Summit Global Investments Buys 30,094 Shares of CSX Co. (NASDAQ:CSX)

Summit Global Investments increased its holdings in CSX Co. (NASDAQ:CSX - Free Report) by 77.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,871 shares of the transportation company's stock after buying an additional 30,094 shares during the period. Summit Global Investments' holdings in CSX were worth $2,378,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. purchased a new position in shares of CSX during the second quarter valued at approximately $26,000. MFA Wealth Advisors LLC acquired a new stake in shares of CSX during the second quarter worth $27,000. Fairscale Capital LLC purchased a new stake in shares of CSX in the second quarter valued at $32,000. Morton Brown Family Wealth LLC acquired a new position in CSX in the third quarter valued at $31,000. Finally, TFC Financial Management Inc. lifted its position in CSX by 72.4% during the second quarter. TFC Financial Management Inc. now owns 1,048 shares of the transportation company's stock worth $35,000 after buying an additional 440 shares during the period. 73.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CSX has been the topic of a number of recent research reports. Royal Bank of Canada reduced their price objective on CSX from $36.00 to $35.00 and set a "sector perform" rating on the stock in a research note on Thursday, October 17th. BMO Capital Markets reduced their target price on shares of CSX from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Thursday, October 17th. Loop Capital dropped their price target on shares of CSX from $43.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday, October 17th. Evercore ISI decreased their price objective on shares of CSX from $38.00 to $37.00 and set an "outperform" rating for the company in a research report on Thursday, October 17th. Finally, Wells Fargo & Company dropped their target price on CSX from $35.00 to $34.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, CSX has a consensus rating of "Moderate Buy" and an average target price of $38.61.

CSX Trading Up 1.3 %

CSX traded up $0.48 during trading on Friday, reaching $36.04. The company had a trading volume of 9,131,620 shares, compared to its average volume of 11,724,648. CSX Co. has a 12-month low of $30.13 and a 12-month high of $40.12. The firm's 50-day simple moving average is $34.08 and its 200 day simple moving average is $33.80. The company has a market cap of $69.50 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.12 and a beta of 1.19. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 1.39.

CSX (NASDAQ:CSX - Get Free Report) last released its earnings results on Wednesday, October 16th. The transportation company reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.48 by ($0.02). The business had revenue of $3.62 billion during the quarter, compared to analysts' expectations of $3.68 billion. CSX had a net margin of 24.77% and a return on equity of 28.92%. CSX's revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 EPS. Equities research analysts anticipate that CSX Co. will post 1.84 earnings per share for the current year.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.48 annualized dividend and a dividend yield of 1.33%. CSX's payout ratio is 25.81%.

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.