Novare Capital Management LLC Invests $8.65 Million in CSX Co. (NASDAQ:CSX)

Novare Capital Management LLC has made a significant move by acquiring a new stake in CSX Co. (NASDAQ:CSX) during the fourth quarter. In its latest filing with the Securities and Exchange Commission, the company revealed that it purchased 267,988 shares of this transportation firm, amounting to a total value of approximately $8,648,000.

Institutional Investment Trends

Other institutional investors have also shown interest in CSX, buying and selling shares actively. For instance, Valley Wealth Managers Inc. increased its holdings by an impressive 177.8% in the third quarter, bringing their total to 750 shares, valued at around $26,000 after adding 480 shares in the last quarter. Additionally, Morton Brown Family Wealth LLC acquired a new position worth about $31,000 in the same period.

Further Increases in Stake

Meanwhile, Addison Advisors LLC raised its stake in CSX by a remarkable 348.5% during the third quarter, now owning 1,045 shares valued at $36,000 after acquiring 812 extra shares. Fortitude Family Office LLC also saw its position grow by 43.4%, owning 1,110 shares valued at $38,000 after purchasing 336 more shares. Similarly, Jamison Private Wealth Management Inc. lifted its stake by 33.7%, holding 1,253 shares worth $43,000 after buying an extra 316 shares. Notably, institutional investors now own 73.57% of CSX stock.

CSX Stock Performance

As of Friday, CSX shares opened at $32.69, with a 50-day moving average of $33.53 and a 200-day moving average of $33.94. Over the past year, CSX has shown volatility, hitting a low of $31.43 and a high of $40.12. The company's financial metrics reveal a quick ratio of 1.23, a current ratio of 1.39, and a debt-to-equity ratio of 1.43, with a market capitalization of $63.04 billion.

Recent Earnings Report

On January 23rd, CSX announced its latest earnings results, reporting earnings per share (EPS) of $0.42 for the quarter. This figure fell short of the consensus estimate of $0.44, showing a slight miss of $0.02. CSX's return on equity stands at 28.92%, with a net margin of 24.77%. Analysts predict that CSX will post an EPS of 1.83 for the current fiscal year.

Analyst Ratings and Insights

Recent analysis from various research firms has provided insights into CSX's stock prospects. Stephens maintained an "overweight" rating with a price target of $38.00. In contrast, JPMorgan Chase & Co. reduced their target from $38.00 to $37.00 while maintaining an "overweight" rating. The Royal Bank of Canada adjusted their price objective down to $33.00, assigning a "sector perform" rating, while Susquehanna lowered their target to $39.00, indicating a "positive" outlook. Jefferies Financial Group upgraded CSX from "hold" to "buy," setting a $37.00 price target. Currently, six analysts have given hold ratings while fourteen recommended buying the stock, reflecting a general consensus of "Moderate Buy" with an average target price of $37.68.

About CSX Corporation

CSX Corporation provides rail-based freight transportation services, handling the transport of intermodal containers and trailers, as well as other logistics services including rail-to-truck transfers and bulk commodity operations. The company is involved in transporting various goods, such as chemicals, agricultural products, minerals, and automotive parts, along with coal and iron ore to essential industrial locations.

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