SK Wealth Management LLC Invests $701,000 in CSX Co. (NASDAQ:CSX)

SK Wealth Management LLC purchased a new stake in CSX Co. (NASDAQ:CSX) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 21,586 shares of the transportation company’s stock, valued at approximately $701,000.

Several other institutional investors also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in CSX during the second quarter worth approximately $26,000. Valley Wealth Managers Inc. boosted its position in shares of CSX by 177.8% during the 3rd quarter. Valley Wealth Managers Inc. now owns 750 shares of the transportation company’s stock worth $26,000 after acquiring an additional 480 shares in the last quarter. Morton Brown Family Wealth LLC bought a new position in CSX in the third quarter valued at approximately $31,000. Fairscale Capital LLC bought a new stake in CSX during the second quarter worth $32,000. Finally, Strategic Financial Concepts LLC bought a new stake in CSX during the second quarter worth $33,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CSX has been the topic of several research reports. Royal Bank of Canada decreased their price target on shares of CSX from $36.00 to $35.00 and set a “sector perform” rating on the stock in a report on Thursday, October 17th. Stifel Nicolaus lowered their price objective on CSX from $39.00 to $37.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Evercore ISI cut their target price on shares of CSX from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Susquehanna decreased their price target on shares of CSX from $42.00 to $40.00 and set a “positive” rating for the company in a research report on Thursday, October 17th. Finally, BMO Capital Markets cut their price target on shares of CSX from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and an average target price of $38.78.

CSX Stock Performance

Shares of NASDAQ:CSX traded down $0.27 during midday trading on Monday, reaching $32.19. 3,519,924 shares of the company’s stock traded hands, compared to its average volume of 11,614,742. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 1.39. The stock has a 50 day moving average of $34.35 and a 200 day moving average of $34.05. CSX Co. has a one year low of $31.43 and a one year high of $40.12. The company has a market cap of $62.08 billion, a price-to-earnings ratio of 17.31, a P/E/G ratio of 2.24 and a beta of 1.20.

CSX (NASDAQ:CSX) last released its quarterly earnings results on Wednesday, October 16th. The transportation company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). CSX had a net margin of 24.77% and a return on equity of 28.92%. The company had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the prior year, the firm posted $0.42 EPS. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. As a group, equities research analysts anticipate that CSX Co. will post 1.84 EPS for the current fiscal year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.48 annualized dividend and a yield of 1.49%. CSX’s payout ratio is 25.81%.

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.