Cornerstone Wealth Management LLC Reduces Stake in CSX Corporation

Cornerstone Wealth Management LLC has decreased its investment in CSX Co. (NASDAQ:CSX – Free Report) by 3.0% in the third quarter, according to a recent filing with the Securities and Exchange Commission. After selling 326 shares, the firm now holds 10,640 shares of the freight transportation company. As per the latest filing, the value of Cornerstone Wealth Management’s investment in CSX amounts to approximately $367,000.

Other institutional investors have also modified their positions in CSX shares recently. For instance, Western Wealth Management LLC increased its stake by 0.8% during the second quarter, owning a total of 36,127 shares valued at $1,208,000 after an additional purchase of 295 shares. TriaGen Wealth Management LLC also raised its investment by 2.7% in the same quarter, accumulating 11,524 shares valued at $385,000 after acquiring 300 more shares. Miracle Mile Advisors LLC added 0.3% to their position, now owning 103,563 shares valued at $3,839,000, and Team Hewins LLC increased its stake by 1.7%, holding 18,778 shares worth $696,000 after buying an additional 306 shares. Furthermore, Jamison Private Wealth Management Inc. made a significant increase of 33.7% in their position during the third quarter, acquiring 316 additional shares, raising their total to 1,253 shares valued at $43,000. As it stands, 73.57% of CSX's stock is controlled by hedge funds and institutional investors.

CSX Stock Performance

The shares of CSX opened at $34.12 on a recent trading day, with the company experiencing a 52-week low of $29.03 and a high of $40.12. Currently, CSX has a 50-day moving average of $34.02 and a 200-day moving average of $33.97. With a market capitalization of $66.70 billion, the company has a P/E ratio of 18.75 and a P/E/G ratio of 1.90, along with a beta of 1.19. Its debt-to-equity ratio stands at 1.42, with a current ratio of 1.16 and a quick ratio of 1.01.

CSX reported its quarterly earnings on October 16th. The results showed earnings per share (EPS) of $0.46, which fell short of analysts’ expectations of $0.48 by $0.02. The company recorded a return on equity of 29.11% and a net margin of 24.52%. Revenue for the quarter totaled $3.62 billion, slightly lower than the estimated $3.68 billion. Comparing year-over-year performance, CSX's earnings increased from $0.42 EPS in the prior year, with revenue rising by 1.3%. Analysts are predicting an EPS of 1.93 for the current fiscal year.

Dividend Announcement by CSX

Recently, CSX announced its quarterly dividend, which is set to be paid on December 13th. Shareholders on record by November 29th will receive a payment of $0.12 per share. The ex-dividend date is also November 29th. This dividend indicates an annual yield of 1.41%, reflecting a total payout value of $0.48 per share, with a dividend payout ratio of 26.37%.

Recent Analyst Ratings for CSX

Several analysts have provided updates regarding CSX's stock. Wells Fargo & Company lowered their target price from $35.00 to $34.00 and maintained an “equal weight” rating. Similarly, BMO Capital Markets cut their target price from $40.00 to $39.00, issuing an “outperform” rating. TD Cowen and Royal Bank of Canada also reduced their target prices from $36.00 to $35.00, advising a “hold” rating. Bank of America downgraded CSX from a “buy” rating to a “neutral” rating with a $37.00 target price. Among analysts, seven have rated the stock as holding it, and twelve have given it a buy rating. Overall, the consensus rating is a “Moderate Buy” with an average target price of $38.61, according to MarketBeat data.

About CSX Corporation

CSX Corporation, through its subsidiaries, offers rail-based freight transport service. The company provides rail transport and services for intermodal containers and trailers. It also engages in various transportation services, including rail-to-truck transfers and bulk commodity movements. The firm carries various goods, including chemicals, food products, minerals, automotive parts, and metals, in addition to transporting coal to both power plants and industrial locations.

Cornerstone, CSX, Investment