Pinnacle Financial Partners Inc Trims Stock Position in CSX Co. (NASDAQ:CSX)

Pinnacle Financial Partners Inc cut its stake in shares of CSX Co. (NASDAQ:CSX) by 1.5% in the 4th quarter, Holdings Channel reports. The fund owned 33,169 shares of the transportation company’s stock after selling 507 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in CSX were worth $1,070,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Sigma Planning Corp raised its stake in CSX by 3.8% during the 4th quarter. Sigma Planning Corp now owns 49,504 shares of the transportation company’s stock valued at $1,597,000 after acquiring an additional 1,817 shares during the last quarter. Redmond Asset Management LLC purchased a new stake in CSX during the 4th quarter valued at approximately $397,000. Deseret Mutual Benefit Administrators increased its position in CSX by 3.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 12,791 shares of the transportation company’s stock worth $413,000 after purchasing an additional 440 shares during the period. Blackston Financial Advisory Group LLC increased its position in CSX by 2.7% during the 4th quarter. Blackston Financial Advisory Group LLC now owns 15,152 shares of the transportation company’s stock worth $489,000 after purchasing an additional 405 shares during the period. Finally, Centricity Wealth Management LLC acquired a new position in CSX during the 4th quarter worth approximately $57,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on CSX. BMO Capital Markets dropped their target price on CSX from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. JPMorgan Chase & Co. dropped their target price on CSX from $38.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, January 24th. Royal Bank of Canada dropped their target price on CSX from $34.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Susquehanna dropped their target price on CSX from $40.00 to $39.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company dropped their target price on CSX from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.16.

CSX Price Performance

Shares of NASDAQ:CSX opened at $32.30 on Monday. The business’s fifty day moving average price is $32.63 and its two-hundred day moving average price is $33.77. The stock has a market cap of $62.29 billion, a PE ratio of 18.04, a price-to-earnings-growth ratio of 1.92 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 one year low of $31.43 and a one year high of $40.12.

CSX (NASDAQ:CSX) last announced 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 net margin of 23.95% and a return on equity of 28.15%. On average, analysts forecast that CSX Co. will post 1.83 EPS for the current fiscal year.

CSX Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, February 28th. This is a positive change from CSX’s previous quarterly dividend of $0.12. CSX’s dividend payout ratio is currently 29.05%.

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.