Covey Capital Advisors LLC Sells 9,972 Shares of CSX Co. (NASDAQ:CSX)

Covey Capital Advisors LLC decreased its holdings in CSX Co. (NASDAQ:CSX) by 15.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,593 shares of the transportation company’s stock after selling 9,972 shares during the period. CSX accounts for approximately 2.0% of Covey Capital Advisors LLC’s holdings, making the stock its 14th biggest holding. Covey Capital Advisors LLC’s holdings in CSX were worth $1,816,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp lifted its position in CSX by 7.8% in the third quarter. Atlantic Union Bankshares Corp now owns 158,890 shares of the transportation company’s stock worth $5,486,000 after buying an additional 11,441 shares during the last quarter. Vinva Investment Management Ltd raised its stake in shares of CSX by 14.5% in the third quarter. Vinva Investment Management Ltd now owns 88,931 shares of the transportation company’s stock valued at $3,071,000 after acquiring an additional 11,244 shares during the period. Financial Counselors Inc. lifted its holdings in shares of CSX by 1.5% in the 3rd quarter. Financial Counselors Inc. now owns 350,021 shares of the transportation company’s stock worth $12,086,000 after acquiring an additional 5,112 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in shares of CSX by 10.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 82,276 shares of the transportation company’s stock worth $2,841,000 after purchasing an additional 7,700 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in CSX by 6.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,745,972 shares of the transportation company’s stock valued at $440,118,000 after purchasing an additional 737,221 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

CSX Stock Down 0.3 %

CSX stock opened at $36.58 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.39 and a debt-to-equity ratio of 1.43. The firm has a market cap of $70.54 billion, a P/E ratio of 19.67, a P/E/G ratio of 2.32 and a beta of 1.19. The business has a fifty day moving average of $34.67 and a two-hundred day moving average of $34.01. CSX Co. has a twelve month low of $31.65 and a twelve month high of $40.12.

CSX (NASDAQ:CSX) last issued its quarterly earnings data on Wednesday, October 16th. The transportation company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). CSX had a return on equity of 28.92% and a net margin of 24.77%. The company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter last year, the company earned $0.42 earnings per share. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. On average, analysts forecast that CSX Co. will post 1.84 earnings per share for the current fiscal year.

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Friday, November 29th. CSX’s dividend payout ratio is currently 25.81%.

Wall Street Analysts Forecast Growth

CSX has been the subject of several analyst reports. Citigroup raised their price objective on shares of CSX from $42.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Loop Capital dropped their price objective on CSX from $43.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, October 17th. JPMorgan Chase & Co. upped their price objective on CSX from $39.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, August 6th. Benchmark reiterated a “buy” rating and set a $40.00 target price on shares of CSX in a research report on Wednesday, August 7th. Finally, BMO Capital Markets cut their price target on shares of CSX from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, CSX currently has an average rating of “Moderate Buy” and a consensus price target of $38.78.

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.