CSX Co. (NASDAQ:CSX) Shares Purchased by Tower Bridge Advisors

Tower Bridge Advisors increased its position in shares of CSX Co. (NASDAQ:CSX) by 12.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,685 shares of the transportation company’s stock after purchasing an additional 9,000 shares during the period. Tower Bridge Advisors’ holdings in CSX were worth $2,821,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CSX. Interval Partners LP boosted its stake in 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 buying an additional 4,579,344 shares during the period. Manning & Napier Advisors LLC purchased a new position in CSX during the second quarter worth about $116,430,000. Assenagon Asset Management S.A. boosted its stake in CSX by 318.5% during the third quarter. Assenagon Asset Management S.A. now owns 3,270,966 shares of the transportation company’s stock worth $112,946,000 after buying an additional 2,489,329 shares during the period. Wulff Hansen & CO. boosted its stake in CSX by 3,243.0% during the second quarter. Wulff Hansen & CO. now owns 2,192,246 shares of the transportation company’s stock worth $73,331,000 after buying an additional 2,126,668 shares during the period. Finally, Bank of Montreal Can boosted its stake in CSX by 38.7% during the second quarter. Bank of Montreal Can now owns 6,749,827 shares of the transportation company’s stock worth $225,917,000 after buying an additional 1,884,998 shares during the period. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Stock Down 1.4 %

Shares of CSX stock opened at $35.13 on Friday. CSX Co. has a 52-week low of $30.86 and a 52-week high of $40.12. The company has a 50 day moving average of $34.32 and a 200 day moving average of $33.90. The company has a quick ratio of 1.23, a current ratio of 1.39 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $67.75 billion, a P/E ratio of 18.89, a P/E/G ratio of 2.23 and a beta of 1.19.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Wednesday, October 16th. The transportation company reported $0.46 earnings per share (EPS) 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 firm had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The firm’s revenue was up 1.3% compared to the same quarter last year. As a group, research analysts forecast that CSX Co. will post 1.84 EPS for the current fiscal 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 dividend of $0.12 per share. The ex-dividend date is Friday, November 29th. This represents a $0.48 dividend on an annualized basis and a yield of 1.37%. CSX’s payout ratio is currently 25.81%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Royal Bank of Canada lowered their target price on shares of CSX from $36.00 to $35.00 and set a “sector perform” rating for the company in a research note on Thursday, October 17th. Stephens lowered their price objective on shares of CSX from $41.00 to $39.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Stifel Nicolaus lowered their price objective on shares of CSX from $39.00 to $37.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Loop Capital lowered their price objective on shares of CSX from $43.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Finally, TD Cowen lowered their price objective 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. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and an average target price of $38.78.

CSX Company 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.