Barnett & Company Inc. Cuts Position in CSX Corporation (NASDAQ:CSX)

Key Points

• Barnett & Company Inc. significantly reduced its stake in CSX Corporation by 73.1%, selling 44,700 shares and retaining only 16,410 shares.
• CSX recently reported earnings of $0.44 per share for the last quarter, exceeding expectations, although its revenue declined by 3.5% year-over-year.
• Several analysts upgraded CSX's stock ratings, with Deutsche Bank raising its rating from "hold" to "buy" and setting a price target of $40.00.

Barnett & Company Inc. lowered its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 73.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,410 shares of the transportation company's stock after selling 44,700 shares during the quarter. Barnett & Company Inc.'s holdings in CSX were worth $483,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CSX. Marshall & Sterling Wealth Advisors Inc. acquired a new position in CSX during the fourth quarter worth $27,000. Accredited Wealth Management LLC bought a new stake in shares of CSX during the 4th quarter worth approximately $29,000. Fourth Dimension Wealth LLC acquired a new stake in shares of CSX in the fourth quarter valued at approximately $29,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of CSX in the first quarter valued at approximately $30,000. Finally, Rossby Financial LCC acquired a new stake in shares of CSX in the first quarter valued at approximately $28,000. Institutional investors and hedge funds own 73.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CSX. Barclays lifted their price target on CSX from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Wall Street Zen raised CSX from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. BMO Capital Markets lifted their price target on CSX from $36.00 to $38.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Wells Fargo & Company lifted their price target on CSX from $35.00 to $37.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Finally, Bank of America raised CSX from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $34.00 to $42.00 in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.00.

CSX Trading Up 1.7%

Shares of NASDAQ:CSX traded up $0.59 on Tuesday, reaching $35.82. 20,809,910 shares of the company traded hands, compared to its average volume of 20,679,716. The business's 50-day simple moving average is $33.64 and its 200 day simple moving average is $31.46. CSX Corporation has a 52 week low of $26.22 and a 52 week high of $37.10. The stock has a market capitalization of $66.78 billion, a P/E ratio of 22.11, a price-to-earnings-growth ratio of 2.63 and a beta of 1.25. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50.

CSX (NASDAQ:CSX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. CSX had a net margin of 21.92% and a return on equity of 25.48%. The firm had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period last year, the business earned $0.49 earnings per share. The business's revenue was down 3.5% on a year-over-year basis. As a group, equities analysts anticipate that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, August 29th. CSX's payout ratio is presently 32.10%.

About CSX

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.