New York State Common Retirement Fund Trims Stock Position in CSX Co. (NASDAQ:CSX)

New York State Common Retirement Fund trimmed its stake in CSX Co. (NASDAQ:CSX) by 7.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,505,985 shares of the transportation company’s stock after selling 201,100 shares during the period. New York State Common Retirement Fund’s holdings in CSX were worth $86,532,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CSX. Itau Unibanco Holding S.A. acquired a new position in shares of CSX in the 2nd quarter valued at $26,000. MFA Wealth Advisors LLC acquired a new position in CSX in the second quarter valued at $27,000. Morton Brown Family Wealth LLC acquired a new position in CSX in the third quarter valued at $31,000. Fairscale Capital LLC purchased a new stake in shares of CSX in the second quarter valued at about $32,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of CSX during the second quarter worth about $33,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Citigroup initiated coverage on CSX in a research note on Wednesday, October 9th. They issued a “buy” rating and a $42.00 target price on the stock. Loop Capital reduced their target price on shares of CSX from $43.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. JPMorgan Chase & Co. increased their price target on shares of CSX from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Stephens lowered their price objective on CSX from $41.00 to $39.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Bank of America downgraded CSX from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research note on Monday, July 8th. Seven analysts have rated the stock with a hold rating and twelve 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 $38.61.

CSX Price Performance

CSX stock opened at $33.39 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 1.39. The stock’s 50 day moving average price is $34.01 and its 200 day moving average price is $33.80. The firm has a market cap of $64.39 billion, a P/E ratio of 17.95, a PEG ratio of 2.11 and a beta of 1.19. CSX Co. has a 1 year low of $29.64 and a 1 year high of $40.12.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, October 16th. The transportation company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.68 billion. CSX had a return on equity of 28.92% and a net margin of 24.77%. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 EPS. On average, sell-side analysts expect that CSX Co. will post 1.86 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.48 dividend on an annualized basis and a yield of 1.44%. CSX’s dividend payout ratio (DPR) is currently 25.81%.

CSX Company Profile

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.