Cornerstone Wealth Management LLC Reduces Stake in CSX Co. (NASDAQ:CSX)

Cornerstone Wealth Management LLC has reduced its ownership in CSX Co. (NASDAQ:CSX) by 3.0% during the third quarter, according to their latest Form 13F filing with the Securities and Exchange Commission. After selling 326 shares, the firm now holds 10,640 shares of the transportation company, valued at approximately $367,000 as per recent filings.

Recently, other significant investors have also adjusted their positions in CSX. For instance, Western Wealth Management LLC increased its stake by 0.8% in the second quarter, now owning 36,127 shares worth $1,208,000 after purchasing an additional 295 shares. Similarly, TriaGen Wealth Management LLC raised its stake by 2.7% during the same period, now holding 11,524 shares valued at $385,000 following the acquisition of 300 extra shares. Miracle Mile Advisors LLC also saw a slight increase of 0.3% in their holdings in the first quarter, bringing their total to 103,563 shares worth $3,839,000 after acquiring another 303 shares.

Team Hewins LLC grew its position by 1.7% in the first quarter, holding 18,778 shares valued at $696,000 after securing another 306 shares, while Jamison Private Wealth Management Inc. increased its stake by a considerable 33.7% in the third quarter, owning 1,253 shares worth $43,000 after buying 316 shares. Overall, 73.57% of CSX's shares are held by hedge funds and other institutional investors.

CSX Price Performance

The stock price of NASDAQ:CSX opened at $34.12 on Friday. The company recorded a fifty-two week low of $29.03 and a high of $40.12 within the same timeframe. It has a 50-day moving average of $34.02 and a 200-day moving average of $33.97, with a market capitalization of $66.70 billion. CSX features a P/E ratio of 18.75, a P/E/G ratio of 1.90, and a beta of 1.19. Its debt-to-equity ratio sits at 1.42, while the current and quick ratios are 1.16 and 1.01, respectively.

On October 16th, CSX reported its latest quarterly earnings. The company disclosed earnings of $0.46 per share, which fell short of the consensus estimate of $0.48 by $0.02. CSX achieved a return on equity of 29.11% and a net margin of 24.52%. The quarterly revenue amounted to $3.62 billion, slightly below analyst predictions of $3.68 billion. In comparison to the previous year, this represents a 1.3% increase in revenue. Analysts anticipate that for the current fiscal year, CSX will report earnings of approximately $1.93 per share.

CSX Announces Quarterly Dividend

CSX has recently announced a quarterly dividend that will be paid out on December 13th. Shareholders recorded on November 29th will receive a dividend of $0.12 per share, with an ex-dividend date also set for November 29th. This represents an annualized dividend of $0.48 and yields 1.41%, placing the dividend payout ratio at 26.37%.

Analyst Ratings Changes

CSX is currently under scrutiny from several analysts. Wells Fargo & Company lowered their target price on the stock from $35.00 to $34.00, assigning an “equal weight” rating. BMO Capital Markets adjusted their forecast, bringing the price target down from $40.00 to $39.00, while maintaining an “outperform” rating. Similarly, TD Cowen revised their target from $36.00 to $35.00 and set a “hold” rating, and Royal Bank of Canada decreased their target from $36.00 to $35.00, while reaffirming a “sector perform” rating. Additionally, Bank of America shifted their rating from “buy” to “neutral” with a target price of $37.00. Currently, seven analysts rate the stock as a hold, while twelve provide buy ratings, as per MarketBeat data, revealing an average rating of “Moderate Buy” with a consensus target price of $38.61.

About CSX Corporation

CSX Corporation is engaged in providing rail-based freight transportation services, including the transport of intermodal containers and trailers. The company offers a variety of services such as rail-to-truck transfers and bulk commodity operations. It serves various industries by transporting chemicals, agricultural products, minerals, automotive goods, forest products, fertilizers, metals, and coal, among others.

Conclusion

In summary, Cornerstone Wealth Management LLC's recent decision to trim its position in CSX reflects a broader trend of institutional investors adjusting their stakes in the company. Monitoring these changes provides insights into investor sentiment surrounding the stock and its future performance.

CSX, Investment, Stock