Summit Investment Advisors Inc. Raises Position in CSX Co. (NASDAQ:CSX)

Summit Investment Advisors Inc. lifted its position in CSX Co. (NASDAQ:CSX) by 2.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 80,144 shares of the transportation company’s stock after acquiring an additional 2,169 shares during the period. Summit Investment Advisors Inc.’s holdings in CSX were worth $2,586,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC raised its position in CSX by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 41,633,333 shares of the transportation company’s stock worth $1,339,555,000 after buying an additional 726,507 shares during the last quarter. Invesco Ltd. lifted its position in CSX by 13.5% during the fourth quarter. Invesco Ltd. now owns 25,103,077 shares of the transportation company’s stock valued at $810,076,000 after purchasing an additional 2,977,212 shares during the period. Fisher Asset Management LLC boosted its holdings 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 worth $805,345,000 after purchasing an additional 299,536 shares during the last quarter. Norges Bank bought a new stake in CSX in the 4th quarter worth approximately $780,194,000. Finally, Bank of New York Mellon Corp raised its stake in CSX by 40.5% during the 4th quarter. Bank of New York Mellon Corp now owns 23,350,087 shares of the transportation company’s stock valued at $753,507,000 after buying an additional 6,730,316 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Stock Performance

NASDAQ:CSX opened at $28.27 on Tuesday. The company has a market cap of $53.28 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 1.92 and a beta of 1.23. CSX Co. has a 1 year low of $26.22 and a 1 year high of $37.10. The stock’s 50 day simple moving average is $30.49 and its two-hundred day simple moving average is $32.67. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.86 and a quick ratio of 1.23.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Thursday, January 23rd. The transportation company reported $0.42 earnings per share for the quarter, missing the consensus estimate 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 anticipate that CSX Co. will post 1.83 earnings per share for the current fiscal year.

CSX Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.13 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.52 annualized dividend and a yield of 1.84%. This is a positive change from CSX’s previous quarterly dividend of $0.12. CSX’s dividend payout ratio (DPR) is currently 29.05%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on CSX in a report on Friday, March 7th. They issued a “hold” rating and a $34.00 target price on the stock. Stifel Nicolaus dropped their price objective on shares of CSX from $37.00 to $34.00 and set a “buy” rating on the stock in a report on Monday. Jefferies Financial Group reduced their target price on shares of CSX from $37.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Wells Fargo & Company cut their price objective on shares of CSX from $34.00 to $31.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. Finally, Benchmark reaffirmed a “buy” rating and issued a $38.00 target price on shares of CSX in a report on Monday, January 27th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.55.

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.