Meridian Wealth Management LLC Purchases New Position in CSX Co. (NASDAQ:CSX)

Meridian Wealth Management LLC acquired a new position in shares of CSX Co. (NASDAQ:CSX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,197 shares of the transportation company’s stock, valued at approximately $387,000.

Several other hedge funds also recently modified their holdings of the company. Advisors Asset Management Inc. lifted its position in CSX by 581.7% during the 1st quarter. Advisors Asset Management Inc. now owns 5,283 shares of the transportation company’s stock worth $196,000 after buying an additional 4,508 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of CSX in the first quarter valued at approximately $1,950,000. Interval Partners LP acquired a new stake in shares of CSX in the first quarter valued at approximately $19,996,000. B. Riley Wealth Advisors Inc. raised its position in CSX by 4.1% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 129,869 shares of the transportation company’s stock worth $4,814,000 after purchasing an additional 5,123 shares during the last quarter. Finally, Meiji Yasuda Life Insurance Co lifted its holdings in CSX by 25.0% during the 1st quarter. Meiji Yasuda Life Insurance Co now owns 35,214 shares of the transportation company’s stock worth $1,305,000 after buying an additional 7,048 shares in the last quarter. Institutional investors and hedge funds own 73.57% of the company’s stock.

CSX Stock Up 1.2 %

Shares of CSX stock opened at $35.78 on Monday. The company has a market capitalization of $69.00 billion, a P/E ratio of 19.24, a price-to-earnings-growth ratio of 2.24 and a beta of 1.19. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.39 and a quick ratio of 1.23. The business has a 50-day moving average of $34.48 and a two-hundred day moving average of $33.94. CSX Co. has a 1 year low of $31.65 and a 1 year high of $40.12.

CSX (NASDAQ:CSX) last posted 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). CSX had a return on equity of 28.92% and a net margin of 24.77%. The business had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the previous year, the company posted $0.42 earnings per share. CSX’s revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, equities analysts predict that CSX Co. will post 1.84 EPS for the current year.

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Friday, November 29th. CSX’s dividend payout ratio is 25.81%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wells Fargo & Company lowered their target price on CSX from $35.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, October 17th. JPMorgan Chase & Co. boosted their price objective on CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Benchmark reaffirmed a “buy” rating and issued a $40.00 target price on shares of CSX in a research note on Wednesday, August 7th. Stifel Nicolaus dropped their price target on shares of CSX from $39.00 to $37.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Finally, Loop Capital reduced their price objective 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. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.78.

CSX Company 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.