Redmond Asset Management LLC Purchases Shares of 12,300 CSX Co. (NASDAQ:CSX)

Redmond Asset Management LLC acquired a new position in shares of CSX Co. (NASDAQ:CSX) during the fourth quarter, Holdings Channel reports. The fund acquired 12,300 shares of the transportation company’s stock, valued at approximately $397,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CSX. Valley Wealth Managers Inc. grew its position in shares of CSX by 177.8% during the 3rd quarter. Valley Wealth Managers Inc. now owns 750 shares of the transportation company’s stock valued at $26,000 after acquiring an additional 480 shares during the period. Morton Brown Family Wealth LLC purchased a new stake in shares of CSX in the third quarter worth about $31,000. Sierra Ocean LLC bought a new position in CSX in the 4th quarter valued at $33,000. Center for Financial Planning Inc. boosted its stake in CSX by 205.7% during the fourth quarter. Center for Financial Planning Inc. now owns 1,070 shares of the transportation company’s stock valued at $35,000 after buying an additional 720 shares during the period. Finally, Addison Advisors LLC boosted its position in shares of CSX by 348.5% during the 3rd quarter. Addison Advisors LLC now owns 1,045 shares of the transportation company’s stock valued at $36,000 after acquiring an additional 812 shares during the last quarter. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Price Performance

Shares of CSX stock opened at $32.30 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 0.86. CSX Co. has a fifty-two week low of $31.43 and a fifty-two week high of $40.12. The firm has a market cap of $62.29 billion, a P/E ratio of 18.04, a P/E/G ratio of 1.92 and a beta of 1.23. The business’s 50 day moving average price is $32.63 and its 200-day moving average price is $33.77.

CSX (NASDAQ:CSX) last released its quarterly earnings results on Thursday, January 23rd. The transportation company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). CSX had a net margin of 23.95% and a return on equity of 28.15%. On average, equities research analysts anticipate that CSX Co. will post 1.83 earnings per share for the current year.

CSX Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, February 28th. This represents a $0.52 annualized dividend and a dividend yield of 1.61%. This is a boost from CSX’s previous quarterly dividend of $0.12. CSX’s payout ratio is currently 26.82%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CSX. Raymond James reaffirmed an “outperform” rating and set a $37.00 price objective (down from $38.00) on shares of CSX in a report on Friday, January 24th. Robert W. Baird dropped their target price on CSX from $39.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Loop Capital lowered CSX from a “buy” rating to a “hold” rating and cut their target price for the stock from $40.00 to $34.00 in a research note on Monday, February 3rd. Wells Fargo & Company decreased their price target on shares of CSX from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, January 24th. Finally, BMO Capital Markets cut their price objective on shares of CSX from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CSX presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.16.

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.