Cornerstone Investment Partners LLC Reduces Stake in CSX Co. (NASDAQ:CSX)

Cornerstone Investment Partners LLC has decreased its investment in CSX Co. (NASDAQ:CSX) by 12.3% during the fourth quarter, as stated in their latest filing with the Securities and Exchange Commission (SEC). Following this reduction, the firm now holds 63,941 shares of the transportation company's stock, having sold 8,968 shares during the quarter. As of the latest reporting period, Cornerstone Investment Partners LLC's holdings in CSX are valued at approximately $2,063,000.

Recent Changes by Other Investors

Several other hedge funds and institutional investors have recently adjusted their positions in CSX as well. Valley Wealth Managers Inc. increased its stake in CSX by 177.8% during the third quarter, now owning 750 shares valued at around $26,000 after acquiring an additional 480 shares. SBI Securities Co. Ltd. also entered a new position in CSX, valued at about $31,000 during the fourth quarter. Similarly, Sierra Ocean LLC secured a new investment in CSX worth approximately $33,000. Addison Advisors LLC boosted its stake significantly by 348.5% in the third quarter, now holding 1,045 shares valued at $36,000 after purchasing an extra 812 shares. Additionally, Center for Financial Planning Inc. increased its position by 205.7% in the fourth quarter, now owning 1,070 shares valued at $35,000 after adding 720 shares. Institutional investors and hedge funds collectively own 73.57% of CSX's stock.

Analyst Ratings Updates

CSX has seen several updates from analysts recently. Jefferies Financial Group upgraded CSX from a "hold" to a "buy" rating and set a price target of $37.00 in a report dated January 10. Susquehanna adjusted its price target on CSX from $40.00 to $39.00, maintaining a "positive" rating in a report from January 8. BMO Capital Markets also decreased its price target from $40.00 to $38.00, maintaining an "outperform" rating as of January 24. Conversely, Loop Capital downgraded CSX from "buy" to "hold" and lowered its price target from $40.00 to $34.00 on February 3. Meanwhile, Stephens reaffirmed an "overweight" rating with a $38.00 price objective on January 24. Currently, six analysts rate CSX as a hold, while thirteen have issued a buy rating. According to MarketBeat, CSX has an average rating of "Moderate Buy" with a consensus price target of $37.16.

CSX Stock Performance

On Tuesday, CSX shares opened at $31.93. The stock has recorded a fifty-day simple moving average of $32.59 and a 200-day simple moving average of $33.69. Over the past year, CSX has hit a low of $31.43 and a high of $38.61. The company boasts a market capitalization of $61.57 billion and has a P/E ratio of 17.84 along with a price-to-earnings-growth ratio of 1.92. Financial ratios for the company indicate a current ratio of 0.86, a quick ratio of 1.23, and a debt-to-equity ratio of 1.43.

Latest Earnings Announcement

CSX recently published its quarterly earnings data on January 23. The company reported earnings of $0.42 per share, which fell short of analyst expectations of $0.44 by $0.02. CSX's net margin stands at 23.95%, showcasing a return on equity of 28.15%. Analysts forecast that CSX will report earnings of around 1.83 per share in the current fiscal year.

Dividend Increase

CSX has announced a quarterly dividend, which will be distributed on March 14. Shareholders on record as of February 28 will receive a $0.13 dividend, amounting to an annualized dividend of $0.52, translating to a yield of 1.63%. This marks an increase from the previous dividend of $0.12. Notably, CSX's dividend payout ratio is at 29.05%.

About CSX Corporation

CSX Corporation, along with its subsidiaries, offers rail-based freight transportation services. The company provides rail transportation and intermodal container services, including bulk commodity operations and rail-to-truck transfers. CSX transports a variety of products such as chemicals, agricultural goods, minerals, automotive parts, and other notable commodities. They also facilitate coal transportation to power plants and other industrial facilities and manage coal exports to deep-water ports.

Investment, CSX, Finance