Penobscot Investment Management Company Inc. Sells 10,800 Shares of CSX Co. (NASDAQ:CSX)

Penobscot Investment Management Company Inc. lessened its stake in CSX Co. (NASDAQ:CSX) by 11.7% in the fourth quarter, HoldingsChannel reports. The firm owned 81,412 shares of the transportation company’s stock after selling 10,800 shares during the period. Penobscot Investment Management Company Inc.’s holdings in CSX were worth $2,627,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. State Street Corp grew its position in shares of CSX by 0.6% during the 3rd quarter. State Street Corp now owns 82,250,713 shares of the transportation company’s stock worth $2,840,117,000 after buying an additional 455,258 shares during the period. Geode Capital Management LLC grew its holdings in CSX by 0.5% during the third quarter. Geode Capital Management LLC now owns 40,906,826 shares of the transportation company’s stock valued at $1,407,087,000 after purchasing an additional 190,346 shares during the period. Fisher Asset Management LLC increased its stake in CSX by 1.2% in the fourth quarter. Fisher Asset Management LLC now owns 24,956,467 shares of the transportation company’s stock valued at $805,345,000 after purchasing an additional 299,536 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in CSX by 40.5% in the fourth quarter. Bank of New York Mellon Corp now owns 23,350,087 shares of the transportation company’s stock worth $753,507,000 after purchasing an additional 6,730,316 shares during the period. Finally, FMR LLC boosted its position in shares of CSX by 10.2% during the third quarter. FMR LLC now owns 15,612,862 shares of the transportation company’s stock worth $539,112,000 after purchasing an additional 1,447,651 shares in the last quarter. Institutional investors and hedge funds own 73.57% of the company’s stock.

CSX Stock Performance

Shares of CSX opened at $29.53 on Wednesday. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.86 and a quick ratio of 1.23. The firm has a 50-day moving average of $31.93 and a 200-day moving average of $33.28. The company has a market cap of $55.95 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 1.92 and a beta of 1.25. CSX Co. has a one year low of $28.98 and a one year high of $37.18.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Thursday, January 23rd. The transportation company reported $0.42 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, equities analysts forecast that CSX Co. will post 1.83 earnings per share for the current year.

CSX Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, February 28th. This is a positive change from CSX’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.76%. CSX’s payout ratio is presently 29.05%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CSX shares. Benchmark reaffirmed a “buy” rating and set a $38.00 price objective on shares of CSX in a research note on Monday, January 27th. Loop Capital lowered CSX from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $34.00 in a research report on Monday, February 3rd. Stephens reissued an “overweight” rating and set a $38.00 target price on shares of CSX in a research note on Friday, January 24th. JPMorgan Chase & Co. cut their price target on shares of CSX from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, January 24th. Finally, Barclays lowered their price objective on shares of CSX from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, January 24th. Seven 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, the company currently has an average rating of “Moderate Buy” and an average target price of $37.00.

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.