Terra Nova Asset Management LLC Trims Stake in CSX Co. (NASDAQ:CSX)

Terra Nova Asset Management LLC cut its holdings in shares of CSX Co. (NASDAQ:CSX) by 66.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,279 shares of the transportation company’s stock after selling 22,345 shares during the quarter. Terra Nova Asset Management LLC’s holdings in CSX were worth $391,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CSX. Soroban Capital Partners LP lifted its stake in CSX by 0.8% during the fourth quarter. Soroban Capital Partners LP now owns 58,100,864 shares of the transportation company’s stock worth $1,799,965,000 after purchasing an additional 470,000 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of CSX by 1.8% in the 1st quarter. Geode Capital Management LLC now owns 39,236,265 shares of the transportation company’s stock valued at $1,172,727,000 after buying an additional 690,267 shares during the period. Lazard Asset Management LLC lifted its stake in CSX by 10.4% during the 3rd quarter. Lazard Asset Management LLC now owns 29,191,044 shares of the transportation company’s stock worth $897,624,000 after acquiring an additional 2,748,738 shares in the last quarter. Morgan Stanley increased its stake in CSX by 3.1% during the third quarter. Morgan Stanley now owns 24,340,514 shares of the transportation company’s stock worth $748,471,000 after purchasing an additional 739,411 shares during the period. Finally, Moneta Group Investment Advisors LLC grew its holdings in shares of CSX by 101,926.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 23,323,241 shares of the transportation company’s stock valued at $722,554,000 after purchasing an additional 23,300,381 shares in the last quarter. 73.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CSX has been the subject of several research reports. TD Cowen boosted their price target on shares of CSX from $32.00 to $36.00 and gave the stock a “market perform” rating in a research note on Thursday, January 25th. Susquehanna increased their price target on CSX from $42.00 to $44.00 and gave the company a “positive” rating in a research report on Thursday. JPMorgan Chase & Co. lowered their price objective on CSX from $40.00 to $39.00 and set an “overweight” rating for the company in a research report on Thursday, December 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $34.00 price target on shares of CSX in a research note on Thursday, January 25th. Finally, Benchmark reissued a “buy” rating and issued a $38.00 price objective on shares of CSX in a research report on Thursday, January 25th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.88.

CSX Price Performance

Shares of CSX opened at $37.07 on Friday. The firm has a 50-day simple moving average of $36.89 and a 200-day simple moving average of $33.79. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.91 and a current ratio of 1.05. The company has a market capitalization of $72.57 billion, a price-to-earnings ratio of 20.15, a price-to-earnings-growth ratio of 2.13 and a beta of 1.18. CSX Co. has a fifty-two week low of $29.03 and a fifty-two week high of $40.12.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Tuesday, January 23rd. The transportation company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.01. The firm had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. CSX had a net margin of 25.35% and a return on equity of 30.52%. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. On average, equities research analysts anticipate that CSX Co. will post 1.96 earnings per share for the current year.

CSX Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a $0.12 dividend. This is a boost from CSX’s previous quarterly dividend of $0.11. The ex-dividend date was Wednesday, February 28th. This represents a $0.48 annualized dividend and a dividend yield of 1.29%. CSX’s dividend payout ratio (DPR) is 26.09%.

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.