Summit Global Investments Sells 58,004 Shares of CSX Co. (NASDAQ:CSX)

Summit Global Investments lessened its holdings in CSX Co. (NASDAQ:CSX) by 84.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,867 shares of the transportation company’s stock after selling 58,004 shares during the quarter. Summit Global Investments’ holdings in CSX were worth $351,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Rehmann Capital Advisory Group grew its position in shares of CSX by 1.3% in the 3rd quarter. Rehmann Capital Advisory Group now owns 23,990 shares of the transportation company’s stock valued at $830,000 after buying an additional 306 shares during the last quarter. Associated Banc Corp boosted its holdings in CSX by 0.6% in the third quarter. Associated Banc Corp now owns 55,534 shares of the transportation company’s stock valued at $1,918,000 after acquiring an additional 310 shares during the last quarter. Joel Isaacson & Co. LLC boosted its holdings in CSX by 2.4% in the fourth quarter. Joel Isaacson & Co. LLC now owns 13,036 shares of the transportation company’s stock valued at $421,000 after acquiring an additional 310 shares during the last quarter. Patrick M Sweeney & Associates Inc. increased its position in CSX by 1.0% during the 4th quarter. Patrick M Sweeney & Associates Inc. now owns 31,827 shares of the transportation company’s stock valued at $1,027,000 after purchasing an additional 313 shares during the period. Finally, West Branch Capital LLC raised its holdings in CSX by 3.3% during the 4th quarter. West Branch Capital LLC now owns 10,317 shares of the transportation company’s stock worth $333,000 after purchasing an additional 332 shares during the last quarter. 73.57% of the stock is currently owned by institutional investors and hedge funds.

CSX Price Performance

CSX stock opened at $29.85 on Tuesday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 0.86. The business has a 50-day simple moving average of $31.99 and a two-hundred day simple moving average of $33.31. The company has a market capitalization of $56.55 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 1.92 and a beta of 1.25. CSX Co. has a 52-week low of $28.98 and a 52-week high of $37.40.

CSX (NASDAQ:CSX) last announced its earnings results on Thursday, January 23rd. The transportation company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). CSX had a net margin of 23.95% and a return on equity of 28.15%. Research analysts expect that CSX Co. will post 1.83 EPS for the current fiscal year.

CSX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.13 dividend. This is a positive change from CSX’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, February 28th. This represents a $0.52 annualized dividend and a dividend yield of 1.74%. CSX’s dividend payout ratio is presently 29.05%.

Wall Street Analysts Forecast Growth

CSX has been the subject of several recent analyst reports. Stephens reiterated an “overweight” rating and set a $38.00 price objective on shares of CSX in a research report on Friday, January 24th. Jefferies Financial Group upgraded CSX from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a report on Friday, January 10th. Wells Fargo & Company dropped their price objective on CSX from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, January 24th. BMO Capital Markets decreased their target price on CSX from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Finally, Robert W. Baird dropped their price target on CSX from $39.00 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.00.

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.