Pinnacle Financial Partners Inc Has $1.16 Million Stock Position in CSX Co. (NASDAQ:CSX)

Pinnacle Financial Partners Inc cut its stake in shares of CSX Co. (NASDAQ:CSX) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,676 shares of the transportation company’s stock after selling 1,031 shares during the period. Pinnacle Financial Partners Inc’s holdings in CSX were worth $1,163,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CSX. Interval Partners LP boosted its position in shares of CSX by 849.0% during the second quarter. Interval Partners LP now owns 5,118,751 shares of the transportation company’s stock worth $171,222,000 after purchasing an additional 4,579,344 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in CSX during the second quarter worth about $116,430,000. M&G Plc acquired a new position in CSX in the first quarter valued at about $126,089,000. Assenagon Asset Management S.A. grew its stake in CSX by 318.5% in the third quarter. Assenagon Asset Management S.A. now owns 3,270,966 shares of the transportation company’s stock valued at $112,946,000 after acquiring an additional 2,489,329 shares during the period. Finally, Wulff Hansen & CO. increased its holdings in shares of CSX by 3,243.0% in the second quarter. Wulff Hansen & CO. now owns 2,192,246 shares of the transportation company’s stock worth $73,331,000 after acquiring an additional 2,126,668 shares in the last quarter. Institutional investors own 73.57% of the company’s stock.

CSX Stock Down 2.3 %

CSX stock opened at $35.63 on Friday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.39 and a quick ratio of 1.23. The company’s 50-day moving average is $34.26 and its 200-day moving average is $33.87. The firm has a market capitalization of $68.71 billion, a PE ratio of 19.16, a P/E/G ratio of 2.29 and a beta of 1.19. CSX Co. has a fifty-two week low of $30.86 and a fifty-two week high of $40.12.

CSX (NASDAQ:CSX) last announced its quarterly earnings results 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). CSX had a return on equity of 28.92% and a net margin of 24.77%. The business had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.68 billion. During the same period last year, the firm earned $0.42 EPS. CSX’s quarterly revenue was up 1.3% compared to the same quarter last year. Sell-side analysts anticipate that CSX Co. will post 1.84 earnings per share for the current year.

CSX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.12 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.48 annualized dividend and a dividend yield of 1.35%. CSX’s dividend payout ratio is currently 25.81%.

Analyst Upgrades and Downgrades

CSX has been the subject of several research analyst reports. Barclays boosted their price objective on CSX from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Wednesday. Wells Fargo & Company dropped their price objective on shares of CSX from $35.00 to $34.00 and set an “equal weight” rating on the stock in a report on Thursday, October 17th. TD Cowen reduced their target price on shares of CSX from $36.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Evercore ISI lowered their target price on CSX from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, Susquehanna cut their price target on CSX from $42.00 to $40.00 and set a “positive” rating on the stock in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.