Patrick M Sweeney & Associates Inc. Makes New Investment in CSX Co. (NASDAQ:CSX)

Patrick M Sweeney & Associates Inc. acquired a new stake in shares of CSX Co. (NASDAQ:CSX) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,585 shares of the transportation company’s stock, valued at approximately $991,000. CSX accounts for about 0.9% of Patrick M Sweeney & Associates Inc.’s investment portfolio, making the stock its 27th biggest holding.

Several other institutional investors and hedge funds have also recently made changes to their positions in CSX. Fortitude Family Office LLC bought a new position in shares of CSX during the fourth quarter valued at approximately $27,000. Life Planning Partners Inc purchased a new stake in shares of CSX in the 4th quarter worth about $27,000. Venturi Wealth Management LLC grew its holdings in CSX by 228.4% in the third quarter. Venturi Wealth Management LLC now owns 995 shares of the transportation company’s stock worth $31,000 after purchasing an additional 692 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in shares of CSX during the fourth quarter valued at approximately $34,000. Finally, Avion Wealth grew its stake in shares of CSX by 450.5% in the fourth quarter. Avion Wealth now owns 1,002 shares of the transportation company’s stock worth $35,000 after acquiring an additional 820 shares during the last quarter. Institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CSX shares. Bank of America reduced their price objective on CSX from $40.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Susquehanna boosted their price target on CSX from $42.00 to $44.00 and gave the company a “positive” rating in a research note on Thursday, March 28th. BMO Capital Markets increased their price objective on shares of CSX from $37.00 to $38.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. TD Cowen raised their price objective on shares of CSX from $32.00 to $36.00 and gave the stock a “market perform” rating in a report on Thursday, January 25th. Finally, Stifel Nicolaus upped their target price on shares of CSX from $37.00 to $39.00 and gave the company a “buy” rating in a report on Friday, April 12th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.00.

CSX Price Performance

Shares of NASDAQ CSX traded up $0.24 during mid-day trading on Wednesday, reaching $34.20. The company’s stock had a trading volume of 8,065,717 shares, compared to its average volume of 12,195,878. The stock has a fifty day moving average of $36.06 and a two-hundred day moving average of $34.64. The firm has a market capitalization of $66.86 billion, a PE ratio of 18.66, a P/E/G ratio of 2.03 and a beta of 1.19. CSX Co. has a 52 week low of $29.03 and a 52 week high of $40.12. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.15 and a quick ratio of 1.00.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Wednesday, April 17th. The transportation company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. CSX had a return on equity of 29.58% and a net margin of 24.75%. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the prior year, the company posted $0.48 EPS. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, sell-side analysts anticipate that CSX Co. will post 1.95 EPS for the current fiscal year.

CSX Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were given a dividend of $0.12 per share. This is a positive change from CSX’s previous quarterly dividend of $0.11. The ex-dividend date was Wednesday, February 28th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.40%. CSX’s dividend payout ratio (DPR) is presently 26.37%.

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.