Grove Bank & Trust Reduces Stock Position in CSX Co. (NASDAQ:CSX)

Grove Bank & Trust trimmed its holdings in CSX Co. (NASDAQ:CSX) by 12.8% during the third quarter, Holdings Channel reports. The institutional investor owned 22,247 shares of the transportation company’s stock after selling 3,274 shares during the period. Grove Bank & Trust’s holdings in CSX were worth $768,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CSX. Chicago Partners Investment Group LLC lifted its position in CSX by 11.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 10,611 shares of the transportation company’s stock worth $365,000 after acquiring an additional 1,076 shares in the last quarter. Syon Capital LLC boosted its position in CSX by 8.7% during the 4th quarter. Syon Capital LLC now owns 23,505 shares of the transportation company’s stock valued at $815,000 after purchasing an additional 1,875 shares during the period. Tortoise Investment Management LLC acquired a new position in CSX during the 4th quarter valued at approximately $35,000. Richardson Financial Services Inc. acquired a new position in CSX during the 4th quarter valued at approximately $100,000. Finally, Willner & Heller LLC acquired a new position in CSX during the 4th quarter valued at approximately $266,000. 73.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CSX has been the subject of a number of analyst reports. Bank of America lowered CSX from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research report on Monday, July 8th. Barclays dropped their price target on CSX from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 25th. JPMorgan Chase & Co. upped their price target on CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 6th. Susquehanna raised their target price on CSX from $41.00 to $42.00 and gave the company a “positive” rating in a report on Wednesday, October 2nd. Finally, Citigroup began coverage on CSX in a research report on Wednesday, October 9th. They set a “buy” rating and a $42.00 target price for the company. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, CSX presently has an average rating of “Moderate Buy” and a consensus price target of $39.19.

CSX Stock Performance

CSX stock traded up $0.25 during mid-day trading on Monday, reaching $35.21. The company’s stock had a trading volume of 2,593,602 shares, compared to its average volume of 11,416,781. The firm’s fifty day moving average price is $33.93 and its two-hundred day moving average price is $34.01. The company has a market capitalization of $68.83 billion, a P/E ratio of 19.21, a PEG ratio of 1.90 and a beta of 1.19. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.01 and a current ratio of 1.16. CSX Co. has a 12-month low of $29.03 and a 12-month high of $40.12.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Monday, August 5th. The transportation company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.01. The business had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.70 billion. CSX had a net margin of 24.52% and a return on equity of 29.11%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 earnings per share. Sell-side analysts predict that CSX Co. will post 1.93 EPS for the current fiscal year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Friday, November 29th. CSX’s dividend payout ratio is currently 26.37%.

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.