Sound Shore Management Inc. CT Takes Position in CSX Co. (NASDAQ:CSX)

Sound Shore Management Inc. CT acquired a new stake in shares of CSX Co. (NASDAQ:CSX) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 2,101,785 shares of the transportation company’s stock, valued at approximately $67,825,000. CSX accounts for about 2.2% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 29th biggest position.

Other hedge funds have also recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new position in shares of CSX in the 4th quarter valued at about $31,000. Sierra Ocean LLC purchased a new stake in shares of CSX during the 4th quarter valued at approximately $33,000. Center for Financial Planning Inc. raised its position in shares of CSX by 205.7% during the 4th quarter. Center for Financial Planning Inc. now owns 1,070 shares of the transportation company’s stock valued at $35,000 after buying an additional 720 shares during the period. Atala Financial Inc purchased a new stake in CSX in the fourth quarter valued at approximately $36,000. Finally, Millstone Evans Group LLC purchased a new stake in CSX in the fourth quarter valued at approximately $37,000. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Price Performance

Shares of CSX opened at $29.57 on Monday. The company has a current ratio of 0.86, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. The company’s fifty day simple moving average is $32.03 and its 200 day simple moving average is $33.34. CSX Co. has a 1-year low of $28.98 and a 1-year high of $37.40. The company has a market cap of $56.02 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 1.92 and a beta of 1.25.

CSX (NASDAQ:CSX) last posted its earnings results on Thursday, January 23rd. The transportation company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). CSX had a return on equity of 28.15% and a net margin of 23.95%. On average, research analysts forecast that CSX Co. will post 1.83 earnings per share for the current fiscal year.

CSX Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.13 per share. This is an increase from CSX’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.52 annualized dividend and a dividend yield of 1.76%. CSX’s dividend payout ratio (DPR) is 29.05%.

Analysts Set New Price Targets

A number of brokerages recently commented on CSX. Deutsche Bank Aktiengesellschaft started coverage on shares of CSX in a research note on Friday, March 7th. They set a “hold” rating and a $34.00 target price for the company. Benchmark reiterated a “buy” rating and set a $38.00 target price on shares of CSX in a research note on Monday, January 27th. Loop Capital cut shares of CSX from a “buy” rating to a “hold” rating and cut their price target for the stock from $40.00 to $34.00 in a report on Monday, February 3rd. BMO Capital Markets cut their price target on shares of CSX from $40.00 to $38.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Finally, Jefferies Financial Group raised shares of CSX from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

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.