Novare Capital Management LLC Invests $8.65 Million in CSX Co. (NASDAQ:CSX)

Novare Capital Management LLC acquired a new stake in CSX Co. (NASDAQ:CSX) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 267,988 shares of the transportation company’s stock, valued at approximately $8,648,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Valley Wealth Managers Inc. increased its holdings in CSX by 177.8% in the 3rd quarter. Valley Wealth Managers Inc. now owns 750 shares of the transportation company’s stock worth $26,000 after acquiring an additional 480 shares during the last quarter. Morton Brown Family Wealth LLC bought a new position in CSX during the third quarter worth about $31,000. Addison Advisors LLC increased its stake in shares of CSX by 348.5% in the third quarter. Addison Advisors LLC now owns 1,045 shares of the transportation company’s stock worth $36,000 after purchasing an additional 812 shares in the last quarter. Fortitude Family Office LLC raised its position in shares of CSX by 43.4% in the third quarter. Fortitude Family Office LLC now owns 1,110 shares of the transportation company’s stock valued at $38,000 after purchasing an additional 336 shares during the period. Finally, Jamison Private Wealth Management Inc. lifted its stake in shares of CSX by 33.7% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 1,253 shares of the transportation company’s stock valued at $43,000 after buying an additional 316 shares in the last quarter. 73.57% of the stock is owned by institutional investors.

CSX Trading Down 2.9 %

Shares of CSX stock opened at $32.69 on Friday. The business has a 50-day moving average price of $33.53 and a two-hundred day moving average price of $33.94. CSX Co. has a 12-month low of $31.43 and a 12-month high of $40.12. 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 $63.04 billion, a P/E ratio of 17.58, a price-to-earnings-growth ratio of 2.06 and a beta of 1.22.

CSX (NASDAQ:CSX) last issued its earnings results on Thursday, January 23rd. The transportation company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). CSX had a return on equity of 28.92% and a net margin of 24.77%. Equities analysts anticipate that CSX Co. will post 1.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CSX. Stephens reiterated an “overweight” rating and issued a $38.00 price objective on shares of CSX in a research note on Friday. JPMorgan Chase & Co. reduced their price target on CSX from $38.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday. Royal Bank of Canada dropped their price objective on CSX from $34.00 to $33.00 and set a “sector perform” rating on the stock in a report on Friday. Susquehanna reduced their target price on CSX from $40.00 to $39.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Finally, Jefferies Financial Group raised shares of CSX from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a report on Friday, January 10th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.68.

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.