Cornerstone Wealth Management LLC Reduces Stake in CSX Co. (NASDAQ:CSX)

Cornerstone Wealth Management LLC has reduced its stake in CSX Co. (NASDAQ:CSX) by 3.0% in the third quarter, as revealed by its latest Form 13F filing with the Securities and Exchange Commission. After selling 326 shares during the quarter, the firm now holds 10,640 shares of the transportation company’s stock, which amounts to approximately $367,000 based on its latest filing.

Other institutional investors have also made recent adjustments to their positions in CSX. For instance, Western Wealth Management LLC increased its ownership of CSX shares by 0.8% in the second quarter, now owning 36,127 shares with a total value of $1,208,000. Similarly, TriaGen Wealth Management LLC grew its stake by 2.7% during the same period, achieving 11,524 shares valued at $385,000 after acquiring an additional 300 shares.

In the first quarter, Miracle Mile Advisors LLC raised its CSX position by 0.3%, holding 103,563 shares worth $3,839,000 after purchasing 303 more shares. Team Hewins LLC also increased its holdings by 1.7%, with a total of 18,778 shares valued at $696,000. Meanwhile, Jamison Private Wealth Management Inc. raised its position by a notable 33.7% in the third quarter, now owning 1,253 shares worth $43,000 after acquiring 316 shares. Overall, about 73.57% of CSX stock is currently held by hedge funds and other institutional investors.

CSX Stock Performance

As for its stock performance, CSX shares opened at $34.12 on a recent Friday. Over the past year, CSX has seen its stock fluctuate between a low of $29.03 and a high of $40.12. Currently, the company enjoys a market capitalization of $66.70 billion, with a price-to-earnings (P/E) ratio of 18.75, a P/E/G ratio of 1.90, and a beta of 1.19. CSX's financial health includes a debt-to-equity ratio of 1.42, a current ratio of 1.16, and a quick ratio of 1.01.

The most recent quarterly earnings report from CSX was released on October 16th, where the company announced earnings of $0.46 per share. This figure fell short of the consensus estimate of $0.48, representing a $0.02 miss. The company had a return on equity of 29.11% and a net margin of 24.52%. For this particular quarter, CSX reported revenues of $3.62 billion, slightly below the expected $3.68 billion. In the same quarter of the previous year, the firm posted an EPS of $0.42, representing a year-over-year revenue increase of 1.3%. Analysts forecast an EPS of 1.93 for the current fiscal year.

Dividend Announcement

Alongside its earnings report, CSX declared a quarterly dividend set to be distributed on December 13th. Shareholders recorded as of November 29th will receive a dividend of $0.12 per share, marking an annualized dividend of $0.48, which translates to a yield of 1.41%. The company maintains a dividend payout ratio of 26.37%.

Analyst Insights

Recently, several analysts have modified their ratings and price targets for CSX. Wells Fargo & Company has lowered its target price from $35.00 to $34.00, maintaining an "equal weight" rating. BMO Capital Markets adjusted their price target from $40.00 to $39.00, retaining their "outperform" rating. TD Cowen and Royal Bank of Canada both reduced their price targets from $36.00 to $35.00, classifying CSX as a hold. Additionally, Bank of America downgraded CSX from a "buy" to a "neutral" rating, setting a new target price of $37.00. Currently, seven analysts have issued hold ratings, while twelve analysts have recommended buying the stock, leading to an overall rating of "Moderate Buy" based on MarketBeat data, with a consensus target price of $38.61.

About CSX Corporation

CSX Corporation, along with its subsidiaries, provides freight transportation services via rail networks. The company deals with the transportation of intermodal containers and trailers, in addition to offering services such as rail-to-truck transfers and bulk commodity operations. It plays a vital role in transporting a variety of goods, including chemicals, agricultural products, automotive materials, and coal, to various industrial sectors and power plants.

investment, CSX, Cornerstone