Spinnaker Investment Group LLC Acquires New Position in CSX Co. (NASDAQ:CSX)

Spinnaker Investment Group LLC bought a new stake in shares of CSX Co. (NASDAQ:CSX) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 6,215 shares of the transportation company’s stock, valued at approximately $215,000.

Several other institutional investors and hedge funds have also modified their holdings of CSX. Blair William & Co. IL increased its position in CSX by 11.6% during the first quarter. Blair William & Co. IL now owns 164,120 shares of the transportation company’s stock worth $6,084,000 after buying an additional 17,109 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of CSX by 12.0% in the first quarter. Acadian Asset Management LLC now owns 42,999 shares of the transportation company’s stock worth $1,592,000 after acquiring an additional 4,606 shares during the last quarter. Ontario Teachers Pension Plan Board increased its position in CSX by 35.8% during the first quarter. Ontario Teachers Pension Plan Board now owns 30,158 shares of the transportation company’s stock worth $1,118,000 after acquiring an additional 7,951 shares during the period. Catalytic Wealth RIA LLC raised its position in shares of CSX by 5.1% during the first quarter. Catalytic Wealth RIA LLC now owns 14,135 shares of the transportation company’s stock valued at $524,000 after buying an additional 691 shares during the last quarter. Finally, Trustmark National Bank Trust Department lifted its stake in shares of CSX by 3.4% in the first quarter. Trustmark National Bank Trust Department now owns 13,042 shares of the transportation company’s stock valued at $483,000 after buying an additional 432 shares during the period. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CSX has been the subject of several research reports. Wells Fargo & Company reduced their target price on CSX from $35.00 to $34.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. Evercore ISI dropped their target price on shares of CSX from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Stephens reduced their price objective on CSX from $41.00 to $39.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Susquehanna decreased their price target on shares of CSX from $42.00 to $40.00 and set a “positive” rating on the stock in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. raised their price target on CSX from $39.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, August 6th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.78.

CSX Price Performance

Shares of CSX opened at $35.13 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 1.39. CSX Co. has a 52-week low of $30.86 and a 52-week high of $40.12. The stock has a 50 day simple moving average of $34.32 and a 200 day simple moving average of $33.90. The firm has a market capitalization of $67.75 billion, a PE ratio of 18.89, a P/E/G ratio of 2.32 and a beta of 1.19.

CSX (NASDAQ:CSX) last released its 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). The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.68 billion. CSX had a return on equity of 28.92% and a net margin of 24.77%. CSX’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the company posted $0.42 EPS. Sell-side analysts predict that CSX Co. will post 1.84 EPS for the current fiscal year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, November 29th. This represents a $0.48 annualized dividend and a yield of 1.37%. CSX’s dividend payout ratio (DPR) is presently 25.81%.

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.