Redmond Asset Management LLC Invests $397,000 in CSX Co. (NASDAQ:CSX)

Redmond Asset Management LLC acquired a new stake in CSX Co. (NASDAQ:CSX) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,300 shares of the transportation company’s stock, valued at approximately $397,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its stake in shares of CSX by 9.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 322,810 shares of the transportation company’s stock valued at $11,147,000 after acquiring an additional 29,161 shares during the last quarter. International Assets Investment Management LLC acquired a new position in CSX in the 3rd quarter worth about $5,767,000. Dakota Wealth Management raised its position in CSX by 21.9% in the third quarter. Dakota Wealth Management now owns 11,778 shares of the transportation company’s stock valued at $407,000 after purchasing an additional 2,115 shares during the last quarter. Ballentine Partners LLC boosted its stake in shares of CSX by 2.8% during the third quarter. Ballentine Partners LLC now owns 43,112 shares of the transportation company’s stock valued at $1,489,000 after purchasing an additional 1,168 shares in the last quarter. Finally, Lake Street Advisors Group LLC grew its holdings in shares of CSX by 1.8% during the third quarter. Lake Street Advisors Group LLC now owns 17,246 shares of the transportation company’s stock worth $595,000 after purchasing an additional 306 shares during the last quarter. Institutional investors own 73.57% of the company’s stock.

CSX Stock Down 0.5 %

Shares of NASDAQ CSX opened at $32.30 on Friday. The company has a quick ratio of 1.23, a current ratio of 0.86 and a debt-to-equity ratio of 1.43. The firm has a market cap of $62.29 billion, a PE ratio of 18.04, a P/E/G ratio of 1.92 and a beta of 1.23. The company’s fifty day simple moving average is $32.63 and its 200 day simple moving average is $33.77. CSX Co. has a 12-month low of $31.43 and a 12-month high of $40.12.

CSX (NASDAQ:CSX) last released its quarterly earnings data on Thursday, January 23rd. The transportation company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). CSX had a return on equity of 28.15% and a net margin of 23.95%. As a group, sell-side analysts forecast that CSX Co. will post 1.83 earnings per share for the current fiscal year.

CSX Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.61%. This is a positive change from CSX’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, February 28th. CSX’s dividend payout ratio is presently 26.82%.

Analysts Set New Price Targets

CSX has been the topic of several recent research reports. BMO Capital Markets cut their target price on shares of CSX from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Loop Capital lowered shares of CSX from a “buy” rating to a “hold” rating and cut their price target for the stock from $40.00 to $34.00 in a report on Monday, February 3rd. Jefferies Financial Group upgraded CSX from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a report on Friday, January 10th. Susquehanna cut their target price on CSX from $40.00 to $39.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Finally, Royal Bank of Canada decreased their price target on CSX from $34.00 to $33.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, CSX currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.16.

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.