CSX Co. (NASDAQ:CSX) Shares Sold by Covey Capital Advisors LLC

Covey Capital Advisors LLC reduced its holdings in shares of CSX Co. (NASDAQ:CSX) by 15.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,593 shares of the transportation company’s stock after selling 9,972 shares during the period. CSX makes up 2.0% of Covey Capital Advisors LLC’s holdings, making the stock its 14th largest position. Covey Capital Advisors LLC’s holdings in CSX were worth $1,816,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fisher Asset Management LLC raised its stake in CSX by 3.6% in the 3rd quarter. Fisher Asset Management LLC now owns 24,656,931 shares of the transportation company’s stock worth $851,404,000 after acquiring an additional 857,302 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of CSX by 6.6% in the second quarter. Bank of New York Mellon Corp now owns 17,133,857 shares of the transportation company’s stock worth $573,128,000 after purchasing an additional 1,060,204 shares during the last quarter. FMR LLC lifted its holdings in shares of CSX by 10.2% during the third quarter. FMR LLC now owns 15,612,862 shares of the transportation company’s stock worth $539,112,000 after purchasing an additional 1,447,651 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of CSX by 6.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,745,972 shares of the transportation company’s stock worth $440,118,000 after purchasing an additional 737,221 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in CSX by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 12,421,862 shares of the transportation company’s stock valued at $415,466,000 after buying an additional 1,060,617 shares during the last quarter. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Stock Performance

CSX opened at $36.58 on Friday. The firm’s fifty day simple moving average is $34.67 and its two-hundred day simple moving average is $34.01. CSX Co. has a 52-week low of $31.65 and a 52-week high of $40.12. The company has a market cap of $70.54 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 2.32 and a beta of 1.19. The company has a quick ratio of 1.23, a current ratio of 1.39 and a debt-to-equity ratio of 1.43.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Wednesday, October 16th. The transportation company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). CSX had a net margin of 24.77% and a return on equity of 28.92%. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.68 billion. During the same period in the prior year, the business posted $0.42 earnings per share. The company’s quarterly revenue was up 1.3% compared to the same quarter last year. Equities analysts anticipate that CSX Co. will post 1.84 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Friday, November 29th. CSX’s dividend payout ratio is presently 25.81%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CSX. 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 note on Thursday, October 17th. Stifel Nicolaus decreased their target price on shares of CSX from $39.00 to $37.00 and set a “buy” rating for the company in a research report on Thursday, October 17th. Barclays increased their price target on CSX from $40.00 to $41.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $40.00 price objective on shares of CSX in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their target price on CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.