Covey Capital Advisors LLC Has $1.01 Million Position in CSX Co. (NASDAQ:CSX)

Covey Capital Advisors LLC reduced its position in shares of CSX Co. (NASDAQ:CSX) by 40.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,179 shares of the transportation company’s stock after selling 21,414 shares during the period. CSX comprises about 1.1% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 21st largest holding. Covey Capital Advisors LLC’s holdings in CSX were worth $1,006,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Boston Financial Mangement LLC boosted its position in CSX by 41.9% during the fourth quarter. Boston Financial Mangement LLC now owns 36,346 shares of the transportation company’s stock valued at $1,173,000 after purchasing an additional 10,734 shares during the last quarter. Concurrent Investment Advisors LLC increased its stake in shares of CSX by 8.1% during the fourth quarter. Concurrent Investment Advisors LLC now owns 44,081 shares of the transportation company’s stock worth $1,422,000 after purchasing an additional 3,314 shares during the period. Handelsbanken Fonder AB increased its stake in shares of CSX by 8.2% during the fourth quarter. Handelsbanken Fonder AB now owns 1,098,942 shares of the transportation company’s stock worth $35,463,000 after purchasing an additional 83,102 shares during the period. Private Advisor Group LLC increased its stake in CSX by 45.9% during the 4th quarter. Private Advisor Group LLC now owns 167,552 shares of the transportation company’s stock worth $5,407,000 after acquiring an additional 52,714 shares during the period. Finally, Alberta Investment Management Corp increased its stake in CSX by 36.0% during the 4th quarter. Alberta Investment Management Corp now owns 342,026 shares of the transportation company’s stock worth $11,037,000 after acquiring an additional 90,464 shares during the period. 73.57% of the stock is owned by institutional investors and hedge funds.

CSX Price Performance

CSX stock opened at $32.46 on Friday. The company has a market capitalization of $62.60 billion, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 1.99 and a beta of 1.23. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 0.86. CSX Co. has a 52-week low of $31.43 and a 52-week high of $40.12. The business has a 50-day simple moving average of $32.65 and a two-hundred day simple moving average of $33.77.

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

CSX Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, February 28th. This is an increase from CSX’s previous quarterly dividend of $0.12. CSX’s payout ratio is presently 26.82%.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Royal Bank of Canada lowered their price objective on CSX from $34.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Raymond James reissued an “outperform” rating and set a $37.00 price objective (down previously from $38.00) on shares of CSX in a report on Friday, January 24th. BMO Capital Markets cut their target price on CSX from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Benchmark reaffirmed a “buy” rating and set a $38.00 target price on shares of CSX in a report on Monday, January 27th. Finally, Stephens reissued an “overweight” rating and issued a $38.00 price objective on shares of CSX in a research report on Friday, January 24th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.16.

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.