Sound Income Strategies LLC Cuts Stock Holdings in CSX Co. (NASDAQ:CSX)

Sound Income Strategies LLC lowered its stake in shares of CSX Co. (NASDAQ:CSX) by 27.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,759 shares of the transportation company’s stock after selling 2,908 shares during the period. Sound Income Strategies LLC’s holdings in CSX were worth $228,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in shares of CSX by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 41,633,333 shares of the transportation company’s stock worth $1,339,555,000 after acquiring an additional 726,507 shares in the last quarter. Invesco Ltd. increased its position in shares of CSX by 13.5% in the fourth quarter. Invesco Ltd. now owns 25,103,077 shares of the transportation company’s stock worth $810,076,000 after acquiring an additional 2,977,212 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of CSX by 1.2% in the fourth quarter. Fisher Asset Management LLC now owns 24,956,467 shares of the transportation company’s stock worth $805,345,000 after acquiring an additional 299,536 shares in the last quarter. Norges Bank acquired a new stake in shares of CSX in the fourth quarter worth $780,194,000. Finally, Bank of New York Mellon Corp increased its position in shares of 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 acquiring an additional 6,730,316 shares in the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CSX shares. Stifel Nicolaus dropped their price objective on shares of CSX from $37.00 to $34.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Susquehanna dropped their price objective on shares of CSX from $37.00 to $35.00 and set a “positive” rating for the company in a research report on Thursday, April 17th. BMO Capital Markets lowered their price target on shares of CSX from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, April 17th. Citigroup lowered their price target on shares of CSX from $39.00 to $36.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Finally, Barclays lowered their price target on shares of CSX from $35.00 to $31.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.14.

CSX Trading Up 1.4%

CSX stock opened at $32.56 on Tuesday. The firm’s 50-day moving average is $29.85 and its 200-day moving average is $31.17. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.23 and a current ratio of 0.86. CSX Co. has a 1 year low of $26.22 and a 1 year high of $37.10. The company has a market cap of $61.17 billion, a P/E ratio of 18.19, a PEG ratio of 1.92 and a beta of 1.24.

CSX (NASDAQ:CSX) last posted its quarterly earnings results on Wednesday, April 16th. The transportation company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). CSX had a return on equity of 28.15% and a net margin of 23.95%. The business had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.53 billion. On average, equities analysts expect that CSX Co. will post 1.83 earnings per share for the current year.

CSX Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a $0.13 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.52 annualized dividend and a yield of 1.60%. CSX’s dividend payout ratio is presently 31.14%.

CSX 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.