a 12 month high of $40.12. The stock has a market cap of $65.76 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.90 and a beta of 1.19. The company has a current ratio of 1.16, a quick ratio of 1.01 and a debt-to-equity ratio of 1.42. The company’s fifty day moving average price is $34.02 and its 200-day moving average price is $33.81.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, October 16th. The transportation company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). CSX had a net margin of 24.52% and a return on equity of 29.11%. The business had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter last year, the firm posted $0.42 EPS. The business’s quarterly revenue was up 1.3% on a year-over-year basis. On average, equities analysts expect that CSX Co. will post 1.93 EPS for the current fiscal year.

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Friday, November 29th. CSX’s payout ratio is 26.37%.

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.