CSX Co. (CSX) Stake Decreased by Summit Financial Group Inc.

Summit Financial Group Inc. reduced its position in CSX Co. (NASDAQ:CSX) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,824 shares of the transportation company’s stock after selling 450 shares during the quarter. CSX comprises about 2.6% of Summit Financial Group Inc.’s portfolio, making the stock its 8th largest position. Summit Financial Group Inc.’s holdings in CSX were worth $3,354,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors boosted its stake in shares of CSX by 1,080.6% in the 3rd quarter. Capital World Investors now owns 29,751,204 shares of the transportation company’s stock valued at $2,203,077,000 after purchasing an additional 27,231,204 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of CSX by 11,871.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,486,719 shares of the transportation company’s stock valued at $185,000 after purchasing an additional 11,390,771 shares in the last quarter. Norges Bank acquired a new stake in shares of CSX in the 4th quarter valued at approximately $463,481,000. CI Investments Inc. acquired a new stake in shares of CSX in the 4th quarter valued at approximately $370,449,000. Finally, FMR LLC boosted its stake in shares of CSX by 14.1% in the 4th quarter. FMR LLC now owns 23,161,058 shares of the transportation company’s stock valued at $1,438,997,000 after purchasing an additional 2,867,186 shares in the last quarter. 77.36% of the stock is currently owned by hedge funds and other institutional investors.

In other news, VP Angela C. Williams sold 9,560 shares of the company’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $79.14, for a total transaction of $756,578.40. Following the sale, the vice president now directly owns 14,607 shares in the company, valued at $1,155,997.98. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 4.83% of the company’s stock.

A number of equities research analysts have recently weighed in on CSX shares. Stifel Nicolaus downgraded shares of CSX from a “buy” rating to a “hold” rating and set a $74.00 price target on the stock. in a research note on Wednesday, March 6th. Zacks Investment Research upgraded shares of CSX from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Thursday, January 3rd. Scotiabank set a $75.00 price target on shares of CSX and gave the company a “hold” rating in a research note on Tuesday, January 8th. Atlantic Securities assumed coverage on shares of CSX in a research report on Tuesday, January 8th. They set an “overweight” rating and a $62.45 target price on the stock. Finally, ValuEngine downgraded shares of CSX from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. CSX currently has an average rating of “Hold” and an average target price of $78.55.

Shares of NASDAQ:CSX opened at $78.54 on Friday. The stock has a market capitalization of $63.94 billion, a P/E ratio of 20.45, a P/E/G ratio of 1.35 and a beta of 1.29. CSX Co. has a fifty-two week low of $57.97 and a fifty-two week high of $80.51. The company has a current ratio of 1.81, a quick ratio of 1.68 and a debt-to-equity ratio of 1.27.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Tuesday, April 16th. The transportation company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.11. CSX had a return on equity of 26.13% and a net margin of 27.84%. The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $3 billion. During the same period in the prior year, the business posted $0.78 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. On average, analysts expect that CSX Co. will post 4.34 EPS for the current year.

CSX announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 16th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to purchase up to 9.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

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CSX Company Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.

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Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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