CSX Corporation (NASDAQ:CSX) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lowered its stake in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 27.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 23,934 shares of the transportation company's stock after selling 9,235 shares during the quarter. Pinnacle Financial Partners Inc's holdings in CSX were worth $704,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in CSX in the fourth quarter worth $27,000. Rossby Financial LCC bought a new position in CSX in the first quarter worth approximately $28,000. Accredited Wealth Management LLC purchased a new stake in shares of CSX during the 4th quarter worth $29,000. Fourth Dimension Wealth LLC purchased a new stake in shares of CSX during the fourth quarter valued at about $29,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new stake in CSX during the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 73.57% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on CSX shares. Bank of America raised their price target on CSX from $33.00 to $35.00 and gave the stock a "neutral" rating in a report on Friday, June 13th. Raymond James Financial reaffirmed an "outperform" rating and set a $33.00 price target (down from $34.00) on shares of CSX in a research report on Thursday, April 17th. Royal Bank Of Canada lowered their price target on shares of CSX from $31.00 to $30.00 and set a "sector perform" rating on the stock in a report on Thursday, April 17th. BMO Capital Markets dropped their price objective on CSX from $36.00 to $35.00 and set an "outperform" rating on the stock in a report on Thursday, April 17th. Finally, Jefferies Financial Group cut their target price on shares of CSX from $37.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, CSX presently has a consensus rating of "Moderate Buy" and an average price target of $34.14.

CSX Trading Down 0.5%

Shares of CSX stock traded down $0.18 on Friday, hitting $33.43. 5,638,784 shares of the stock traded hands, compared to its average volume of 13,303,420. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.75 and a current ratio of 0.88. The firm's 50-day moving average price is $31.09 and its two-hundred day moving average price is $31.06. CSX Corporation has a twelve month low of $26.22 and a twelve month high of $37.10. The stock has a market capitalization of $62.80 billion, a PE ratio of 20.02, a PEG ratio of 2.94 and a beta of 1.23.

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

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a dividend of $0.13 per share. The ex-dividend date was Friday, May 30th. This represents a $0.52 annualized dividend and a dividend yield of 1.56%. CSX's dividend payout ratio is currently 31.14%.

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.