Summit Asset Management LLC Invests $218,000 in CSX Co. (NASDAQ:CSX)

Summit Asset Management LLC acquired a new position in shares of CSX Co. (NASDAQ:CSX) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 6,286 shares of the transportation company’s stock, valued at approximately $218,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Value Partners Investments Inc. purchased a new stake in shares of CSX in the 3rd quarter valued at approximately $1,172,000. Morgan Stanley increased its holdings in CSX by 3.1% in the 3rd quarter. Morgan Stanley now owns 24,340,514 shares of the transportation company’s stock valued at $748,471,000 after purchasing an additional 739,411 shares during the last quarter. International Assets Investment Management LLC raised its position in CSX by 3,241.9% in the fourth quarter. International Assets Investment Management LLC now owns 235,304 shares of the transportation company’s stock valued at $8,158,000 after purchasing an additional 228,263 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in CSX by 5.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 723,344 shares of the transportation company’s stock worth $25,078,000 after purchasing an additional 34,730 shares in the last quarter. Finally, Sapient Capital LLC purchased a new position in shares of CSX during the fourth quarter worth $1,279,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CSX shares. UBS Group cut their price objective on CSX from $46.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Raymond James increased their price target on shares of CSX from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 16th. Royal Bank of Canada dropped their price objective on shares of CSX from $37.00 to $36.00 and set a “sector perform” rating for the company in a report on Thursday, April 18th. Benchmark reaffirmed a “buy” rating and set a $40.00 target price on shares of CSX in a research note on Thursday, April 18th. Finally, BMO Capital Markets raised their price target on shares of CSX from $37.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

CSX Price Performance

NASDAQ CSX traded up $0.21 during trading hours on Thursday, reaching $33.41. The company’s stock had a trading volume of 2,955,558 shares, compared to its average volume of 12,301,352. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.00 and a current ratio of 1.15. The company’s 50-day moving average is $36.41 and its two-hundred day moving average is $34.53. CSX Co. has a fifty-two week low of $29.03 and a fifty-two week high of $40.12. The stock has a market cap of $65.31 billion, a PE ratio of 18.24, a PEG ratio of 1.99 and a beta of 1.19.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Wednesday, April 17th. The transportation company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. CSX had a net margin of 24.75% and a return on equity of 29.58%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter in the prior year, the firm earned $0.48 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. Analysts forecast that CSX Co. will post 1.95 EPS for the current year.

CSX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a $0.12 dividend. This is an increase from CSX’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.48 annualized dividend and a yield of 1.44%. CSX’s payout ratio is presently 26.37%.

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.