Parsons Capital Management Inc. RI Reduces Stock Holdings in CSX Co. (NASDAQ:CSX)
Parsons Capital Management Inc. RI decreased its holdings in CSX Co. (NASDAQ:CSX) by 1.9% in the second quarter, HoldingsChannel.com reports. The fund owned 63,590 shares of the transportation company’s stock after selling 1,220 shares during the period. Parsons Capital Management Inc. RI’s holdings in CSX were worth $4,920,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the stock. Sigma Planning Corp lifted its position in CSX by 14.3% during the second quarter. Sigma Planning Corp now owns 16,742 shares of the transportation company’s stock valued at $1,295,000 after buying an additional 2,097 shares during the period. Kavar Capital Partners LLC purchased a new position in CSX during the second quarter valued at $35,000. TRUE Private Wealth Advisors purchased a new position in CSX during the second quarter valued at $130,000. Sandy Spring Bank lifted its position in CSX by 5.7% during the second quarter. Sandy Spring Bank now owns 8,524 shares of the transportation company’s stock valued at $659,000 after buying an additional 459 shares during the period. Finally, Coastal Investment Advisors Inc. lifted its position in CSX by 1,552.2% during the second quarter. Coastal Investment Advisors Inc. now owns 2,974 shares of the transportation company’s stock valued at $230,000 after buying an additional 2,794 shares during the period. 76.74% of the stock is owned by institutional investors.
CSX has been the subject of several analyst reports. Zacks Investment Research downgraded CSX from a “hold” rating to a “sell” rating and set a $83.00 price target for the company. in a report on Monday, July 8th. Credit Suisse Group reduced their price target on CSX from $92.00 to $86.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Morgan Stanley raised their price target on CSX from $55.00 to $57.00 and gave the company an “underweight” rating in a report on Wednesday, April 17th. BidaskClub downgraded CSX from a “sell” rating to a “strong sell” rating in a report on Saturday, July 27th. Finally, Royal Bank of Canada reduced their price target on CSX to $75.00 and set a “sector perform” rating for the company in a report on Wednesday, July 17th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the stock. CSX has an average rating of “Hold” and an average price target of $78.13.
NASDAQ CSX traded down $0.10 during trading hours on Thursday, hitting $64.48. The company’s stock had a trading volume of 157,459 shares, compared to its average volume of 7,985,188. CSX Co. has a 12 month low of $58.47 and a 12 month high of $80.73. The stock has a 50 day moving average price of $72.36. The company has a market capitalization of $52.54 billion, a P/E ratio of 16.79, a P/E/G ratio of 1.14 and a beta of 1.21. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.44 and a current ratio of 1.55.
CSX (NASDAQ:CSX) last released its quarterly earnings data on Tuesday, July 16th. The transportation company reported $1.08 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.03). CSX had a return on equity of 26.96% and a net margin of 27.87%. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter in the previous year, the business posted $1.01 earnings per share. CSX’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, equities analysts predict that CSX Co. will post 4.15 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be issued a $0.24 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.96 annualized dividend and a yield of 1.49%. CSX’s payout ratio is 25.00%.
CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.
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