Norden Group LLC Purchases 295,125 Shares of CSX Co. (NASDAQ:CSX)

Norden Group LLC boosted its position in CSX Co. (NASDAQ:CSX) by 3,713.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 303,072 shares of the transportation company’s stock after acquiring an additional 295,125 shares during the period. Norden Group LLC’s holdings in CSX were worth $11,235,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Fortitude Family Office LLC purchased a new stake in shares of CSX in the 4th quarter worth about $27,000. Life Planning Partners Inc purchased a new stake in CSX in the fourth quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. bought a new stake in CSX during the 1st quarter valued at approximately $29,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of CSX during the 4th quarter worth approximately $34,000. Finally, Burkett Financial Services LLC bought a new position in shares of CSX in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Trading Down 0.6 %

Shares of NASDAQ:CSX opened at $33.55 on Thursday. CSX Co. has a 1 year low of $29.03 and a 1 year high of $40.12. The stock’s fifty day moving average price is $33.42 and its 200-day moving average price is $35.13. The company has a market cap of $65.59 billion, a P/E ratio of 18.43, a PEG ratio of 1.75 and a beta of 1.20. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.15 and a quick ratio of 1.00.

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 analysts’ consensus estimates of $0.45 by $0.01. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.66 billion. CSX had a net margin of 24.75% and a return on equity of 29.58%. The business’s quarterly revenue was down .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 EPS. Sell-side analysts expect that CSX Co. will post 1.96 earnings per share for the current year.

CSX Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend was Friday, May 31st. CSX’s payout ratio is currently 26.37%.

Analyst Upgrades and Downgrades

CSX has been the topic of several research reports. Susquehanna dropped their price target on CSX from $44.00 to $40.00 and set a “positive” rating on the stock in a research report on Tuesday, June 25th. Stifel Nicolaus boosted their target price on shares of CSX from $37.00 to $39.00 and gave the company a “buy” rating in a report on Friday, April 12th. Wells Fargo & Company initiated coverage on shares of CSX in a research note on Friday, June 7th. They issued an “equal weight” rating and a $35.00 price target for the company. Bank of America dropped their price objective on shares of CSX from $40.00 to $39.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Finally, UBS Group cut their price objective on shares of CSX from $46.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, CSX currently has an average rating of “Moderate Buy” and an average target price of $37.59.

CSX Company 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.