Novare Capital Management LLC Boosts Stock Position in CSX Corporation (NASDAQ:CSX)

Novare Capital Management LLC boosted its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 6.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 286,077 shares of the transportation company's stock after buying an additional 18,089 shares during the period. Novare Capital Management LLC's holdings in CSX were worth $8,419,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of CSX in the 4th quarter valued at about $780,194,000. Ameriprise Financial Inc. boosted its holdings in shares of CSX by 89.7% in the 4th quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock valued at $673,025,000 after buying an additional 9,863,587 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of CSX by 471.9% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,748,661 shares of the transportation company's stock valued at $217,808,000 after buying an additional 5,568,624 shares during the last quarter. Fiduciary Management Inc. WI acquired a new stake in CSX during the 4th quarter valued at $178,259,000. Finally, Bank of New York Mellon Corp lifted its holdings in CSX by 21.6% during the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock valued at $835,336,000 after purchasing an additional 5,033,743 shares during the last quarter. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Stock Down 1.6%

CSX stock traded down $0.55 during trading on Monday, hitting $33.05. 7,942,674 shares of the company were exchanged, compared to its average volume of 13,312,014. The business's 50 day moving average is $31.20 and its 200 day moving average is $31.05. CSX Corporation has a 52 week low of $26.22 and a 52 week high of $37.10. The company has a market capitalization of $62.09 billion, a P/E ratio of 19.79, a PEG ratio of 2.94 and a beta of 1.23. The company has a current ratio of 0.88, a quick ratio of 0.75 and a debt-to-equity ratio of 1.52.

CSX (NASDAQ:CSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The transportation company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.05). CSX had a return on equity of 26.42% and a net margin of 22.66%. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.53 billion. Analysts predict that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were given a $0.13 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.52 annualized dividend and a yield of 1.57%. CSX's dividend payout ratio is currently 31.14%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CSX shares. Evercore ISI decreased their price target on CSX from $35.00 to $33.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. Stifel Nicolaus cut their price target on CSX from $37.00 to $34.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Citigroup cut their price target on CSX from $39.00 to $36.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Argus set a $32.00 price target on CSX in a research note on Friday, April 25th. Finally, Benchmark reissued a "buy" rating and set a $35.00 price target on shares of CSX in a research note on Thursday, April 17th. Nine analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $34.45.

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.